Guideline Value for VISWANATHAN STREET

Viswanathan Street guideline value

The current guideline value of Viswanathan Street is Rs 6,000 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 V Type - I.

How the guideline value of Viswanathan Street has changed

The guideline value for Viswanathan Street has undergone several revisions over the years. In the 2002 revision, the guideline value was Rs 1,220 per sq.ft. This increased to Rs 1,355 per sq.ft in 2003, marking an increase of 11%. The value then rose to Rs 1,540 per sq.ft in 2007, which was a 14% increase. A significant jump occurred in the 2012 revision, where the value was Rs 5,500 per sq.ft, reflecting a 257% increase from the previous revision. However, this value decreased to Rs 3,685 per sq.ft in 2017, showing a decline of 33%.

In the 2023 revision, the guideline value was set at Rs 5,500 per sq.ft, and it saw an increase to Rs 6,000 per sq.ft in the 2024 revision, which is a 9% rise. Overall, from 2002 to 2024, the guideline value has increased by 392%.

Guideline values in Mylapore

In Mylapore village, there are 883 streets under the Mylapore SRO that carry 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, and Viswanathan Street's 2024 figure is below this median.

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

Stamp duty and registration fee for property in Viswanathan Street

For a 1,000 sq.ft plot at the current guideline value of Rs 6,000 per sq.ft, the total guideline value amounts to Rs 60,00,000. The stamp duty at 7% would be Rs 4,20,000, and the registration fee at 2% would be Rs 1,20,000, bringing the total cost for these fees to Rs 5,40,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Viswanathan Street?

The Sub Registrar Office that covers Viswanathan Street is 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 plays a crucial role in property transactions in Mylapore. It is used to determine the stamp duty and registration fees that buyers must pay when purchasing property. The guideline value is set by the government and is periodically revised to reflect changes in the real estate market.

When a property is sold, the buyer must pay stamp duty based on the higher of the guideline value or the sale price. This ensures that the government receives the appropriate revenue from property transactions, and it provides a standardized method for assessing property values across the region.

Frequently asked questions

What is the current guideline value of Viswanathan Street?

The current guideline value of Viswanathan Street is Rs 6,000 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 1,220 per sq.ft in 2002 to Rs 6,000 per sq.ft in 2024, marking an overall increase of 392% over this period.

What is the stamp duty rate for properties on Viswanathan Street?

The stamp duty rate for properties on Viswanathan Street is 7% of the guideline value or the sale price, whichever is higher.

Where is the Sub Registrar Office for Viswanathan Street located?

The Sub Registrar Office for Viswanathan Street is located at No:5/9, Kavingar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai - 600018.

What is the median guideline value for streets in Mylapore?

The median guideline value for streets in Mylapore is Rs 8,800 per sq.ft, while Viswanathan Street's guideline value is below this median at Rs 6,000 per sq.ft.