Guideline Value for Peters Road

Peters Road guideline value

The current guideline value of Peters Road is Rs 13,200 per sq.ft, effective from 1 July 2024. This street is located in the Mylapore Part 1 village under the Chennai Central Joint I SRO, and is classified as Commercial Special Type - III.

How the guideline value of Peters Road has changed

The guideline value for Peters Road has seen several revisions over the years. The register does not have figures for the years 2002, 2003, 2007, 2012, and 2017. The 2023 revision set the value at Rs 12,000 per sq.ft, which was then increased by 10% to reach the current value of Rs 13,200 per sq.ft in the 2024 revision.

Prior to the 2023 revision, the last recorded figure was not available for the aforementioned years. The significant change from 2023 to 2024 reflects a rise in the guideline value, indicating a notable adjustment in the property valuation for this street.

Guideline values in Mylapore Part 1

In Mylapore Part 1, there are 333 streets under the Chennai Central Joint I SRO, with guideline values ranging from Rs 4,400 to Rs 25,300 per sq.ft. The median value for these streets is Rs 8,800 per sq.ft, placing Peters Road's 2024 figure above this median.

• Peters Lane: Rs 8,800 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 Road

For a 1,000 sq.ft plot at the current rate of Rs 13,200 per sq.ft, the 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, totaling Rs 11,88,000. It is important to note that 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 information.

Which Sub Registrar Office covers Peters Road?

The Sub Registrar Office that covers Peters Road is 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 details.

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

The guideline value is a critical factor in property transactions as it determines the minimum value at which a property can be registered. When buying or selling property in Mylapore Part 1, the guideline value is used to calculate the stamp duty and registration fees, ensuring that all transactions comply with the legal requirements.

It is essential for buyers and sellers to be aware of the current guideline value to avoid discrepancies during the registration process. This value serves as a reference point for both parties and helps in maintaining transparency in property dealings.

Frequently asked questions

What is the current guideline value of Peters Road?

The current guideline value of Peters Road is Rs 13,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value for Peters Road was Rs 12,000 per sq.ft in 2023, which increased by 10% to Rs 13,200 per sq.ft in 2024. There are no figures available for the years 2002, 2003, 2007, 2012, and 2017.

What is the median guideline value in Mylapore Part 1?

The median guideline value for streets in Mylapore Part 1 is Rs 8,800 per sq.ft. Peters Road's 2024 figure is above this median.

What are the stamp duty rates for property transactions?

The stamp duty rate is 7% of the guideline value or sale price, whichever is higher. Additionally, there is a registration fee of 2% applicable.

Where is the Sub Registrar Office for Peters Road located?

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