Guideline Value for Ayya Pillai Street

Ayya Pillai Street guideline value

The current guideline value of Ayya Pillai Street is Rs 8,800 per sq.ft, effective from 1 July 2024. This street is located in Muthiyalpet village, under the jurisdiction of the Sowcarpet SRO. The land classification for this area is Commercial Class I Type - II.

How the guideline value of Ayya Pillai Street has changed

The guideline value for Ayya Pillai Street has seen several revisions over the years. In 2003, the value was Rs 2,230 per sq.ft, which increased to Rs 3,000 per sq.ft in 2007. Following this, the value rose significantly to Rs 8,000 per sq.ft in 2012, before dropping to Rs 5,360 per sq.ft in 2017. The value then increased to Rs 8,000 per sq.ft in 2023, and finally to the current value of Rs 8,800 per sq.ft in 2024.

Between these revisions, the changes were notable: from 2003 to 2007, there was a 35% increase; from 2007 to 2012, the value rose by 167%; however, there was a decline of 33% from 2012 to 2017. The value jumped by 49% from 2017 to 2023, and then increased by 10% from 2023 to 2024. The overall change from 2003 to 2024 is an increase of 295%. The register has no figure for the year 2002 for this street.

Guideline values in Muthiyalpet

In Muthiyalpet, there are 357 streets under the Sowcarpet SRO, with guideline values ranging from Rs 3,800 to Rs 16,500 per sq.ft. The median guideline value in this area is Rs 4,400 per sq.ft, placing Ayya Pillai Street's 2024 figure above that median.

• Ayyan Mudali Street: Rs 4,400 per sq.ft (2024)
• Ayarn Mangar Street: Rs 4,400 per sq.ft (2024)
• Ayalur Muthaiah Street: Rs 5,500 per sq.ft (2024)
• Athiappan Naicken Street: Rs 8,800 per sq.ft (2024)
• Athiappan Naicken Lane: Rs 8,800 per sq.ft (2024)
• Asthapujam Lane: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in Ayya Pillai Street

For a 1,000 sq.ft plot at the current guideline value of Rs 8,800 per sq.ft, the total guideline value would be Rs 88,00,000. The stamp duty at 7% would amount to Rs 6,16,000, and the registration fee at 2% would be Rs 1,76,000, bringing the total cost for these fees to Rs 7,92,000. It is important to note that duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Ayya Pillai Street?

The Sub Registrar Office that covers Ayya Pillai Street is the Sowcarpet Sub Registrar Office, located at No.11, Davidson Street, Sowcarpet, Chennai-01. You can find your SRO for more information.

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

The guideline value plays a crucial role in property transactions in Muthiyalpet. It is used to determine the stamp duty and registration fees that must be paid when a property is bought or sold. Buyers should be aware that the guideline value may differ from the sale price, but the duty is charged on the higher of the two amounts.

Understanding the guideline value is essential for property buyers and sellers, as it impacts the overall cost of the transaction. It is advisable to check the latest guideline values before proceeding with any property dealings to ensure compliance with the registration requirements.

Frequently asked questions

What is the current guideline value of Ayya Pillai Street?

The current guideline value of Ayya Pillai Street is Rs 8,800 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,230 per sq.ft in 2003 to Rs 8,800 per sq.ft in 2024, with several revisions in between, including a notable increase from Rs 5,360 per sq.ft in 2017 to Rs 8,000 per sq.ft in 2023.

What are the stamp duty and registration fees for properties in Ayya Pillai Street?

For a property valued at Rs 88,00,000, the stamp duty would be Rs 6,16,000, and the registration fee would be Rs 1,76,000, totaling Rs 7,92,000. These fees are based on the guideline value or the sale price, whichever is higher.

Which Sub Registrar Office covers Ayya Pillai Street?

The Sowcarpet Sub Registrar Office covers Ayya Pillai Street, located at No.11, Davidson Street, Sowcarpet, Chennai-01.

What is the land classification for Ayya Pillai Street?

The land classification for Ayya Pillai Street is Commercial Class I Type - II, indicating its suitability for commercial activities.