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 is part of Mylapore Part 2 village under the Chennai Central Joint I SRO and is classified as Commercial Special Type - III.

How the guideline value of Pycrofts Nagar has changed

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

This change reflects a significant upward adjustment, moving from the previous year's value. The 2024 figure of Rs 13,200 per sq.ft is now established as the current guideline value.

Guideline values in Mylapore Part 2

Mylapore Part 2 consists of 332 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 this area is Rs 8,800 per sq.ft, and Pycrofts Nagar's 2024 figure is above this median.

• 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)
• Pudupet Garden Street: Rs 7,700 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, while 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 information.

Which Sub Registrar Office covers Pycrofts Nagar?

Pycrofts Nagar falls under the Chennai Central Joint I Sub Registrar Office, located at No.182 Bharati Salai (Pycrofts Road), Royapettah, Chennai-600014. To find your SRO, visit find your SRO.

How the guideline value is used when you buy or sell in Mylapore Part 2

The guideline value is a crucial factor during the registration of property transactions in Mylapore Part 2. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction reflects a fair value for both parties.

When buying or selling property, the guideline value is used to calculate applicable fees such as stamp duty and registration fees. This ensures transparency and consistency in property transactions within the region.

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 is the land classification for Pycrofts Nagar?

Pycrofts Nagar is classified as Commercial Special Type - III, indicating its designation for commercial activities.

What is the process for calculating stamp duty and registration fees?

Stamp duty is charged at 7% of the guideline value or the sale price, whichever is higher, while the registration fee is charged at 2%. For example, a 1,000 sq.ft plot at the current rate results in substantial fees based on the guideline value.

Where can I find the Sub Registrar Office for Pycrofts Nagar?

The Sub Registrar Office covering Pycrofts Nagar is the Chennai Central Joint I SRO, located at No.182 Bharati Salai (Pycrofts Road), Royapettah, Chennai-600014. You can find more information by visiting the provided link.