Guideline Value for Nair Iyya Pillai Street

Nair Iyya Pillai Street guideline value

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

How the guideline value of Nair Iyya Pillai Street has changed

The guideline value for Nair Iyya Pillai Street has undergone several revisions over the years. In 2007, the value was Rs 1,650 per sq.ft, which increased significantly to Rs 6,000 per sq.ft in 2012. However, it decreased to Rs 4,020 per sq.ft in 2017 before rising again to Rs 6,000 per sq.ft in 2023. The current value of Rs 6,600 per sq.ft reflects a 10% increase from the previous year.

From 2017 to 2023, the value increased by 49%. The 2012 to 2017 revision saw a decrease of 33%, while the jump from 2007 to 2012 was substantial at 264%. Overall, from 2007 to 2024, the guideline value has increased by 300%. The register has no figures for the years 2002 and 2003 for this street.

Guideline values in Triplicane

In Triplicane, there are 415 streets under the Triplicane SRO, with guideline values ranging from Rs 2,700 to Rs 20,900 per sq.ft. The median guideline value is Rs 6,600 per sq.ft, which matches the current value of Nair Iyya Pillai Street.

• Nair Varadha Pillai Street: Rs 6,600 per sq.ft (2024)
• Nallathambi Chetty Street Chennai-2: Rs 8,800 per sq.ft (2024)
• Nallathambi Mudali Street Chennai-5: Rs 7,700 per sq.ft (2024)
• Nagoji Street: Rs 6,600 per sq.ft (2024)
• Namachivaya Mudali Street: Rs 5,500 per sq.ft (2024)
• Nammalwar Street: Rs 5,500 per sq.ft (2024)

Stamp duty and registration fee for property in Nair 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 amounts to Rs 66,00,000. The stamp duty at 7% would be Rs 4,62,000, and the registration fee at 2% would be Rs 1,32,000, resulting in a total of Rs 5,94,000. It is important to note that duty is charged on the guideline value or the sale price, whichever is higher. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Nair Iyya Pillai Street?

The Sub Registrar Office that covers Nair 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 in property transactions in Triplicane. It serves as a benchmark for determining the minimum value of properties during registration. Buyers and sellers must consider this value to ensure compliance with legal requirements during the transfer of property ownership.

When registering a property, the stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. This ensures that the state receives appropriate revenue from property transactions, reflecting the value of real estate in the area.

Frequently asked questions

What is the current guideline value of Nair Iyya Pillai Street?

The current guideline value of Nair 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 from Rs 1,650 per sq.ft in 2007 to Rs 6,600 per sq.ft in 2024, reflecting an overall increase of 300% over the years.

What is the land classification for Nair Iyya Pillai Street?

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

Where is the Sub Registrar Office for Nair Iyya Pillai Street located?

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

How are stamp duty and registration fees calculated?

Stamp duty and registration fees are 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 and the registration fee would be Rs 1,32,000.