Guideline Value for POWDER MILL 2ND STREET

Powder Mill 2nd Street guideline value

The current guideline value of Powder Mill 2nd Street is Rs 8,200 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 IV Type - I.

How the guideline value of Powder Mill 2nd Street has changed

The guideline value for Powder Mill 2nd Street has seen several revisions over the years. Starting from the 2002 revision, the value was Rs 699 per sq.ft. In 2003, it increased to Rs 777 per sq.ft, marking a change of +11%. The 2007 revision saw a significant jump to Rs 1,540 per sq.ft, an increase of +98%. However, in 2012, the guideline value dropped to Rs 7500 per sq.ft, reflecting a decrease of -33%. The value then remained the same until the 2017 revision, when it rose to Rs 5,025 per sq.ft, an increase of +49% from the previous figure. The 2023 revision set the value at Rs 7,500 per sq.ft, and the most recent 2024 revision has increased it to Rs 8,200 per sq.ft, a change of +9%.

There are no figures available for the revisions in years other than those listed. Overall, from 2002 to 2024, the guideline value has increased by +1073%.

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, placing Powder Mill 2nd Street's 2024 figure below this median.

• Powder Mill 1st Street: Rs 8,200 per sq.ft (2024)
• Powder Mill Street: Rs 8,200 per sq.ft (2024)
• Postal & Telegraph: Rs 8,800 per sq.ft (2024)
• Prasana Vinayagar Koil Street: Rs 8,800 per sq.ft (2024)
• Prasanna Vinayagar Koil 1st Lane: Rs 8,200 per sq.ft (2024)
• Prasanna Vinayagar Koil 2nd Lane: Rs 8,200 per sq.ft (2024)

Stamp duty and registration fee for property in Powder Mill 2nd Street

For a 1,000 sq.ft plot at the current guideline value of Rs 8,200 per sq.ft, the total guideline value amounts to Rs 82,00,000. The stamp duty at 7% would be Rs 5,74,000, and the registration fee at 2% would be Rs 1,64,000, bringing the total to Rs 7,38,000. 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 precise calculations.

Which Sub Registrar Office covers Powder Mill 2nd Street?

The Sub Registrar Office that covers Powder Mill 2nd 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 plays a crucial role in property transactions in Mylapore. It serves as a benchmark for determining the minimum value at which a property can be registered. When buying or selling property, the guideline value is used to calculate stamp duty and registration fees, ensuring that these costs are based on an official valuation.

During the registration process, the buyer is required to pay stamp duty and registration fees based on the guideline value or the sale price, whichever is higher. This ensures that the government receives appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Powder Mill 2nd Street?

The current guideline value of Powder Mill 2nd Street is Rs 8,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 699 per sq.ft in 2002 to Rs 8,200 per sq.ft in 2024, reflecting an overall increase of +1073%.

What is the land classification for Powder Mill 2nd Street?

Powder Mill 2nd Street is classified as Residential Class IV Type - I.

Where can I find the Sub Registrar Office for this area?

The Mylapore Sub Registrar Office covers Powder Mill 2nd Street, located at No:5/9, Kavingar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018.

How is stamp duty calculated for property transactions?

Stamp duty 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.