Guideline Value for Pillaippan Street /Mungil Lake

Pillaippan Street /Mungil Lake guideline value

The current guideline value of Pillaippan Street /Mungil Lake is Rs 1,980 per sq.ft, effective from 1 July 2024. This street is located in Pammal village and falls under the Pammal SRO. The land classification for this area is Residential Class II Type - II.

How the guideline value of Pillaippan Street /Mungil Lake has changed

The guideline value for Pillaippan Street /Mungil Lake has undergone several revisions over the years. Starting from the 2002 revision, the guideline value was Rs 188 per sq.ft. This increased to Rs 213 per sq.ft in 2003, marking a 13% rise. The value saw a significant jump to Rs 360 per sq.ft in 2007, which was a 69% increase. The 2017 revision brought the value to Rs 1,206 per sq.ft, reflecting a remarkable 235% increase from the previous revision. The 2023 revision set the value at Rs 1,800 per sq.ft, a 49% increase from 2017. The current 2024 revision has further increased the guideline value to Rs 1,980 per sq.ft, a 10% rise from the previous year.

It is important to note that there is no figure available for the 2012 revision for this street. Overall, from 2002 to 2024, the guideline value has increased by 953%.

Guideline values in Pammal

Pammal village has a total of 926 streets under the Pammal SRO that carry a 2024 guideline value, which ranges from Rs 880 to Rs 3,300 per sq.ft. The median guideline value for these streets is Rs 2,090 per sq.ft, placing the 2024 figure for Pillaippan Street /Mungil Lake below this median.

• Peter Street, Thiru Nagar: Rs 1,980 per sq.ft (2024)
• Peter Street: Rs 1,980 per sq.ft (2024)
• Pillaiyar Koil Street, Dr.Ambedhar Nagar: Rs 1,980 per sq.ft (2024)
• Pillaiyar Koil Street, Gandhi Nagar Extn: Rs 2,475 per sq.ft (2024)
• Pillaiyar Koil Street. H.L. Colony: Rs 2,530 per sq.ft (2024)
• Pillaiyar Koil Street, Ponni Nagar: Rs 1,870 per sq.ft (2024)

Stamp duty and registration fee for property in Pillaippan Street /Mungil Lake

For a 1,000 sq.ft plot at the current guideline value of Rs 1,980 per sq.ft, the total guideline value amounts to Rs 19,80,000. The stamp duty at 7% would be Rs 1,38,600, and the registration fee at 2% would be Rs 39,600, bringing the total cost together to Rs 1,78,200. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Pillaippan Street /Mungil Lake?

The Sub Registrar Office that covers Pillaippan Street /Mungil Lake is the Pammal Sub Registrar Office, located at Kamarajapuram Thiruneermalai Main Road, Pammal, Chennai-600075, Chengalpattu registration zone. You can find your SRO for more details.

How the guideline value is used when you buy or sell in Pammal

The guideline value is a crucial factor when buying or selling property in Pammal, as it determines the minimum value at which a property can be registered. During the registration process, the stamp duty and registration fees are calculated based on this guideline value or the sale price, whichever is higher.

This ensures that the government receives appropriate revenue from property transactions. Buyers and sellers should be aware of the current guideline value to understand the financial implications of their transactions.

Frequently asked questions

What is the current guideline value for Pillaippan Street /Mungil Lake?

The current guideline value for Pillaippan Street /Mungil Lake is Rs 1,980 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased significantly over the years, from Rs 188 per sq.ft in 2002 to Rs 1,980 per sq.ft in 2024, marking an overall increase of 953%.

What is the land classification for Pillaippan Street /Mungil Lake?

The land classification for Pillaippan Street /Mungil Lake is Residential Class II Type - II, indicating its suitability for residential development.

What are the stamp duty and registration fees for property transactions?

Stamp duty is charged at 7% of the guideline value or sale price, whichever is higher, while the registration fee is charged at 2% of the guideline value or sale price.

Which office handles registrations for Pillaippan Street /Mungil Lake?

The Pammal Sub Registrar Office handles registrations for Pillaippan Street /Mungil Lake, located at Kamarajapuram Thiruneermalai Main Road, Pammal, Chennai-600075.