Guideline Value for PIRITHANGI STREET

Pirithangi Street guideline value

The current guideline value of Pirithangi Street is Rs 8,800 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 - III.

How the guideline value of Pirithangi Street has changed

The guideline value for Pirithangi Street has seen several revisions over the years. In 2002, the value was Rs 1,093 per sq.ft, which increased to Rs 1,214 per sq.ft in 2003, marking a rise of 11%. The value then rose significantly to Rs 1,540 per sq.ft in 2007, reflecting a 27% increase. Following this, there was a substantial jump to Rs 8,000 per sq.ft in 2012, which represented a 419% increase. However, the value decreased to Rs 5,360 per sq.ft in 2017, showing a decline of 33%. The guideline value then increased to Rs 8,000 per sq.ft in 2023, and the latest revision in 2024 set it at Rs 8,800 per sq.ft, a 10% increase from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 705%. The register has no figure for the years not mentioned in the revisions above.

Guideline values in Mylapore

In Mylapore village, there are 883 streets under the Mylapore SRO that carry a 2024 guideline value ranging from Rs 3,300 to Rs 25,800 per sq.ft. The median value for these streets is Rs 8,800 per sq.ft, which is equal to the current guideline value of Pirithangi Street.

• Pilot Lane: Rs 3,300 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 Pirithangi Street

For a 1,000 sq.ft plot at the current guideline value of Rs 8,800 per sq.ft, the total guideline value amounts to Rs 88,00,000. The stamp duty at 7% would be Rs 6,16,000, and the registration fee at 2% would be Rs 1,76,000, bringing the total to Rs 7,92,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price. You can also use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Pirithangi Street?

The Sub Registrar Office that covers Pirithangi Street 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 reference point used during the registration of property transactions in Mylapore. It serves as a benchmark for determining the stamp duty and registration fees applicable to the property being sold or purchased.

When a property is registered, the guideline value is compared with the sale price, and the higher of the two values is used to calculate the applicable duties and fees. This ensures that the state receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Pirithangi Street?

The current guideline value of Pirithangi Street is Rs 8,800 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,093 per sq.ft in 2002 to Rs 8,800 per sq.ft in 2024, reflecting an overall increase of 705% across the revisions.

What is the land classification for Pirithangi Street?

Pirithangi Street is classified as Residential Class III Type - III, which is relevant for determining its guideline value.

Where can I find the Sub Registrar Office for Pirithangi Street?

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

How is the stamp duty calculated for property transactions in Mylapore?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, a property valued at Rs 88,00,000 would incur a stamp duty of Rs 6,16,000 at the current rate of 7%.