Guideline Value for PILLAI STREET

Pillai Street guideline value

The current guideline value of Pillai Street, located in Arumbakkam village under the Kodambakkam SRO, is Rs 5,000 per sq.ft, effective from 1 July 2024. This street falls under the Residential Class III Type - I land classification.

How the guideline value of Pillai Street has changed

The guideline value for Pillai Street has seen several revisions over the years. The earliest revision available is from 2002, where the value was Rs 915 per sq.ft. This increased to Rs 1,008 per sq.ft in 2003, marking a 10% rise. The value then rose by 9% to Rs 1,100 per sq.ft in 2007. Following that, the guideline value experienced a significant increase of 318%, reaching Rs 4,600 per sq.ft in 2012. However, it decreased by 33% to Rs 3,082 per sq.ft in 2017. The value then rose sharply by 49% to Rs 4,600 per sq.ft in 2023, before reaching the current value of Rs 5,000 per sq.ft in 2024, which is a 9% increase from the previous year.

Guideline values in Arumbakkam

In Arumbakkam, there are 391 streets under the Kodambakkam SRO, with 2024 guideline values ranging from Rs 3,300 to Rs 16,500 per sq.ft. The median guideline value in this area is Rs 6,000 per sq.ft, positioning Pillai Street's 2024 figure below that median.

• Peter Raja Street: Rs 6,000 per sq.ft (2024)
• Pillaiyar Koil (Near 100 Feet Road): Rs 6,600 per sq.ft (2024)
• Pillaiyar Koil Street (Near Panchaliamman Koil Street): Rs 6,600 per sq.ft (2024)
• Perumal Koil Street: Rs 6,000 per sq.ft (2024)
• Perumal Koil Garden Street: Rs 6,000 per sq.ft (2024)
• Periyapalayathamman Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Pillai Street

For a 1,000 sq.ft plot at the current guideline value of Rs 5,000 per sq.ft, the total guideline value would be Rs 50,00,000. The stamp duty at 7% would amount to Rs 3,50,000, and the registration fee at 2% would be Rs 1,00,000, bringing the total to Rs 4,50,000. 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 Pillai Street?

The Sub Registrar Office that covers Pillai Street is the Kodambakkam Sub Registrar Office, located at 2/31, Azhagiri Nagar 5th Street, Vadapalani, Chennai - 600 026. You can find your SRO for more information.

How the guideline value is used when you buy or sell in Arumbakkam

The guideline value is a crucial factor during property transactions in Arumbakkam. It determines the minimum value at which a property can be registered and is used to calculate the stamp duty and registration fees. Buyers and sellers must consider this value to ensure compliance with legal requirements during the registration process.

When a property is sold, the guideline value serves as a benchmark for the transaction price. If the sale price is lower than the guideline value, the stamp duty will be calculated based on the guideline value, ensuring that the government receives the appropriate fees for the transaction.

Frequently asked questions

What is the current guideline value of Pillai Street?

The current guideline value of Pillai Street is Rs 5,000 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed several times, starting from Rs 915 per sq.ft in 2002 to Rs 5,000 per sq.ft in 2024, showing an overall increase of 446% over the years.

What is the land classification of Pillai Street?

Pillai Street is classified as Residential Class III Type - I, which indicates its suitability for residential development.

What are the stamp duty and registration fees for property in Pillai Street?

The stamp duty is calculated at 7% of the guideline value, while the registration fee is 2% of the guideline value. For a 1,000 sq.ft plot, the total cost would be Rs 4,50,000.

Where is the Sub Registrar Office for Pillai Street located?

The Kodambakkam Sub Registrar Office is located at 2/31, Azhagiri Nagar 5th Street, Vadapalani, Chennai - 600 026, and it covers Pillai Street.