Guideline Value for Peters Road

Peters Road guideline value

The current guideline value of Peters Road is Rs 13,200 per sq.ft as per the 2024 revision, effective from 1 July 2024. This road is located in Mylapore Part 2 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. In the 2023 revision, the guideline value was Rs 12,000 per sq.ft, which increased to Rs 13,200 per sq.ft in the 2024 revision, marking a change of +10%.

Prior to the 2023 revision, there were no recorded figures for Peters Road in the guideline value register for the years mentioned. The significant increase from 2023 to 2024 reflects the current valuation trends for this particular street.

Guideline values in Mylapore Part 2

In Mylapore Part 2, there are 332 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 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, leading to a total of 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 also use the stamp duty and registration fee calculator for more accurate estimates.

Which Sub Registrar Office covers Peters Road?

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

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

The guideline value is a crucial factor during property registration in Mylapore Part 2. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid when a property is bought or sold.

When a buyer or seller engages in a transaction, the guideline value helps ensure that the property is valued fairly for the purpose of taxation. This value is essential for both parties to understand their financial obligations during the registration process.

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 much has the guideline value changed recently?

From the 2023 revision to the 2024 revision, the guideline value increased by 10%, from Rs 12,000 per sq.ft to Rs 13,200 per sq.ft.

What is the classification of Peters Road?

Peters Road is classified as Commercial Special Type - III, which affects its guideline value and potential uses.

Where can I find the registration office for Peters Road?

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

How is the stamp duty calculated for properties on Peters Road?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a 1,000 sq.ft property at the current rate, the total stamp duty would be Rs 9,24,000 at a rate of 7%.