Guideline Value for PILLAIYAR KOIL STREET (After Coovam River)

PILLAIYAR KOIL STREET (After Coovam River) guideline value

The current guideline value of PILLAIYAR KOIL STREET (After Coovam River) is Rs 5,400 per sq.ft, effective from 1 July 2024. This street is located in Padi village and falls under the Villivakkam SRO with a land classification of Residential Class III Type - I.

How the guideline value of PILLAIYAR KOIL STREET (After Coovam River) has changed

The guideline value for PILLAIYAR KOIL STREET has seen several revisions over the years. The 2012 revision set the value at Rs 5,000 per sq.ft, which decreased to Rs 3,350 per sq.ft in the 2017 revision. This was followed by a significant increase to Rs 5,000 per sq.ft in the 2023 revision, and finally, the current value of Rs 5,400 per sq.ft from the 2024 revision, marking an increase of 8% from the previous year. The register has no figure for the years 2002, 2003, and 2007.

From 2017 to 2023, the value increased by 49%, while the overall change from 2012 to 2024 is an increase of 8%. The fluctuations in the guideline value reflect various factors influencing the local real estate market.

Guideline values in Padi

Padi village has a total of 354 streets under the Villivakkam SRO, with guideline values ranging from Rs 2,200 to Rs 13,200 per sq.ft in 2024. The median guideline value in this area is Rs 3,800 per sq.ft, placing PILLAIYAR KOIL STREET's 2024 figure above this median.

• Pioneer Colony: Rs 13,100 per sq.ft (2024)
• Platinum Apartments (Estate Road): Rs 9,900 per sq.ft (2024)
• Ponniyamman Koil Street: Rs 2,500 per sq.ft (2024)
• Periyar Nagar (Padikuppam): Rs 2,200 per sq.ft (2024)
• Periyar Nagar (Near Canal-Slums) & Peariyar Street: Rs 2,200 per sq.ft (2024)
• Prashanthi Apartments: Rs 8,200 per sq.ft (2024)

Stamp duty and registration fee for property in PILLAIYAR KOIL STREET (After Coovam River)

For a 1,000 sq.ft plot at the current guideline value of Rs 5,400 per sq.ft, the total guideline value would be Rs 54,00,000. The stamp duty at 7% would amount to Rs 3,78,000, while the registration fee at 2% would be Rs 1,08,000, leading to a total cost of Rs 4,86,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can use our stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers PILLAIYAR KOIL STREET (After Coovam River)?

The Sub Registrar Office covering PILLAIYAR KOIL STREET is the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process of a property in Padi. It determines the minimum value at which a property can be registered, ensuring that the government receives the appropriate stamp duty and registration fees based on this value.

When buying or selling property, the guideline value serves as a benchmark for transactions. Buyers and sellers must consider this value to ensure compliance with legal requirements and to understand the financial implications of the transaction.

Frequently asked questions

What is the current guideline value of PILLAIYAR KOIL STREET?

The current guideline value of PILLAIYAR KOIL STREET (After Coovam River) is Rs 5,400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 5,000 per sq.ft in 2012 to Rs 3,350 per sq.ft in 2017, then to Rs 5,000 per sq.ft in 2023, and currently to Rs 5,400 per sq.ft in 2024.

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

Other streets in Padi have varying guideline values ranging from Rs 2,200 to Rs 13,200 per sq.ft. For example, Pioneer Colony is valued at Rs 13,100 per sq.ft, while Ponniyamman Koil Street is valued at Rs 2,500 per sq.ft.

What is the role of the Villivakkam SRO?

The Villivakkam SRO is responsible for the registration of properties in the Padi area. It ensures that all transactions comply with legal standards and that the appropriate fees are collected based on the guideline values.

How is stamp duty calculated for properties in Padi?

Stamp duty in Padi is calculated based on the higher of the guideline value or the sale price of the property. The current rate is 7% for stamp duty and 2% for the registration fee.