Guideline Value for PETERS ROAD

Peters Road guideline value

The current guideline value of Peters Road is Rs 15,400 per sq.ft, effective from 1 July 2024. This road is located in Mylapore village and falls under the Mylapore SRO. The land classification for this area is Commercial Class I Type - I.

How the guideline value of Peters Road has changed

The guideline value of Peters Road has seen significant changes over the years. In the 2002 revision, the value was Rs 1,985 per sq.ft. This increased to Rs 2,205 per sq.ft in 2003, marking a rise of 11%. The value then rose to Rs 2,365 per sq.ft in 2007, a change of 7%. The 2012 revision saw a substantial increase to Rs 14,000 per sq.ft, which represented a 492% rise. However, in 2017, the value dropped to Rs 9,380 per sq.ft, a decrease of 33%. The 2023 revision brought the value back up to Rs 14,000 per sq.ft, and in the latest 2024 revision, it reached Rs 15,400 per sq.ft, reflecting a 10% increase from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 676%. There are no figures available for the revisions in years other than those specified.

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 Peters Road's 2024 figure above this median.

• PEYANDI AMMAN KOIL STREET (huts): Rs 3,300 per sq.ft (2024)
• Pichu Pillai Lane: Rs 9,300 per sq.ft (2024)
• Pichu Pillai Street: Rs 9,300 per sq.ft (2024)
• Pidariyar Koil Street: Rs 8,800 per sq.ft (2024)
• Perumal Koil Thottam Street: Rs 3,300 per sq.ft (2024)
• Perumal Koil Thottam Lane: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Peters Road

For a 1,000 sq.ft plot at the current guideline value of Rs 15,400 per sq.ft, the total guideline value would be Rs 1,54,00,000. The stamp duty at 7% would amount to Rs 10,78,000, while the registration fee at 2% would be Rs 3,08,000. Together, these fees would total Rs 13,86,000. It is important to note that duty is charged on the guideline value or the sale price, whichever is higher. You can also use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Peters Road?

The Sub Registrar Office that covers Peters Road 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 is a critical factor when registering property transactions in Mylapore. It serves as a benchmark for determining the minimum value at which properties can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees.

When buying or selling property, the guideline value helps both parties understand the value of the property in the context of legal and financial obligations. It is essential for buyers and sellers to be aware of the current guideline value to ensure compliance with registration requirements.

Frequently asked questions

What is the current guideline value of Peters Road?

The current guideline value of Peters Road is Rs 15,400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 1,985 per sq.ft in 2002 to Rs 15,400 per sq.ft in 2024, reflecting an overall increase of 676% over the years.

What are the stamp duty and registration fees for properties in Peters Road?

For a property valued at Rs 1,54,00,000, the stamp duty would be Rs 10,78,000 and the registration fee would be Rs 3,08,000, totaling Rs 13,86,000.

Which office handles property registrations for Peters Road?

The Mylapore Sub Registrar Office is responsible for handling property registrations for Peters Road, located at No:5/9, Kavingar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai - 600018.

What is the median guideline value in Mylapore?

The median guideline value in Mylapore is Rs 8,800 per sq.ft, with Peters Road's 2024 figure of Rs 15,400 per sq.ft being above this median.