Guideline Value for Pillaiyar Koil Street,Jayalakshmi Street

Pillaiyar Koil Street,Jayalakshmi Street guideline value

The current guideline value for Pillaiyar Koil Street, Jayalakshmi Street is Rs 2,750 per sq.ft, effective from 1 July 2024. This street is located in Madipakkam-1 village under the Velacheri SRO, and it falls under the Residential Class I Type - III land classification.

How the guideline value of Pillaiyar Koil Street,Jayalakshmi Street has changed

The guideline value for Pillaiyar Koil Street, Jayalakshmi Street 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 set at Rs 2,500 per sq.ft, which increased by 10% to Rs 2,750 per sq.ft in the 2024 revision.

This change reflects the adjustments made in the guideline values over time. The current figure of Rs 2,750 per sq.ft is equal to the median value of Rs 2,750 per sq.ft for the 1,823 streets in Madipakkam-1 under the Velacheri SRO, which range from Rs 1,650 to Rs 5,500 per sq.ft.

Guideline values in Madipakkam-1

In Madipakkam-1, the guideline values vary significantly across different streets. The current guideline value for Pillaiyar Koil Street, Jayalakshmi Street is Rs 2,750 per sq.ft, placing it at the median value for the village.

• Pillaiyar Koil Street, Bajanai Koil Street: Rs 2,750 per sq.ft (2024)
• Pillaiyar Koil Street: Rs 2,200 per sq.ft (2024)
• Pillaiyar Koil Cross Street: Rs 2,200 per sq.ft (2024)
• Perundevi Street: Rs 2,200 per sq.ft (2024)
• Perumal Nagar: Rs 2,200 per sq.ft (2024)
• Ponniamman koil 1st Cross Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Pillaiyar Koil Street,Jayalakshmi Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,750 per sq.ft, the total guideline value amounts to Rs 27,50,000. The stamp duty at 7% would be Rs 1,92,500, and the registration fee at 2% would be Rs 55,000, bringing the total cost to Rs 2,47,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can calculate your costs using the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Pillaiyar Koil Street,Jayalakshmi Street?

The Sub Registrar Office that covers Pillaiyar Koil Street, Jayalakshmi Street is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. To find your SRO, you can visit find your SRO.

How the guideline value is used when you buy or sell in Madipakkam-1

The guideline value plays a crucial role when buying or selling property in Madipakkam-1. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the registration process.

When a property is registered, the guideline value is used to calculate the applicable duties and fees, ensuring that all transactions are conducted in compliance with the regulations set by the Registration Department.

Frequently asked questions

What is the current guideline value for Pillaiyar Koil Street, Jayalakshmi Street?

The current guideline value for Pillaiyar Koil Street, Jayalakshmi Street is Rs 2,750 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value for this street has seen revisions in 2023 and 2024, with the value increasing from Rs 2,500 per sq.ft in 2023 to Rs 2,750 per sq.ft in 2024, reflecting a 10% increase.

What is the land classification for Pillaiyar Koil Street, Jayalakshmi Street?

Pillaiyar Koil Street, Jayalakshmi Street is classified as Residential Class I Type - III under the current guidelines.

What are the stamp duty and registration fees for properties on this street?

For a property valued at Rs 27,50,000, the stamp duty would be Rs 1,92,500 and the registration fee would be Rs 55,000, totaling Rs 2,47,500. The duty is charged on the higher of the guideline value or the sale price.

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

The Velacheri Sub Registrar Office covers Pillaiyar Koil Street, Jayalakshmi Street and is located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.