Guideline Value for Pycrofts Nagar

Pycrofts Nagar guideline value

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

How the guideline value of Pycrofts Nagar has changed

Over the years, the guideline value of Pycrofts Nagar has seen several revisions. The register does not have figures for the years 2002, 2003, 2007, 2012, and 2017. The most recent revisions show that in 2023, the guideline value was Rs 12,000 per sq.ft, which increased by 10% to Rs 13,200 per sq.ft in 2024.

Prior to the 2023 revision, the register does not contain any figures for the street. The 2024 figure of Rs 13,200 per sq.ft is a significant increase from the 2023 value, reflecting a notable change in the guideline value.

Guideline values in Mylapore Part 1

The guideline values for Mylapore Part 1 vary across different streets, with figures ranging from Rs 4,400 to Rs 25,300 per sq.ft. The median for the area is Rs 8,800 per sq.ft, placing Pycrofts Nagar above this median.

• Pycrofts Nagar 1st Lane: 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

For a 1,000 sq.ft plot at the current rate of Rs 13,200 per sq.ft, the 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, totaling 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?

The Sub Registrar Office that covers Pycrofts Nagar 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 an important factor in the registration process for 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 receives appropriate revenue from transactions.

When buying or selling property, the guideline value helps in calculating the stamp duty and registration fees. Buyers should be aware that these fees are based on the guideline value or the sale price, whichever is higher, which can significantly affect the overall cost of the transaction.

Frequently asked questions

What is the current guideline value of Pycrofts Nagar?

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

How has the guideline value changed over the years?

The guideline value has changed from Rs 12,000 per sq.ft in 2023 to Rs 13,200 per sq.ft in 2024, reflecting a 10% increase. There are no figures available for the years 2002, 2003, 2007, 2012, and 2017.

What are the guideline values for other streets in Mylapore Part 1?

Other streets in Mylapore Part 1 have varying guideline values, ranging from Rs 4,400 to Rs 25,300 per sq.ft. The median value for the area is Rs 8,800 per sq.ft.

How are stamp duty and registration fees calculated?

Stamp duty is calculated at 7% of the guideline value or sale price, whichever is higher, while the registration fee is charged at 2%. For example, for a 1,000 sq.ft plot, the total fees could amount to Rs 11,88,000.

Where is the Sub Registrar Office for Pycrofts Nagar located?

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