Guideline Value for PRASANNA VINAYAGAR KOIL 1ST LANE

Prasanna Vinayagar Koil 1st Lane guideline value

The current guideline value of Prasanna Vinayagar Koil 1st Lane is Rs 8,200 per sq.ft, effective from 1 July 2024. This street is located in Mylapore village, under the jurisdiction of the Mylapore SRO. The land classification for this area is Residential Class IV Type - I.

How the guideline value of Prasanna Vinayagar Koil 1st Lane has changed

The guideline value for Prasanna Vinayagar Koil 1st Lane has seen several revisions over the years. Starting from the 2002 revision, the value was Rs 751 per sq.ft. This increased to Rs 835 per sq.ft in 2003, marking an 11% rise. In 2007, the value surged to Rs 1,540 per sq.ft, reflecting an 84% increase. The next revision in 2012 maintained the value at Rs 7,500 per sq.ft, with no changes noted until the 2023 revision, which also recorded Rs 7,500 per sq.ft. The most recent revision in 2024 saw a significant increase to Rs 8,200 per sq.ft, representing a 9% rise from the previous year.

It is important to note that there is no figure available for the year 2017 in the register for this street. Overall, from 2002 to 2024, the guideline value has increased by 992%.

Guideline values in Mylapore

Mylapore village has a total of 883 streets under the Mylapore SRO, with 2024 guideline values ranging from Rs 3,300 to Rs 25,800 per sq.ft. The median guideline value for these streets is Rs 8,800 per sq.ft, placing the 2024 figure for Prasanna Vinayagar Koil 1st Lane below this median.

• Prasana Vinayagar Koil Street: Rs 8,800 per sq.ft (2024)
• Prasanna Vinayagar Koil 2nd Lane: Rs 8,200 per sq.ft (2024)
• Prasanna Vinayagar Koil 3rd Lane: Rs 8,200 per sq.ft (2024)
• Prithivi Avenue: Rs 17,600 per sq.ft (2024)
• Pro Quarters: Rs 7,100 per sq.ft (2024)
• P.S.Sivasami Salai (C.I.T. 1st Cross Street To North End Of The Road): Rs 17,600 per sq.ft (2024)

Stamp duty and registration fee for property in Prasanna Vinayagar Koil 1st Lane

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 fees to Rs 7,38,000. Please note that the duty is charged on the higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for further calculations.

Which Sub Registrar Office covers Prasanna Vinayagar Koil 1st Lane?

The Prasanna Vinayagar Koil 1st Lane is covered by 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 during the registration process of property transactions in Mylapore. It serves as a reference point for determining the stamp duty and registration fees that must be paid when buying or selling property.

Buyers and sellers must be aware that the guideline value may differ from the actual sale price. Consequently, the stamp duty is calculated based on the higher amount between the guideline value and the sale price, ensuring that the appropriate fees are collected during the registration process.

Frequently asked questions

What is the current guideline value of Prasanna Vinayagar Koil 1st Lane?

The current guideline value of Prasanna Vinayagar Koil 1st Lane 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 increased from Rs 751 per sq.ft in 2002 to Rs 8,200 per sq.ft in 2024, marking an overall increase of 992% over this period.

What are the other streets in Mylapore with similar guideline values?

Other streets in Mylapore include Prasana Vinayagar Koil Street at Rs 8,800 per sq.ft, Prasanna Vinayagar Koil 2nd Lane at Rs 8,200 per sq.ft, and Prasanna Vinayagar Koil 3rd Lane at Rs 8,200 per sq.ft.

What fees are associated with buying property in Prasanna Vinayagar Koil 1st Lane?

When buying property in Prasanna Vinayagar Koil 1st Lane, buyers should expect to pay stamp duty at 7% and a registration fee at 2% of the guideline value or sale price, whichever is higher.

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

The Sub Registrar Office covering Prasanna Vinayagar Koil 1st Lane is the Mylapore Sub Registrar Office, located at No:5/9, Kavingar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018.