Guideline Value for Pillayar Kovil Street

Pillayar Kovil Street guideline value

The current guideline value of Pillayar Kovil Street is Rs 1,650 per sq.ft, effective from 1 July 2024. This street is located in Naravarikuppam village, under the Redhills SRO, and is classified as Residential Class II Type - I.

How the guideline value of Pillayar Kovil Street has changed

The guideline value for Pillayar Kovil Street has undergone several revisions since 2002. In 2002, the value was Rs 3,471 per sq.ft, which saw a significant decrease to Rs 353 per sq.ft in 2003. The value then increased to Rs 400 per sq.ft in 2007, followed by a substantial rise to Rs 1,500 per sq.ft in 2012. However, it dropped to Rs 1,005 per sq.ft in 2017 before climbing to Rs 1,500 per sq.ft in 2023 and finally reaching Rs 1,650 per sq.ft in 2024.

Between the revisions, the most notable changes include a 90% decrease from 2002 to 2003, a 275% increase from 2007 to 2012, and a 49% increase from 2017 to 2023. Overall, from 2002 to 2024, there has been a 52% decline in the guideline value.

Guideline values in Naravarikuppam

Naravarikuppam has a total of 112 streets under the Redhills SRO, with guideline values for 2024 ranging from Rs 1,320 to Rs 3,300 per sq.ft. The median value for these streets is Rs 1,650 per sq.ft, which is the same as the guideline value for Pillayar Kovil Street.

• Perumal Reddy Street: Rs 1,320 per sq.ft (2024)
• Ponnuvel Street: Rs 1,320 per sq.ft (2024)
• Poonga Anna Street: Rs 1,870 per sq.ft (2024)
• Poonga Street: Rs 1,870 per sq.ft (2024)
• Periyar Street: Rs 1,650 per sq.ft (2024)
• Prakasam Street: Rs 1,320 per sq.ft (2024)

Stamp duty and registration fee for property in Pillayar Kovil Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,650 per sq.ft, the total guideline value would be Rs 16,50,000. The stamp duty at 7% would be Rs 1,15,500, and the registration fee at 2% would be Rs 33,000, making the total fees Rs 1,48,500. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Pillayar Kovil Street?

The Sub Registrar Office that covers Pillayar Kovil Street is the Redhills Sub Registrar Office, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052. You can find your SRO for more information.

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

The guideline value plays a crucial role during property registration in Naravarikuppam. When a property is bought or sold, the guideline value is used to determine the applicable stamp duty and registration fees. These fees are calculated based on the higher of the guideline value or the sale price.

It is essential for buyers and sellers to be aware of the current guideline value to ensure compliance with registration requirements. This value is updated periodically, reflecting changes in the real estate landscape.

Frequently asked questions

What is the current guideline value of Pillayar Kovil Street?

The current guideline value of Pillayar Kovil Street is Rs 1,650 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 3,471 per sq.ft in 2002 to Rs 1,650 per sq.ft in 2024, with various increases and decreases across the years.

What is the significance of the guideline value?

The guideline value is used to determine the stamp duty and registration fees when buying or selling property in Naravarikuppam.

Where can I find the Sub Registrar Office for Pillayar Kovil Street?

The Redhills Sub Registrar Office covers Pillayar Kovil Street and is located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052.

How is stamp duty calculated for properties in Pillayar Kovil Street?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher, along with a registration fee of 2% of the guideline value.