Guideline Value for PRASANNA VINAYAGAR KOIL 2ND LANE

Prasanna Vinayagar Koil 2nd Lane guideline value

The current guideline value of Prasanna Vinayagar Koil 2nd Lane 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 Prasanna Vinayagar Koil 2nd Lane has changed

The guideline value of Prasanna Vinayagar Koil 2nd Lane has seen several revisions over the years. In the 2002 revision, the value was Rs 751 per sq.ft, which increased to Rs 835 per sq.ft in 2003. Following this, the value rose significantly to Rs 1,540 per sq.ft in 2007, and then to Rs 7,500 per sq.ft in 2012. However, there was a decrease to Rs 5,025 per sq.ft in 2017. The value then increased to Rs 7,500 per sq.ft in 2023 before reaching the current rate of Rs 8,200 per sq.ft in 2024.

The changes between these revisions are notable. From 2002 to 2003, the increase was +11%. The value surged by +84% from 2003 to 2007, followed by a remarkable increase of +387% from 2007 to 2012. After the drop of -33% from 2012 to 2017, the value rose by +49% from 2017 to 2023, and then increased by +9% from 2023 to 2024. Overall, from 2002 to 2024, the guideline value has increased by +992%.

Guideline values in Mylapore

In Mylapore, there are 883 streets under the Mylapore SRO with 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 Prasanna Vinayagar Koil 2nd Lane's value below this median.

• Prasanna Vinayagar Koil 1st Lane: Rs 8,200 per sq.ft (2024)
• Prasanna Vinayagar Koil 3rd Lane: Rs 8,200 per sq.ft (2024)
• Prasana Vinayagar Koil Street: Rs 8,800 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 2nd Lane

For a 1,000 sq.ft plot at the current guideline value of Rs 8,200 per sq.ft, the total guideline value would be Rs 82,00,000. The stamp duty at 7% would amount to 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.

For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Prasanna Vinayagar Koil 2nd Lane?

The Sub Registrar Office that covers Prasanna Vinayagar Koil 2nd Lane 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 crucial factor in property transactions within Mylapore. It serves as a reference point for determining the minimum value at which a property can be registered. When a property is sold, the guideline value is used to calculate the applicable stamp duty and registration fees.

During the registration process, the buyer must pay the stamp duty based on the higher of the guideline value or the sale price. This ensures that the government receives the appropriate revenue from property transactions, reflecting the current value of real estate in the area.

Frequently asked questions

What is the current guideline value of Prasanna Vinayagar Koil 2nd Lane?

The current guideline value of Prasanna Vinayagar Koil 2nd 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 changed from Rs 751 per sq.ft in 2002 to Rs 8,200 per sq.ft in 2024, with various increases and decreases along the way.

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, which is higher than the value of Prasanna Vinayagar Koil 2nd Lane.

What are the stamp duty and registration fees for properties in this area?

The stamp duty is 7% of the guideline value, and the registration fee is 2%. For example, for a property valued at Rs 82,00,000, the total fees would be Rs 7,38,000.

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

The Sub Registrar Office for Prasanna Vinayagar Koil 2nd Lane is the Mylapore Sub Registrar Office, located at No:5/9, Kavingar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018.