Guideline Value for PAPANASAM SIVAN SALAI

Papanasam Sivan Salai guideline value

The current guideline value of Papanasam Sivan Salai is Rs 9,300 per sq.ft, effective from 1 July 2024. This street is located in Mylapore village and falls under the Mylapore SRO. The land classification for this area is Residential Class III Type - II.

How the guideline value of Papanasam Sivan Salai has changed

The guideline value for Papanasam Sivan Salai has seen several revisions over the years. Starting from the 2002 revision, the value was Rs 1,044 per sq.ft, which increased to Rs 1,160 per sq.ft in 2003, marking an 11% rise. The next significant revision occurred in 2012, where the value jumped to Rs 8,500 per sq.ft, reflecting a substantial increase of 633%. However, this value decreased to Rs 5,695 per sq.ft in 2017, showing a decline of 33%. The value then rose significantly to Rs 8,500 per sq.ft in 2023, and finally reached Rs 9,300 per sq.ft in the 2024 revision, which is a 9% increase from the previous year.

It is important to note that there is no figure available for the year 2007 in the register for this street. Overall, from 2002 to 2024, the guideline value has increased by 791%.

Guideline values in Mylapore

In Mylapore village, there are a total of 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. The median guideline value for these streets is Rs 8,800 per sq.ft, placing Papanasam Sivan Salai's 2024 figure above this median.

• Pappu Masthan Dharga 1st Street/Lane: Rs 3,300 per sq.ft (2024)
• Pappu Masthan Dharga 2nd Street/Lane: Rs 3,300 per sq.ft (2024)
• Pappu Masthan Dharga 3rd Street/Lane: Rs 3,300 per sq.ft (2024)
• Pappu Masthan Dharga 4th Street/Lane: Rs 3,300 per sq.ft (2024)
• Pappu Masthan Dharga 5th Street/Lane: Rs 3,300 per sq.ft (2024)
• Pappu Masthan Dharga 6th Street/Lane: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Papanasam Sivan Salai

For a 1,000 sq.ft plot at the current guideline value of Rs 9,300 per sq.ft, the total guideline value would be Rs 93,00,000. The stamp duty at 7% would amount to Rs 6,51,000, and the registration fee at 2% would be Rs 1,86,000, bringing the total to Rs 8,37,000. Please note that the 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 Papanasam Sivan Salai?

The Sub Registrar Office that covers Papanasam Sivan Salai is 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 plays a crucial role in the registration process when buying or selling property in Mylapore. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is conducted transparently and fairly.

When a buyer or seller approaches the registration office, the guideline value is used to calculate the stamp duty and registration fees, which are mandatory for the legal transfer of property ownership. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Papanasam Sivan Salai?

The current guideline value of Papanasam Sivan Salai is Rs 9,300 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 1,044 per sq.ft in 2002 to Rs 9,300 per sq.ft in 2024, marking an overall increase of 791% over this period.

What are the stamp duty and registration fees for properties in this area?

For a property valued at Rs 93,00,000, the stamp duty would be Rs 6,51,000 and the registration fee would be Rs 1,86,000, totaling Rs 8,37,000.

Which Sub Registrar Office handles registrations for Papanasam Sivan Salai?

The Mylapore Sub Registrar Office handles registrations for Papanasam Sivan Salai, located at No:5/9, Kavingar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018.

What is the land classification for Papanasam Sivan Salai?

The land classification for Papanasam Sivan Salai is Residential Class III Type - II.