Guideline Value for Pillaiyar Koil Street (Maduvankarai)

Pillaiyar Koil Street (Maduvankarai) guideline value

The current guideline value of Pillaiyar Koil Street (Maduvankarai) is Rs 4,400 per sq.ft, effective from 1 July 2024. This street is located in Velachery village and falls under the Velacheri SRO. The land classification for this area is Residential Class II Type - II.

How the guideline value of Pillaiyar Koil Street (Maduvankarai) has changed

The guideline value for Pillaiyar Koil Street (Maduvankarai) has undergone several revisions over the years. In the 2012 revision, the value was set at Rs 4,000 per sq.ft. This figure then decreased to Rs 2,680 per sq.ft in the 2017 revision, marking a decline of 33%. However, from 2017 to 2023, the guideline value saw a significant increase of 49%, bringing it to Rs 4,000 per sq.ft. The latest revision in 2024 has further increased the value to Rs 4,400 per sq.ft, reflecting a 10% rise from the previous year.

It is important to note that the register has no figures for the years 2002, 2003, and 2007 for this street. Overall, from 2012 to 2024, the guideline value has increased by 10%.

Guideline values in Velachery

In Velachery, there are 2,691 streets under the Velacheri SRO, with guideline values ranging from Rs 3,300 to Rs 13,200 per sq.ft. The median value is Rs 4,400 per sq.ft, which is equal to the current figure for Pillaiyar Koil Street (Maduvankarai).

• Pillaiyar Koil Street / Lailtha Nagar / Annai Inidra Nagar: Rs 4,400 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: Rs 4,950 per sq.ft (2024)
• Pillaiyar Koil Lane: Rs 4,950 per sq.ft (2024)
• Philip Street: Rs 3,850 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 Street (Maduvankarai)

For a 1,000 sq.ft plot at the current guideline value of Rs 4,400 per sq.ft, the total guideline value would be Rs 44,00,000. The stamp duty at 7% would amount to Rs 3,08,000, and the registration fee at 2% would be Rs 88,000, bringing the total to Rs 3,96,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Pillaiyar Koil Street (Maduvankarai)?

The Sub Registrar Office that covers Pillaiyar Koil Street (Maduvankarai) is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. For further assistance, you can find your SRO.

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

The guideline value is a crucial factor when buying or selling property in Velachery. It serves as a benchmark for the property registration process, ensuring that transactions are recorded at a fair value. Buyers and sellers must consider the guideline value to determine the appropriate stamp duty and registration fees applicable to their property.

When a property is sold, the guideline value helps in assessing the transaction value for taxation purposes. This ensures that the government receives the appropriate revenue from property transactions, based on the established guideline values in the area.

Frequently asked questions

What is the current guideline value of Pillaiyar Koil Street (Maduvankarai)?

The current guideline value of Pillaiyar Koil Street (Maduvankarai) is Rs 4,400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen several changes, with the 2012 revision at Rs 4,000 per sq.ft, decreasing to Rs 2,680 per sq.ft in 2017. It then increased to Rs 4,000 per sq.ft in 2023 and is currently Rs 4,400 per sq.ft as of 2024.

What are the other streets in Velachery with similar guideline values?

Other streets in Velachery with similar guideline values include Pillaiyar Koil Street / Lailtha Nagar / Annai Inidra Nagar and Pillaiyar Koil Street Extn now known as Nethaji Road/Street,(Ganesh Nagar), both valued at Rs 4,400 per sq.ft in 2024.

What is the registration fee for properties in this area?

The registration fee for properties in Pillaiyar Koil Street (Maduvankarai) is calculated at 2% of the guideline value. For example, a property valued at Rs 44,00,000 would incur a registration fee of Rs 88,000.

Where can I find the Sub Registrar Office for this street?

The Sub Registrar Office covering Pillaiyar Koil Street (Maduvankarai) is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.