Guideline Value for PRASANNA VINAYAGAR KOIL 3RD LANE

Prasanna Vinayagar Koil 3rd Lane guideline value

The current guideline value of Prasanna Vinayagar Koil 3rd Lane is Rs 8,200 per sq.ft, as per the 2024 revision 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 3rd Lane has changed

The guideline value for Prasanna Vinayagar Koil 3rd 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 in the 2017 revision, where the value dropped to Rs 5,025 per sq.ft. The value then increased to Rs 7,500 per sq.ft in 2023, before reaching the current value of Rs 8,200 per sq.ft in 2024.

Between the revisions, there have been notable changes. From 2017 to 2023, there was a 49% increase, while from 2012 to 2017, the value decreased by 33%. The rise from 2007 to 2012 was substantial at 387%, and the increase from 2003 to 2007 was 84%. From 2002 to 2003, the value increased by 11%. 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 guideline values for 2024 ranging from Rs 3,300 to Rs 25,800 per sq.ft. The median guideline value in this area is Rs 8,800 per sq.ft, placing Prasanna Vinayagar Koil 3rd Lane's current figure below that median.

• Prasanna Vinayagar Koil 2nd Lane: Rs 8,200 per sq.ft (2024)
• Prasanna Vinayagar Koil 1st 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 3rd 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, making the total cost for these fees Rs 7,38,000. Please note that the duty is charged on the higher of the guideline value or the sale price.

For more information on calculating these costs, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Prasanna Vinayagar Koil 3rd Lane?

The Prasanna Vinayagar Koil 3rd Lane falls under the jurisdiction of 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 details.

How the guideline value is used when you buy or sell in Mylapore

The guideline value is a crucial factor in property transactions in Mylapore. It serves as a reference point for determining the minimum value at which properties can be registered. Buyers and sellers must consider this value when negotiating the sale price of a property.

During the registration process, the guideline value is used to calculate applicable fees such as stamp duty and registration charges. It ensures that the government receives the correct revenue from property transactions, based on the established guideline values for each street.

Frequently asked questions

What is the current guideline value of Prasanna Vinayagar Koil 3rd Lane?

The current guideline value of Prasanna Vinayagar Koil 3rd 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 a total increase of 992% over this period.

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

For a property valued at Rs 82,00,000, the stamp duty would be Rs 5,74,000 and the registration fee would be Rs 1,64,000, totaling Rs 7,38,000.

Which office handles the registration for Prasanna Vinayagar Koil 3rd Lane?

The Mylapore Sub Registrar Office covers Prasanna Vinayagar Koil 3rd Lane, located at No:5/9, Kavingar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai - 600018.

How is the guideline value determined?

The guideline value is determined by the Registration Department's guideline value register, which is revised periodically to reflect changes in property values across various streets.