Guideline Value for Pycrofts Nagar 1st Lane

Pycrofts Nagar 1st Lane guideline value

The current guideline value of Pycrofts Nagar 1st Lane is Rs 13,200 per sq.ft, effective from 1 July 2024. This street is located in Mylapore Part 1 village under the Chennai Central Joint I SRO, and it falls under the land classification of Commercial Special Type - III.

How the guideline value of Pycrofts Nagar 1st Lane has changed

The guideline value for Pycrofts Nagar 1st Lane has seen several revisions over the years. The register has no figure for this street in 2002, 2003, 2007, 2012, and 2017. The 2023 revision set the value at Rs 12,000 per sq.ft, which was then increased by 10% to Rs 13,200 per sq.ft in the 2024 revision.

In summary, the guideline value increased from Rs 12,000 per sq.ft in 2023 to Rs 13,200 per sq.ft in 2024. This change reflects a 10% rise in the valuation of the property on this street.

Guideline values in Mylapore Part 1

In Mylapore Part 1, there are 333 streets under the Chennai Central Joint I SRO, with guideline values ranging from Rs 4,400 to Rs 25,300 per sq.ft. The median value for these streets is Rs 8,800 per sq.ft, making Pycrofts Nagar 1st Lane's 2024 figure of Rs 13,200 per sq.ft significantly above the median.

• Pycrofts Nagar: Rs 13,200 per sq.ft (2024)
• Radhakrishna Puram: Rs 4,400 per sq.ft (2024)
• Radhakrishna Puram Street: Rs 4,400 per sq.ft (2024)
• Purupettai Sardar Lane: Rs 7,700 per sq.ft (2024)
• Raghava Veera Avenue: Rs 17,500 per sq.ft (2024)
• Pudu Street: Rs 10,900 per sq.ft (2024)

Stamp duty and registration fee for property in Pycrofts Nagar 1st Lane

For a 1,000 sq.ft plot at the current guideline value of Rs 13,200 per sq.ft, the total guideline value amounts to Rs 1,32,00,000. The stamp duty at 7% would be Rs 9,24,000, and the registration fee at 2% would be Rs 2,64,000, leading to a total of Rs 11,88,000. Duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Pycrofts Nagar 1st Lane?

The Sub Registrar Office that covers Pycrofts Nagar 1st Lane is the Chennai Central Joint I Sub Registrar Office, located at No.182 Bharati Salai (Pycrofts Road), Royapettah, Chennai-600014. You can find your SRO for more information.

How the guideline value is used when you buy or sell in Mylapore Part 1

The guideline value is a crucial factor in the registration process of property transactions in Mylapore Part 1. It serves as a benchmark for determining the minimum value at which properties can be registered, ensuring that the government collects appropriate stamp duty and registration fees.

When buying or selling property, the guideline value helps both parties understand the value of the property being transacted. It is essential for buyers to be aware of this value to ensure compliance with local regulations during the registration process.

Frequently asked questions

What is the current guideline value of Pycrofts Nagar 1st Lane?

The current guideline value of Pycrofts Nagar 1st Lane is Rs 13,200 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed recently?

Recently, the guideline value increased from Rs 12,000 per sq.ft in 2023 to Rs 13,200 per sq.ft in 2024, reflecting a 10% rise.

What is the land classification for Pycrofts Nagar 1st Lane?

Pycrofts Nagar 1st Lane falls under the land classification of Commercial Special Type - III.

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

The Sub Registrar Office for Pycrofts Nagar 1st Lane is the Chennai Central Joint I Sub Registrar Office, located at No.182 Bharati Salai (Pycrofts Road), Royapettah, Chennai-600014.

How is stamp duty calculated for properties in this area?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, a property valued at Rs 1,32,00,000 would incur a stamp duty of Rs 9,24,000 at 7%.