Guideline Value for PS SIVASAMY IYER 1ST STREET

Ps Sivasamy Iyer 1st Street guideline value

The current guideline value of Ps Sivasamy Iyer 1st Street is Rs 13,200 per sq.ft, effective from 1 July 2024. This street is located in Mylapore village, under the Mylapore SRO, and falls under the Residential Class II Type - I land classification.

How the guideline value of Ps Sivasamy Iyer 1st Street has changed

The guideline value for Ps Sivasamy Iyer 1st Street has seen significant changes over the years. In the 2007 revision, the guideline value was Rs 2,365 per sq.ft. This figure increased dramatically to Rs 12,000 per sq.ft in 2012, marking a rise of 407%. However, in the 2017 revision, the value decreased to Rs 8,040 per sq.ft, which was a decline of 33%. The value then rose again to Rs 12,000 per sq.ft in 2023, and finally reached Rs 13,200 per sq.ft in the 2024 revision, reflecting a 10% increase from the previous year.

Overall, from the 2007 revision to the 2024 revision, the guideline value has increased by 458%. It is important to note that there are no figures available for the years 2002 and 2003 for this street.

Guideline values in Mylapore

In Mylapore, 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, with a median value of Rs 8,800 per sq.ft. The guideline value of Ps Sivasamy Iyer 1st Street is above this median.

• Ps Sivasamy Iyer 1st Lane: Rs 13,200 per sq.ft (2024)
• Ps Sivasamy Iyer 2nd Lane: Rs 13,200 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)
• Ps. Sivasamy Iyer Street (From R.H. Road To Cit Colony 1st Cross Street): Rs 22,000 per sq.ft (2024)
• Pro Quarters: Rs 7,100 per sq.ft (2024)
• Prithivi Avenue: Rs 17,600 per sq.ft (2024)

Stamp duty and registration fee for property in Ps Sivasamy Iyer 1st Street

For a 1,000 sq.ft plot at the current guideline value of Rs 13,200 per sq.ft, the total guideline value amounts to Rs 1,32,00,000. The stamp duty at 7% would be Rs 9,24,000, and the registration fee at 2% would be Rs 2,64,000, making the total cost for these fees Rs 11,88,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Ps Sivasamy Iyer 1st Street?

The Sub Registrar Office that covers Ps Sivasamy Iyer 1st 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 crucial factor when registering property transactions in Mylapore. It serves as a benchmark for determining 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 helps both parties understand the fair valuation of the property. It is essential for buyers to consider this value when negotiating the sale price, as the stamp duty and registration fees are based on the guideline value or the sale price, whichever is higher.

Frequently asked questions

What is the current guideline value of Ps Sivasamy Iyer 1st Street?

The current guideline value of Ps Sivasamy Iyer 1st Street is Rs 13,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly, from Rs 2,365 per sq.ft in 2007 to Rs 13,200 per sq.ft in 2024, marking an overall increase of 458%.

What is the land classification for Ps Sivasamy Iyer 1st Street?

Ps Sivasamy Iyer 1st Street falls under the Residential Class II Type - I land classification.

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

The Sub Registrar Office for Ps Sivasamy Iyer 1st Street is the Mylapore Sub Registrar Office, located at No:5/9, Kavingar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai - 600018.

How is the stamp duty calculated for properties in Mylapore?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, for a 1,000 sq.ft plot at the current guideline value, the total fees can amount to Rs 11,88,000.