Guideline Value for Pillaiyar Koil Lane

Pillaiyar Koil Lane guideline value

The current guideline value of Pillaiyar Koil Lane is Rs 4,950 per sq.ft, effective from 1 July 2024. This street is located in Velachery village, under the Velacheri SRO, classified as Residential Class II Type - I.

How the guideline value of Pillaiyar Koil Lane has changed

The guideline value for Pillaiyar Koil Lane has seen significant changes over the years. In 2002, the value was Rs 365 per sq.ft, which increased to Rs 1,500 per sq.ft in 2007, marking a substantial rise of 311%. The value then jumped to Rs 4,500 per sq.ft in 2012, reflecting a 200% increase. However, it dropped to Rs 3,015 per sq.ft in 2017, a decrease of 33%. The value rose again to Rs 4,500 per sq.ft in 2023, and the most recent revision in 2024 set the value at Rs 4,950 per sq.ft, representing a 10% increase.

It is important to note that there is no figure available for the year 2003 in the register for this street. Overall, from 2002 to 2024, the guideline value has increased by 1256%.

Guideline values in Velachery

In Velachery, there are 2,691 streets under the Velacheri SRO that carry a 2024 guideline value ranging from Rs 3,300 to Rs 13,200 per sq.ft. The median value is Rs 4,400 per sq.ft, making the current guideline value of Pillaiyar Koil Lane above this median.

• Pillaiyar Koil Street: Rs 4,950 per sq.ft (2024)
• Philip Street: Rs 3,850 per sq.ft (2024)
• Pillaiyar Koil Street Extn now known as Nethaji Road/Street,(Ganesh Nagar): Rs 4,400 per sq.ft (2024)
• Pillaiyar Koil Street / Lailtha Nagar / Annai Inidra Nagar: Rs 4,400 per sq.ft (2024)
• Pillaiyar Koil Street (Maduvankarai): Rs 4,400 per sq.ft (2024)
• Periyar Nagar,Telephone Colony Street: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Pillaiyar Koil Lane

For a 1,000 sq.ft plot at the current guideline value of Rs 4,950 per sq.ft, the total guideline value would be Rs 49,50,000. The stamp duty at 7% would amount to Rs 3,46,500, and the registration fee at 2% would be Rs 99,000, bringing the total to Rs 4,45,500. It is important to note that the duty is charged on the higher of the guideline value and the sale price. You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Pillaiyar Koil Lane?

The Sub Registrar Office that covers Pillaiyar Koil Lane is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. You can find your SRO for more information.

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

The guideline value is a crucial factor in property transactions in Velachery. It serves as a benchmark for determining the minimum price at which a property can be registered. Buyers and sellers must consider this value when negotiating the sale price, as the registration fees and stamp duties are calculated based on the guideline value or the sale price, whichever is higher.

When registering a property, it is essential to ensure that the sale price is not lower than the guideline value. This helps in maintaining transparency in property transactions and ensures that the government receives the appropriate revenue from stamp duties and registration fees.

Frequently asked questions

What is the current guideline value of Pillaiyar Koil Lane?

The current guideline value of Pillaiyar Koil Lane is Rs 4,950 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 365 per sq.ft in 2002 to Rs 4,950 per sq.ft in 2024, reflecting an overall increase of 1256% over the years.

What is the registration fee for property in Pillaiyar Koil Lane?

The registration fee is calculated at 2% of the guideline value. For a property valued at Rs 49,50,000, the registration fee would be Rs 99,000.

Which office handles registrations for Pillaiyar Koil Lane?

The Velacheri Sub Registrar Office handles registrations for Pillaiyar Koil Lane, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

How is stamp duty calculated for properties in Velachery?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, a property valued at Rs 49,50,000 would incur a stamp duty of Rs 3,46,500.