Guideline Value for PICHU PILLAI LANE

Pichu Pillai Lane guideline value

The current guideline value of Pichu Pillai Lane is Rs 9,300 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 III Type - II.

How the guideline value of Pichu Pillai Lane has changed

The guideline value for Pichu Pillai Lane has undergone several revisions since 2002. In 2002, the value was Rs 783 per sq.ft, which increased to Rs 870 per sq.ft in 2003, marking an increase of 11%. By 2007, the value rose significantly to Rs 900 per sq.ft, reflecting a 3% increase. The value remained at Rs 900 per sq.ft until 2012, when it jumped dramatically to Rs 8,500 per sq.ft, an increase of 844%. This figure remained unchanged until 2023.

In 2023, the guideline value was set at Rs 8,500 per sq.ft, and it saw a further increase of 9% to reach the current value of Rs 9,300 per sq.ft in 2024. Notably, there is no figure available for the year 2017 in the register for this street.

Guideline values in Mylapore

Mylapore village has a total of 883 streets under the Mylapore SRO, with 2024 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 Pichu Pillai Lane's 2024 figure above this median.

• Pichu Pillai Street: Rs 9,300 per sq.ft (2024)
• Pidariyar Koil Street: Rs 8,800 per sq.ft (2024)
• PEYANDI AMMAN KOIL STREET (huts): Rs 3,300 per sq.ft (2024)
• Peters Road: Rs 15,400 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 Pichu Pillai Lane

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. It is important to note that the duty is charged on the higher of the guideline value or the sale price. You can use the stamp duty and registration fee calculator for further calculations.

Which Sub Registrar Office covers Pichu Pillai Lane?

The Sub Registrar Office that covers Pichu Pillai Lane 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 crucial factor in the registration process when buying or selling property in Mylapore. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid, ensuring that these charges are based on a standardized valuation.

When a property is registered, the guideline value is compared to the sale price, and the higher amount is used to calculate the applicable duties. This process helps maintain transparency and consistency in property transactions within the region.

Frequently asked questions

What is the current guideline value of Pichu Pillai Lane?

The current guideline value of Pichu Pillai Lane 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 seen significant changes, increasing from Rs 783 per sq.ft in 2002 to Rs 9,300 per sq.ft in 2024, which reflects an overall increase of 1088%.

What are the other streets in Mylapore with their guideline values?

Other streets in Mylapore include Pichu Pillai Street at Rs 9,300 per sq.ft, Pidariyar Koil Street at Rs 8,800 per sq.ft, and Peters Road at Rs 15,400 per sq.ft, among others.

What are the stamp duty and registration fees for properties in Pichu Pillai Lane?

The stamp duty is charged at 7% and the registration fee at 2% based on the higher of the guideline value or the sale price. For a 1,000 sq.ft plot, the total costs would amount to Rs 8,37,000.

Where is the Sub Registrar Office for Pichu Pillai Lane located?

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