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 2 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 in 2002, 2003, 2007, 2012, and 2017. In the 2023 revision, the value was Rs 8,000 per sq.ft, and it increased to Rs 8,800 per sq.ft in the 2024 revision, marking a change of +10%.

The current 2024 guideline value of Rs 8,800 per sq.ft is consistent with the median value of Rs 8,800 per sq.ft for 332 streets in Mylapore Part 2 under the Chennai Central Joint I SRO. The previous figure of Rs 8,000 per sq.ft in 2023 reflects the gradual increase in the guideline value for this street.

Guideline values in Mylapore Part 2

In Mylapore Part 2, the guideline values vary significantly, ranging from Rs 4,400 to Rs 25,300 per sq.ft. Peters Lane's 2024 figure of Rs 8,800 per sq.ft is at the median level for the area.

• 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 rate of Rs 8,800 per sq.ft, the guideline value would be Rs 88,00,000. The stamp duty at 7% would be Rs 6,16,000, and the registration fee at 2% would be Rs 1,76,000, totaling Rs 7,92,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Peters Lane?

Peters Lane is covered by the Chennai Central Joint I Sub Registrar Office, located at No.182 Bharati Salai (Pycrafts Road), Royapettah, Chennai-600014. You can find your SRO for more information.

How the guideline value is used when you buy or sell in Mylapore Part 2

The guideline value plays a crucial role during the registration of property transactions in Mylapore Part 2. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue from stamp duties and registration fees.

When buying or selling a property, it is essential to consider the guideline value as it may affect the overall transaction costs. Buyers should be aware that the stamp duty and registration fees are calculated based on the higher of the guideline value or the sale price, which can significantly impact the total expenses involved in the transaction.

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 has changed from Rs 8,000 per sq.ft in 2023 to Rs 8,800 per sq.ft in 2024, reflecting an increase of +10%. There are no figures available for the years 2002, 2003, 2007, 2012, and 2017.

What is the land classification for Peters Lane?

Peters Lane is classified as Commercial Class I Type - I. This classification indicates the type of activities that can be conducted on the property.

What are the registration fees for a property on Peters Lane?

The registration fees for a property on Peters Lane are calculated based on the guideline value or the sale price, whichever is higher. For example, for a 1,000 sq.ft plot, the total registration fee would amount to Rs 7,92,000, which includes stamp duty and registration fees.

Where is the Sub Registrar Office for Peters Lane located?

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