Guideline Value for PALOOR KANNIAPPAN STREET

Paloor Kanniappan Street guideline value

The current guideline value of Paloor Kanniappan Street is Rs 8,800 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 III Type - III.

How the guideline value of Paloor Kanniappan Street has changed

The guideline value for Paloor Kanniappan Street has seen significant changes over the years. In 2002, the value was Rs 907 per sq.ft, which increased to Rs 1,008 per sq.ft in 2003, marking an increase of 11%. The value then rose sharply to Rs 8,000 per sq.ft in 2012, reflecting a substantial increase of 694%. However, it decreased to Rs 5,360 per sq.ft in 2017, a drop of 33%. The value then increased to Rs 8,000 per sq.ft in 2023, followed by a further increase to Rs 8,800 per sq.ft in 2024, which is a 10% rise.

It is important to note that there is no figure available for the 2007 revision for this street. Overall, from 2002 to 2024, the guideline value has increased by 870%.

Guideline values in Mylapore

In Mylapore village, there are 883 streets under the Mylapore SRO that carry a 2024 guideline value, ranging from Rs 3,300 to Rs 25,800 per sq.ft. The median guideline value for these streets is Rs 8,800 per sq.ft, which is the same as the current value for Paloor Kanniappan Street.

• PALMGROVE (THIRU V.Ka.STREET): Rs 8,800 per sq.ft (2024)
• PALLAKKU MANYAM main road: Rs 3,300 per sq.ft (2024)
• PALLAKKU MANYAM link road: Rs 3,300 per sq.ft (2024)
• PALLAKKU MANYAM 9th LANE: Rs 3,300 per sq.ft (2024)
• PALLAKKU MANYAM 8th lane: Rs 3,300 per sq.ft (2024)
• PALLAKKU MANYAM 7th lane: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Paloor Kanniappan Street

For a 1,000 sq.ft plot at the current guideline value of Rs 8,800 per sq.ft, the total guideline value amounts to Rs 88,00,000. The stamp duty at 7% would be 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 higher of the guideline value or the sale price.

For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Paloor Kanniappan Street?

The Mylapore Sub Registrar Office covers Paloor Kanniappan Street. The office is 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 a crucial factor in property transactions in Mylapore. It serves as a reference point for determining the stamp duty and registration fees that need to be paid during the registration process. Buyers and sellers must consider this value to ensure compliance with local regulations.

When a property is bought or sold, the guideline value is used to assess the applicable fees. It is essential for both parties to be aware of the current guideline value to avoid any discrepancies during the transaction.

Frequently asked questions

What is the current guideline value of Paloor Kanniappan Street?

The current guideline value of Paloor Kanniappan 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 significantly, increasing from Rs 907 per sq.ft in 2002 to Rs 8,800 per sq.ft in 2024, marking an overall increase of 870% over this period.

What are the stamp duty and registration fees for a property on this street?

For a 1,000 sq.ft property at the current guideline value, the total stamp duty and registration fees would amount to Rs 7,92,000, based on the guideline value of Rs 88,00,000.

Which Sub Registrar Office is responsible for Paloor Kanniappan Street?

The Mylapore Sub Registrar Office is responsible for Paloor Kanniappan Street, located at No:5/9, Kavingar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai - 600018.

What is the significance of the guideline value in property transactions?

The guideline value is used to calculate the stamp duty and registration fees during property transactions. It serves as a reference for both buyers and sellers to ensure compliance with local regulations in Mylapore.