Guideline Value for Peters Lane

Peters Lane guideline value

The current guideline value of Peters Lane is Rs 8,800 per sq.ft, effective from 1 July 2024. This street is located in Mylapore Part 1 village, under the Chennai Central Joint I SRO, and is classified as Commercial Class I Type - I.

How the guideline value of Peters Lane has changed

The guideline value for Peters Lane has undergone several revisions over the years. The register has no figure for this street for the years 2002, 2003, 2007, 2012, and 2017. In the 2023 revision, the guideline value was Rs 8,000 per sq.ft, which increased to Rs 8,800 per sq.ft in the 2024 revision, marking a change of +10%.

The 2024 revision is significant as it aligns with the median guideline value for Mylapore Part 1, which ranges from Rs 4,400 to Rs 25,300 per sq.ft. The 2024 figure for Peters Lane is equal to this median value of Rs 8,800 per sq.ft.

Guideline values in Mylapore Part 1

In Mylapore Part 1, there are 333 streets under the Chennai Central Joint I SRO that have a guideline value for 2024. The values range from Rs 4,400 to Rs 25,300 per sq.ft. Peters Lane's guideline value of Rs 8,800 per sq.ft is at the median of this range.

• Peters Road: Rs 13,200 per sq.ft (2024)
• Pillaiyar Koil 1st Street: Rs 8,700 per sq.ft (2024)
• Pillaiyar Koil 2nd Street: Rs 8,700 per sq.ft (2024)
• Pillaiyar Koil Lane: Rs 8,700 per sq.ft (2024)
• Pillaiyar Koil Street: Rs 8,700 per sq.ft (2024)
• Pilliayar Koil Cross Street: Rs 8,700 per sq.ft (2024)

Stamp duty and registration fee for property in Peters Lane

For a 1,000 sq.ft plot at the current guideline value of Rs 8,800 per sq.ft, the total guideline value would be Rs 88,00,000. The stamp duty at 7% would amount to Rs 6,16,000, and the registration fee at 2% would be Rs 1,76,000, totaling Rs 7,92,000. Duty is charged on the guideline value or the sale price, whichever is higher. You can also use our stamp duty and registration fee calculator for more information.

Which Sub Registrar Office covers Peters Lane?

The Sub Registrar Office covering Peters Lane is the Chennai Central Joint I Sub Registrar Office, located at No.182 Bharati Salai (Pycrafts Road), Royapettah, Chennai-600014. To find your SRO, you can visit find your SRO.

How the guideline value is used when you buy or sell in Mylapore Part 1

The guideline value plays a crucial role during property registration in Mylapore Part 1. It is used to determine the stamp duty and registration fees that must be paid when a property is bought or sold. Buyers should be aware that the guideline value may differ from the actual sale price.

When registering a property, the higher amount between the guideline value and the sale price is considered for calculating the dues. This ensures that the government receives the appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Peters Lane?

The current guideline value of Peters Lane is Rs 8,800 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value for Peters Lane was Rs 8,000 per sq.ft in 2023 and increased to Rs 8,800 per sq.ft in 2024, marking a change of +10%. There are no figures available for the years 2002, 2003, 2007, 2012, and 2017.

What is the classification of Peters Lane?

Peters Lane is classified as Commercial Class I Type - I under the Chennai Central Joint I SRO.

Where can I find the registration office for Peters Lane?

The registration office for Peters Lane is the Chennai Central Joint I Sub Registrar Office, located at No.182 Bharati Salai (Pycrafts Road), Royapettah, Chennai-600014.

How is stamp duty calculated for properties in Peters Lane?

Stamp duty is calculated based on the higher amount between the guideline value and the sale price. For example, for a 1,000 sq.ft plot at the current guideline value, the total stamp duty would be Rs 6,16,000 at a rate of 7%.