Guideline Value for Pillaiyar Koil Street

Pillaiyar Koil Street guideline value

The current guideline value of Pillaiyar Koil Street is Rs 2,750 per sq.ft, effective from 1 July 2024. This street is located in Virugambakkam village and falls under the Virugambakkam SRO. The land classification for this area is Residential Class IV Type - II.

How the guideline value of Pillaiyar Koil Street has changed

The guideline value for Pillaiyar Koil Street has undergone several revisions over the years. In 2007, the value was set at Rs 500 per sq.ft, which saw a significant increase to Rs 2,500 per sq.ft in 2012, marking a 400% rise. However, this value decreased to Rs 1,675 per sq.ft in 2017, reflecting a 33% drop. The value then rose sharply to Rs 2,500 per sq.ft in 2023, followed by a further increase to Rs 2,750 per sq.ft in 2024, which is a 10% rise from the previous year.

There are no figures available for the revisions in 2002 and 2003 for Pillaiyar Koil Street. Overall, from 2007 to 2024, the guideline value has increased by 450%.

Guideline values in Virugambakkam

In Virugambakkam, there are 391 streets under the Virugambakkam SRO with a 2024 guideline value range from Rs 2,750 to Rs 13,200 per sq.ft. The median guideline value in this area is Rs 4,400 per sq.ft, placing Pillaiyar Koil Street's current value below this median.

• Ponnambalam Road: Rs 7,150 per sq.ft (2024)
• Perumal Koil 2nd Street: Rs 2,750 per sq.ft (2024)
• Perumal Koil 1st Street: Rs 2,750 per sq.ft (2024)
• Pasumpon Muthuramalingam Devar Salai, Venkatesa Nagar, Rajaji Colony: Rs 7,700 per sq.ft (2024)
• P.V.Rjamannar Salai: Rs 7,150 per sq.ft (2024)
• Rajaji Colony (Near SBI Colony): Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in Pillaiyar Koil Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,750 per sq.ft, the total guideline value would be 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, making the total fees Rs 2,47,500. It is important to note that duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Pillaiyar Koil Street?

The Sub Registrar Office that covers Pillaiyar Koil Street is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. You can find your SRO for more details.

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

The guideline value is a crucial factor during the registration of property transactions in Virugambakkam. It serves as a benchmark for determining the stamp duty and registration fees applicable to the property being bought or sold.

When a property is registered, the stamp duty is calculated based on the guideline value or the sale price, whichever is higher. This ensures that the government receives appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Pillaiyar Koil Street?

The current guideline value of Pillaiyar Koil 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 has changed from Rs 500 per sq.ft in 2007 to Rs 2,750 per sq.ft in 2024, reflecting a total increase of 450% over this period.

What is the stamp duty for property in Pillaiyar Koil Street?

The stamp duty for property in Pillaiyar Koil Street is 7% of the guideline value or sale price, whichever is higher. For a property valued at Rs 27,50,000, the stamp duty would be Rs 1,92,500.

Which office handles property registrations in Virugambakkam?

The Virugambakkam Sub Registrar Office handles property registrations in Virugambakkam. It is located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

What is the median guideline value in Virugambakkam?

The median guideline value in Virugambakkam is Rs 4,400 per sq.ft, with Pillaiyar Koil Street's value of Rs 2,750 per sq.ft being below this median.