Guideline Value for Pillaiyar Kovil Street

Pillaiyar Kovil Street guideline value

The current guideline value of Pillaiyar Kovil Street is Rs 5,000 per sq.ft, effective from 1 July 2024. This street is located in Adayar village under the Adayar SRO, classified as Residential Class III Type - I.

How the guideline value of Pillaiyar Kovil Street has changed

Over the years, the guideline value of Pillaiyar Kovil Street has seen significant changes. In the 2007 revision, the value was Rs 1,750 per sq.ft, which increased to Rs 4,500 per sq.ft in 2012. However, from 2012 to 2017, the value decreased to Rs 3,015 per sq.ft. The 2023 revision set the value at Rs 4,500 per sq.ft, and the most recent 2024 revision raised it to Rs 5,000 per sq.ft. There are no figures available for the revisions in 2002 and 2003 for this street.

From 2007 to 2024, the overall increase in the guideline value is 186%. Notably, the jump from 2023 to 2024 was 11%, and the increase from 2017 to 2023 was 49%. The period from 2012 to 2017 saw a decrease of 33%, while the increase from 2007 to 2012 was a substantial 157%.

Guideline values in Adayar

In Adayar, there are 92 streets under the Adayar SRO that carry a 2024 guideline value ranging from Rs 3,300 to Rs 15,400 per sq.ft, with a median value of Rs 6,100 per sq.ft. Pillaiyar Kovil Street's 2024 guideline value is below this median.

• Pondicherry Road: Rs 6,600 per sq.ft (2024)
• Ponni Ammal Kovil Street: Rs 6,600 per sq.ft (2024)
• Race Course Extension 2nd Street: Rs 6,600 per sq.ft (2024)
• Race Course Extension Colony 1st Street: Rs 6,600 per sq.ft (2024)
• Race Course Road: Rs 9,400 per sq.ft (2024)
• Race View Road: Rs 9,400 per sq.ft (2024)

Stamp duty and registration fee for property in Pillaiyar Kovil Street

For a 1,000 sq.ft plot at the current guideline value of Rs 5,000 per sq.ft, the total guideline value amounts to Rs 50,00,000. The stamp duty at 7% would be Rs 3,50,000, and the registration fee at 2% would be Rs 1,00,000, bringing the total to Rs 4,50,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Pillaiyar Kovil Street?

The Sub Registrar Office that covers Pillaiyar Kovil Street is the Adayar Sub Registrar Office, located at 51, Kamaraj Avenue, Second Street, Adyar, Chennai-20. You can find your SRO for more information.

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

The guideline value plays a crucial role during property transactions in Adayar. When buying or selling property, the guideline value is used to determine the stamp duty and registration fees applicable to the transaction. This ensures that the government receives the appropriate revenue based on the property's assessed value.

At the time of registration, the buyer must pay stamp duty based on the guideline value or the sale price, whichever is higher. This process helps maintain transparency and consistency in property transactions within the region.

Frequently asked questions

What is the current guideline value of Pillaiyar Kovil Street?

The current guideline value of Pillaiyar Kovil Street is Rs 5,000 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly, increasing from Rs 1,750 per sq.ft in 2007 to Rs 5,000 per sq.ft in 2024. Notable changes include a decrease from Rs 4,500 per sq.ft in 2012 to Rs 3,015 per sq.ft in 2017, followed by increases in subsequent revisions.

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

For a property valued at the current guideline value of Rs 5,000 per sq.ft, the total guideline value for a 1,000 sq.ft plot is Rs 50,00,000. The stamp duty would be Rs 3,50,000 and the registration fee would be Rs 1,00,000, totaling Rs 4,50,000.

Which office handles property registrations for Pillaiyar Kovil Street?

The Adayar Sub Registrar Office handles property registrations for Pillaiyar Kovil Street. It is located at 51, Kamaraj Avenue, Second Street, Adyar, Chennai-20.

How does the guideline value affect property transactions?

The guideline value is used to calculate the stamp duty and registration fees during property transactions. Buyers must pay the duty based on the higher of the guideline value or the sale price, ensuring that the transaction is recorded accurately.