Guideline Value for VIRUPAKSHAVARAR KOIL STREET

Virupakshavarar Koil Street guideline value

The current guideline value of Virupakshavarar Koil Street is Rs 7,100 per sq.ft, effective from 1 July 2024. This street is located in Mylapore village, under the Mylapore SRO, and is classified as Residential Class IV Type - III.

How the guideline value of Virupakshavarar Koil Street has changed

The guideline value for Virupakshavarar Koil Street has seen several revisions over the years. In 2002, the guideline value was Rs 944 per sq.ft. This value increased to Rs 1,049 per sq.ft in 2003, marking an increase of 11%. The next revision in 2007 saw a significant jump to Rs 1,540 per sq.ft, reflecting a 47% increase. In 2012, the guideline value was revised to Rs 6,500 per sq.ft, which was a substantial increase of 322% from the previous figure.

In 2017, the value was revised to Rs 4,355 per sq.ft, indicating a decrease of 33%. However, this was followed by a notable increase to Rs 6,500 per sq.ft in 2023, which was a 49% rise. The most recent revision in 2024 has set the guideline value at Rs 7,100 per sq.ft, representing a 9% increase from the previous year. There are no figures available for the revisions in years not listed in the register.

Guideline values in Mylapore

In Mylapore village, there are 883 streets under the Mylapore SRO with a 2024 guideline value ranging from Rs 3,300 to Rs 25,800 per sq.ft. The median guideline value for these streets is Rs 8,800 per sq.ft, placing Virupakshavarar Koil Street's 2024 figure below this median.

• Visalakshi Thottam: Rs 7,100 per sq.ft (2024)
• Viswalinga Garden 1st Street: Rs 8,800 per sq.ft (2024)
• Viswalinga Garden 2nd Street: Rs 8,800 per sq.ft (2024)
• Viswalinga Garden 3rd Street: Rs 8,800 per sq.ft (2024)
• Viswanathan Street: Rs 6,000 per sq.ft (2024)
• Viswaswarapuram: Rs 7,700 per sq.ft (2024)

Stamp duty and registration fee for property in Virupakshavarar Koil Street

For a 1,000 sq.ft plot at the current guideline value of Rs 7,100 per sq.ft, the total guideline value amounts to Rs 71,00,000. The stamp duty at 7% would be Rs 4,97,000, and the registration fee at 2% would be Rs 1,42,000, bringing the total fees to Rs 6,39,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Virupakshavarar Koil Street?

Virupakshavarar Koil Street falls under the jurisdiction of the Mylapore Sub Registrar Office, located at No:5/9, Kavingar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai - 600018. You can find your SRO for more information.

How the guideline value is used when you buy or sell in Mylapore

The guideline value is a critical factor in the registration of property transactions in Mylapore. It serves as a benchmark for determining the minimum price at which a property can be registered, ensuring that the property is not sold for less than its assessed value.

When buying or selling property, the guideline value helps in calculating the stamp duty and registration fees, which are essential components of the transaction process. This ensures transparency and compliance with legal requirements during property transfers.

Frequently asked questions

What is the current guideline value of Virupakshavarar Koil Street?

The current guideline value of Virupakshavarar Koil Street is Rs 7,100 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 944 per sq.ft in 2002 to Rs 7,100 per sq.ft in 2024, reflecting an overall increase of 652% over the years.

What are the stamp duty and registration fees for property transactions?

For a property valued at Rs 71,00,000, the stamp duty would be Rs 4,97,000 and the registration fee would be Rs 1,42,000, totaling Rs 6,39,000.

Which office handles the registration for Virupakshavarar Koil Street?

The Mylapore Sub Registrar Office handles the registration for Virupakshavarar Koil Street, located at No:5/9, Kavingar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai - 600018.

How does the guideline value affect property transactions?

The guideline value is used to determine the minimum price for property registration and is essential for calculating the stamp duty and registration fees during transactions in Mylapore.