Guideline Value for Pillayar Koil 2nd Street / Mungil Lake

Pillayar Koil 2nd Street / Mungil Lake guideline value

The current guideline value of Pillayar Koil 2nd Street / Mungil Lake is Rs 1,980 per sq.ft, effective from 1 July 2024. This street is located in Pammal village, under the Pammal SRO, and is classified as Residential Class II Type - II.

How the guideline value of Pillayar Koil 2nd Street / Mungil Lake has changed

The guideline value for Pillayar Koil 2nd Street / Mungil Lake has seen significant changes over the years. In 2002, the value was Rs 188 per sq.ft, which increased to Rs 213 per sq.ft in 2003, marking a 13% rise. By 2007, the value rose to Rs 360 per sq.ft, reflecting a 69% increase. The 2017 revision recorded a substantial jump to Rs 1,206 per sq.ft, which was a 235% increase from 2007. The value continued to rise, reaching Rs 1,800 per sq.ft in 2023, before the latest revision to Rs 1,980 per sq.ft in 2024, which is a 10% increase from the previous year. The register has no figure for this street in 2012.

Overall, from 2002 to 2024, the guideline value has increased by 953%. The changes between the revisions highlight a consistent upward trend, with the most notable increase occurring between 2007 and 2017.

Guideline values in Pammal

Pammal village features a total of 926 streets under the Pammal SRO, with guideline values ranging from Rs 880 to Rs 3,300 per sq.ft in 2024. The median guideline value in Pammal is Rs 2,090 per sq.ft, placing the current value of Pillayar Koil 2nd Street / Mungil Lake below this median.

• Pillayar Koil 2nd Street / Krishna Nagar: Rs 2,530 per sq.ft (2024)
• Pillayar Koil 2nd Cross Street / Krishna Nagar: Rs 2,530 per sq.ft (2024)
• Pillayar Koil 3rd Street / Mungil Lake: Rs 1,980 per sq.ft (2024)
• Pillayar Koil Cross Street / Mungil Lake: Rs 1,980 per sq.ft (2024)
• Pillayar Koil 1st Street / Mungil Lake: Rs 1,980 per sq.ft (2024)
• Pillayar Koil 1st Street / Krishna Nagar: Rs 2,530 per sq.ft (2024)

Stamp duty and registration fee for property in Pillayar Koil 2nd Street / Mungil Lake

For a 1,000 sq.ft plot at the current guideline value of Rs 1,980 per sq.ft, the total guideline value would be Rs 19,80,000. The stamp duty, charged at 7%, would amount to Rs 1,38,600, while the registration fee at 2% would be Rs 39,600. Together, the total cost for stamp duty and registration fee would be Rs 1,78,200. It is important to note that the duty is charged on the higher of the guideline value or the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Pillayar Koil 2nd Street / Mungil Lake?

The Sub Registrar Office covering Pillayar Koil 2nd Street / Mungil Lake is the Pammal Sub Registrar Office, located at Kamarajapuram Thiruneermalai Main Road, Pammal, Chennai-600075, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value plays a crucial role in property transactions in Pammal. When buying or selling property, the guideline value is used to determine the stamp duty and registration fees payable at the time of registration. This ensures that the government receives the appropriate revenue based on the established values for the properties.

It is essential for buyers and sellers to be aware of the guideline value, as it can affect the overall cost of the transaction. Understanding the guideline value helps in making informed decisions during the buying or selling process.

Frequently asked questions

What is the current guideline value of Pillayar Koil 2nd Street / Mungil Lake?

The current guideline value of Pillayar Koil 2nd Street / Mungil Lake is Rs 1,980 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 188 per sq.ft in 2002 to Rs 1,980 per sq.ft in 2024, reflecting an overall increase of 953% over this period.

What are the stamp duty and registration fees for properties in this area?

For a plot of 1,000 sq.ft at the current guideline value, the total stamp duty and registration fee would amount to Rs 1,78,200, based on the guideline value of Rs 19,80,000.

Which office handles property registrations for Pillayar Koil 2nd Street / Mungil Lake?

The Pammal Sub Registrar Office is responsible for property registrations in Pillayar Koil 2nd Street / Mungil Lake, located at Kamarajapuram Thiruneermalai Main Road, Pammal, Chennai-600075.

What is the significance of the guideline value in property transactions?

The guideline value is used to determine the stamp duty and registration fees during property transactions. It ensures that the fees are based on established values, which is important for both buyers and sellers.