Guideline Value for POWDER MILL STREET

Powder Mill Street guideline value

The current guideline value of Powder Mill Street is Rs 8,200 per sq.ft, effective from 1 July 2024. This street is located in Mylapore village, under the Mylapore SRO, with a land classification of Residential Class IV Type - I.

How the guideline value of Powder Mill Street has changed

The guideline value for Powder Mill Street has seen significant changes over the years. In the 2002 revision, the value was Rs 699 per sq.ft, which increased to Rs 777 per sq.ft in 2003. Following this, the value rose to Rs 1,540 per sq.ft in 2007, marking an increase of 98%. The 2012 revision saw a decrease to Rs 7,500 per sq.ft, a drop of 33%. However, the value surged to Rs 5,025 per sq.ft in the 2017 revision, reflecting a 49% increase. The 2023 revision set the value at Rs 7,500 per sq.ft, before it rose to the current rate of Rs 8,200 per sq.ft in 2024, an increase of 9%.

Overall, from 2002 to 2024, the guideline value has increased by 1,073%. There are no figures available for the revisions in years other than those specified.

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 is Rs 8,800 per sq.ft, placing Powder Mill Street's 2024 figure below this median.

• Powder Mill 2nd Street: Rs 8,200 per sq.ft (2024)
• Powder Mill 1st 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 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, making the total cost 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 more details.

Which Sub Registrar Office covers Powder Mill Street?

The Sub Registrar Office covering Powder Mill 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 factor during property registration in Mylapore. It determines the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees.

When buying or selling property, the guideline value acts as a reference point for both buyers and sellers. It helps in assessing the fair value of the property, ensuring transparency in transactions while adhering to the legal requirements set forth by the registration department.

Frequently asked questions

What is the current guideline value of Powder Mill Street?

The current guideline value of Powder Mill 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 a significant increase of 1,073% over the years.

What is the land classification for Powder Mill Street?

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

Where can I find the Mylapore Sub Registrar Office?

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

How is stamp duty calculated for properties in Powder Mill Street?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 82,00,000, the stamp duty would be Rs 5,74,000 at 7%.