Guideline Value for WEST CIRCULAR ROAD

West Circular Road guideline value

The current guideline value of West Circular Road is Rs 9,900 per sq.ft, effective from 1 July 2024. This street is located in Mylapore village, under the Mylapore Sub Registrar Office (SRO). The land classification for this area is Residential Class III Type - I.

How the guideline value of West Circular Road has changed

The guideline value for West Circular Road has undergone several revisions over the years. In 2002, the value was Rs 1,543 per sq.ft, which increased to Rs 1,714 per sq.ft in 2003, marking an increase of 11%. The value saw a significant jump to Rs 2,365 per sq.ft in 2007, reflecting a 38% increase. By 2012, the guideline value remained at Rs 9,000 per sq.ft, and this figure persisted until the 2023 revision, which also recorded Rs 9,000 per sq.ft.

The most recent revision in 2024 set the guideline value at Rs 9,900 per sq.ft, representing a 10% increase from the previous year. Overall, from 2002 to 2024, the guideline value has increased by 542%.

Guideline values in Mylapore

In Mylapore, there are 883 streets under the Mylapore SRO, with guideline values 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 West Circular Road's 2024 figure above this median.

• V.R.Sambasiva Street: Rs 7,100 per sq.ft (2024)
• Viswaswarapuram: Rs 7,700 per sq.ft (2024)
• 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)

Stamp duty and registration fee for property in West Circular Road

For a 1,000 sq.ft plot at the current guideline value of Rs 9,900 per sq.ft, the total guideline value amounts to Rs 99,00,000. The stamp duty at 7% would be Rs 6,93,000, and the registration fee at 2% would be Rs 1,98,000, bringing the total to Rs 8,91,000. It is important to note that duty is charged on the higher of the guideline value or the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers West Circular Road?

The Sub Registrar Office that covers West Circular Road 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 when registering property transactions in Mylapore. It serves as a benchmark for calculating stamp duty and registration fees, ensuring that the government receives appropriate revenue from property sales.

When buyers and sellers agree on a sale price, the higher of the sale price or the guideline value is used to determine the applicable duties. This process helps maintain transparency and fairness in property transactions.

Frequently asked questions

What is the current guideline value of West Circular Road?

The current guideline value of West Circular Road is Rs 9,900 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

Over the years, the guideline value has seen significant increases, particularly from Rs 1,543 per sq.ft in 2002 to Rs 9,900 per sq.ft in 2024, marking an overall increase of 542%.

What is the land classification for West Circular Road?

The land classification for West Circular Road is Residential Class III Type - I, indicating its designation for residential use.

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

For a property valued at Rs 99,00,000, the stamp duty would be Rs 6,93,000, and the registration fee would be Rs 1,98,000, totaling Rs 8,91,000.

Where is the Sub Registrar Office located for West Circular Road?

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