Guideline Value for KOLAIKARAN PETTAI 2ND LANE

Kolaikaran Pettai 2nd Lane guideline value

The current guideline value of Kolaikaran Pettai 2nd Lane is Rs 3,300 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 - III.

How the guideline value of Kolaikaran Pettai 2nd Lane has changed

The guideline value for Kolaikaran Pettai 2nd Lane has seen several revisions over the years. In 2002, the guideline value was Rs 872 per sq.ft. This increased to Rs 969 per sq.ft in 2003, marking a rise of 11%. The value then continued to rise to Rs 1,000 per sq.ft in 2007, which was an increase of 3%. A significant jump occurred in 2012 when the value reached Rs 3,000 per sq.ft, reflecting a 200% increase from the previous revision. However, it decreased to Rs 2,010 per sq.ft in 2017, a decline of 33%.

From 2017 to 2023, the guideline value increased to Rs 3,000 per sq.ft, which was a rise of 49%. The most recent revision in 2024 set the guideline value at Rs 3,300 per sq.ft, a 10% increase from the previous year. Overall, from 2002 to 2024, there has been an increase of 278% in the guideline value for this street.

Guideline values in Mylapore

Mylapore village has a total of 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 in this area is Rs 8,800 per sq.ft, placing Kolaikaran Pettai 2nd Lane's 2024 figure below this median.

• Kolavizhi Amman Koil 1st Street: Rs 3,300 per sq.ft (2024)
• Kolavizhi Amman Koil 2nd Street: Rs 3,300 per sq.ft (2024)
• Kolavizhi Amman Koil 3rd Street: Rs 3,300 per sq.ft (2024)
• Kolavizhi Amman Koil Street: Rs 3,300 per sq.ft (2024)
• Kolikaran Pettai 1st Lane: Rs 3,300 per sq.ft (2024)
• Krishna Avenue: Rs 8,800 per sq.ft (2024)

Stamp duty and registration fee for property in Kolaikaran Pettai 2nd Lane

For a 1,000 sq.ft plot at the current rate of Rs 3,300 per sq.ft, the guideline value is Rs 33,00,000. The stamp duty at 7% would be Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, totaling Rs 2,97,000. 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 Kolaikaran Pettai 2nd Lane?

The Kolaikaran Pettai 2nd Lane is covered by 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 an important factor when buying or selling property in Mylapore. It serves as a benchmark for determining the minimum price at which a property can be registered. This ensures that the transaction is recorded at a value that reflects the current market conditions as per the government regulations.

When a buyer decides to purchase a property, the guideline value is used to calculate the applicable stamp duty and registration fees. These fees are based on the higher of the guideline value or the sale price, ensuring that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Kolaikaran Pettai 2nd Lane?

The current guideline value of Kolaikaran Pettai 2nd Lane is Rs 3,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 872 per sq.ft in 2002 to Rs 3,300 per sq.ft in 2024, reflecting an overall increase of 278% over this period.

What are the stamp duty and registration fees for properties in Kolaikaran Pettai 2nd Lane?

The stamp duty is 7% of the guideline value, and the registration fee is 2%. For a 1,000 sq.ft plot, the total fees would be Rs 2,97,000.

Which office handles the registration for Kolaikaran Pettai 2nd Lane?

The Mylapore Sub Registrar Office handles the registration for Kolaikaran Pettai 2nd Lane, located at No:5/9, Kavingar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai - 600018.

What is the land classification for Kolaikaran Pettai 2nd Lane?

Kolaikaran Pettai 2nd Lane is classified as Residential Class V Type - III according to the guideline value register.