Guideline Value for Iyya Pillai Street

Iyya Pillai Street guideline value

The current guideline value of Iyya Pillai Street is Rs 6,600 per sq.ft, effective from 1 July 2024. This street is located in Triplicane village and falls under the Triplicane SRO. The land classification for this area is Residential Class I Type - I.

How the guideline value of Iyya Pillai Street has changed

The guideline value of Iyya Pillai Street has seen several revisions over the years. The earliest recorded figure is from 2002, where it was Rs 684 per sq.ft. In 2003, it increased to Rs 751 per sq.ft, marking a 10% rise. The value continued to rise significantly, reaching Rs 945 per sq.ft in 2007, which was a 26% increase from the previous year. The next revision in 2012 saw the value drop to Rs 6,000 per sq.ft, a decrease of 535% from 2007. By 2017, the value was Rs 4,020 per sq.ft, reflecting a 33% decline from the 2012 figure.

In 2023, the guideline value increased to Rs 6,000 per sq.ft, and in 2024, it rose again to Rs 6,600 per sq.ft, showing a 10% increase. Overall, from 2002 to 2024, the guideline value has increased by 865%. There are no figures available for the years not mentioned in the revisions.

Guideline values in Triplicane

In Triplicane, there are 415 streets under the Triplicane SRO that carry a 2024 guideline value ranging from Rs 2,700 to Rs 20,900 per sq.ft. The median guideline value for these streets is Rs 6,600 per sq.ft, which matches the current figure for Iyya Pillai Street.

• Irusappan Street: Rs 6,600 per sq.ft (2024)
• Jani Batcha Lane (Western Side Street): Rs 5,500 per sq.ft (2024)
• Jani Batcha Street: Rs 5,500 per sq.ft (2024)
• Jani John Khan Road: Rs 8,800 per sq.ft (2024)
• Jani John Khan Road 1st Lane: Rs 5,500 per sq.ft (2024)
• Jani John Khan Road 1st Street: Rs 5,500 per sq.ft (2024)

Stamp duty and registration fee for property in Iyya Pillai Street

For a 1,000 sq.ft plot at the current guideline value of Rs 6,600 per sq.ft, the total guideline value would be Rs 66,00,000. The stamp duty at 7% would amount to Rs 4,62,000, while the registration fee at 2% would be Rs 1,32,000, bringing the total fees to Rs 5,94,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Iyya Pillai Street?

The Sub Registrar Office that covers Iyya Pillai Street is the Triplicane Sub Registrar Office, located at No.182 Bharati Salai (Pycrafts Road), Royapettah, Chennai-600014. You can find your SRO for more information.

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

The guideline value is a crucial factor when buying or selling property in Triplicane. It determines the minimum value at which properties can be registered and serves as a benchmark for calculating stamp duty and registration fees. Buyers need to be aware of the guideline value to ensure they are paying the correct fees during the registration process.

When a property is sold, the guideline value helps in assessing the transaction value for taxation purposes. It is essential for both buyers and sellers to understand how this value impacts the overall cost of property transactions, including the applicable stamp duty and registration fees.

Frequently asked questions

What is the current guideline value of Iyya Pillai Street?

The current guideline value of Iyya Pillai Street is Rs 6,600 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 684 per sq.ft in 2002 to Rs 6,600 per sq.ft in 2024, with various increases and decreases along the way.

What is the land classification for Iyya Pillai Street?

Iyya Pillai Street is classified as Residential Class I Type - I, which indicates its suitability for residential purposes.

Where can I find the Sub Registrar Office for Iyya Pillai Street?

The Sub Registrar Office for Iyya Pillai Street is located at No.182 Bharati Salai (Pycrafts Road), Royapettah, Chennai-600014.

How is the stamp duty calculated for property transactions?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 66,00,000, the stamp duty would be Rs 4,62,000 at a rate of 7%.