Guideline Value for KOLIKARAN PETTAI 1ST LANE

Kolikaran Pettai 1st Lane guideline value

The current guideline value of Kolikaran Pettai 1st 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 Kolikaran Pettai 1st Lane has changed

Over the years, the guideline value for Kolikaran Pettai 1st Lane has seen several revisions. In 2012, the value was Rs 3,000 per sq.ft, which decreased to Rs 2,010 per sq.ft in 2017. Following this, the value increased significantly to Rs 3,000 per sq.ft in 2023, and then to Rs 3,300 per sq.ft in the 2024 revision.

The changes between these revisions are notable. From 2012 to 2017, the value decreased by 33%. However, from 2017 to 2023, there was a substantial increase of 49%. The most recent change from 2023 to 2024 shows an increase of 10%. Overall, from 2012 to 2024, the guideline value has increased by 10%.

Guideline values in Mylapore

In Mylapore, there are 883 streets under the Mylapore SRO that carry a guideline value for 2024, ranging from Rs 3,300 to Rs 25,800 per sq.ft, with a median value of Rs 8,800 per sq.ft. The guideline value for Kolikaran Pettai 1st Lane is below this median.

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

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value would be Rs 33,00,000. The stamp duty at 7% would amount to Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, bringing the total to Rs 2,97,000. It is important to note that 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 Kolikaran Pettai 1st Lane?

The Kolikaran Pettai 1st 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

When buying or selling property in Mylapore, the guideline value plays a crucial role in determining the registration fees and stamp duty. The guideline value is the minimum value set by the government for property transactions and is used to calculate the applicable taxes during registration.

It is essential for buyers and sellers to be aware of the current guideline value, as it can affect the overall costs involved in the transaction. Ensuring that the property is registered at the correct guideline value helps in maintaining transparency and legality in property dealings.

Frequently asked questions

What is the current guideline value of Kolikaran Pettai 1st Lane?

The current guideline value of Kolikaran Pettai 1st 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 changed from Rs 3,000 per sq.ft in 2012 to Rs 2,010 per sq.ft in 2017, then increased to Rs 3,000 per sq.ft in 2023, and finally to Rs 3,300 per sq.ft in 2024.

What is the land classification for Kolikaran Pettai 1st Lane?

Kolikaran Pettai 1st Lane is classified as Residential Class V Type - III.

What are the stamp duty and registration fees for a property here?

For a 1,000 sq.ft property at the current guideline value, the total guideline value would be Rs 33,00,000, with a stamp duty of Rs 2,31,000 and a registration fee of Rs 66,000, totaling Rs 2,97,000.

Which Sub Registrar Office covers this area?

The Mylapore Sub Registrar Office covers Kolikaran Pettai 1st Lane, located at No:5/9, Kavingar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018.