Guideline Value for PILOT LANE

Pilot Lane guideline value

The current guideline value of Pilot Lane, located in Mylapore village under the Mylapore SRO, is Rs 3,300 per sq.ft, effective from 1 July 2024. This street falls under the Residential Class V Type - III land classification.

How the guideline value of Pilot Lane has changed

The guideline value of Pilot Lane has seen several revisions over the years. Starting from the 2002 revision, the value was Rs 688 per sq.ft. This increased to Rs 765 per sq.ft in 2003, marking an increase of 11%. The following revision in 2007 saw a significant rise to Rs 900 per sq.ft, which was an 18% increase. By 2012, the value was Rs 3,000 per sq.ft, reflecting a substantial increase of 233% from the previous revision.

In 2017, the guideline value decreased to Rs 2,010 per sq.ft, a drop of 33%. However, it rebounded to Rs 3,000 per sq.ft in 2023, and the most recent revision in 2024 set the value at Rs 3,300 per sq.ft, marking a 10% increase. Overall, from 2002 to 2024, the guideline value has increased by 380%. There are no figures available for revisions in years not listed.

Guideline values in Mylapore

Mylapore village has a total of 883 streets under the Mylapore SRO carrying a 2024 guideline value ranging from Rs 3,300 to Rs 25,800 per sq.ft, with a median value of Rs 8,800 per sq.ft. Pilot Lane's 2024 figure is below this median.

• Pirithangi Street: Rs 8,800 per sq.ft (2024)
• Pillaiyar Koil Street/Lane: Rs 8,800 per sq.ft (2024)
• Ponambala Vadhyar Street: Rs 9,300 per sq.ft (2024)
• Pidariyar Koil Street: Rs 8,800 per sq.ft (2024)
• Pichu Pillai Street: Rs 9,300 per sq.ft (2024)
• Pichu Pillai Lane: Rs 9,300 per sq.ft (2024)

Stamp duty and registration fee for property in Pilot Lane

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value would be Rs 33,00,000. The stamp duty at 7% would amount to Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, totaling Rs 2,97,000. 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 further assistance.

Which Sub Registrar Office covers Pilot Lane?

The Sub Registrar Office covering Pilot Lane is the Mylapore Sub Registrar Office, located at No:5/9, Kavingar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai - 600018. To find your SRO, you can visit find your SRO.

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

The guideline value is a crucial factor in property transactions in Mylapore. It serves as a benchmark for determining the minimum value at which properties can be registered. When purchasing or selling property, the guideline value is used to calculate the stamp duty and registration fees, ensuring compliance with legal requirements.

At the time of registration, the buyer must pay the applicable stamp duty based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions, maintaining transparency and accountability in the real estate market.

Frequently asked questions

What is the current guideline value of Pilot Lane?

The current guideline value of Pilot Lane is Rs 3,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 688 per sq.ft in 2002 to Rs 3,300 per sq.ft in 2024, reflecting an overall increase of 380% over the years.

What are the stamp duty rates for properties in Pilot Lane?

The stamp duty for properties in Pilot Lane is charged at 7% of the guideline value or sale price, whichever is higher.

Where can I find the Sub Registrar Office for Pilot Lane?

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

What is the median guideline value for streets in Mylapore?

The median guideline value for streets in Mylapore is Rs 8,800 per sq.ft, while Pilot Lane's 2024 figure is below this median.