Guideline Value for VISWASWARAPURAM

Viswaswarapuram guideline value

The current guideline value of Viswaswarapuram is Rs 7,700 per sq.ft, effective from 1 July 2024. This area is located in Mylapore village and falls under the Mylapore SRO. The land classification for this street is Residential Class IV Type - II.

How the guideline value of Viswaswarapuram has changed

The guideline value of Viswaswarapuram has seen several revisions over the years. The 2012 revision set the value at Rs 7,000 per sq.ft, while the 2017 revision decreased it to Rs 4,690 per sq.ft, marking a decline of 33%. However, the most recent revision in 2024 has increased the guideline value to Rs 7,700 per sq.ft, reflecting a significant rise of 64% from the 2017 figure.

Overall, from the 2012 revision to the 2024 revision, the guideline value has increased by 10%. It is important to note that the register has no figures for the years 2002, 2003, 2007, and 2023 for this street.

Guideline values in Mylapore

In Mylapore, 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 in this area is Rs 8,800 per sq.ft, indicating that the guideline value of Viswaswarapuram is below this median.

• Viswanathan Street: Rs 6,000 per sq.ft (2024)
• 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)
• 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 Viswaswarapuram

For a 1,000 sq.ft plot at the current guideline value of Rs 7,700 per sq.ft, the total guideline value would be Rs 77,00,000. The stamp duty at 7% would amount to Rs 5,39,000, and the registration fee at 2% would be Rs 1,54,000, making the total charges Rs 6,93,000. Please note that the duty is charged on the higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Viswaswarapuram?

The Sub Registrar Office that covers Viswaswarapuram 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 is a critical factor in property transactions in Mylapore, as it determines the minimum value at which a property can be registered. When buying or selling a property, the guideline value is used to calculate the stamp duty and registration fees, ensuring that all transactions comply with legal requirements.

It is essential for buyers and sellers to be aware of the current guideline value, as it can significantly impact the overall cost of the transaction. Accurate knowledge of the guideline value helps in making informed decisions during property dealings.

Frequently asked questions

What is the current guideline value of Viswaswarapuram?

The current guideline value of Viswaswarapuram is Rs 7,700 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 7,000 per sq.ft in 2012 to Rs 4,690 per sq.ft in 2017, and then to Rs 7,700 per sq.ft in 2024. This represents a 64% increase from 2017 to 2024 and a 10% increase overall from 2012 to 2024.

What are the stamp duty and registration fees for property in Viswaswarapuram?

For a property valued at Rs 77,00,000, the stamp duty would be Rs 5,39,000 and the registration fee would be Rs 1,54,000, totaling Rs 6,93,000. The duty is charged on the higher of the guideline value and the sale price.

Which office handles registrations for Viswaswarapuram?

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

What is the significance of guideline value in property transactions?

The guideline value is used to determine the minimum registration value for properties, impacting the stamp duty and registration fees. It ensures compliance with legal standards during property transactions in Mylapore.