Guideline Value for SHANMUGAM PILLAI STREET

Shanmugam Pillai Street guideline value

The current guideline value of Shanmugam Pillai Street is Rs 8,200 per sq.ft, effective from 1 July 2024. This street is located in Mylapore village, under the Mylapore SRO, and is classified as Residential Class IV Type - I.

How the guideline value of Shanmugam Pillai Street has changed

Shanmugam Pillai Street has undergone several revisions in its guideline value over the years. The earliest recorded value in 2002 was Rs 707 per sq.ft. This figure increased to Rs 786 per sq.ft in 2003, marking a change of +11%. The guideline value saw a significant rise to Rs 1,540 per sq.ft in 2007, which was an increase of +96%. In 2012, the value was Rs 7,500 per sq.ft, reflecting a substantial increase of +387% from the previous revision. However, it then decreased to Rs 5,025 per sq.ft in 2017, showing a decline of -33%.

From 2017 to 2023, the guideline value rose sharply to Rs 7,500 per sq.ft, an increase of +49%. The most recent revision in 2024 set the value at Rs 8,200 per sq.ft, which is a +9% increase from 2023. Overall, from 2002 to 2024, the guideline value has increased by +1060%.

Guideline values in Mylapore

In Mylapore village, there are 883 streets under the Mylapore SRO with a 2024 guideline value ranging from Rs 3,300 to Rs 25,800 per sq.ft. The median guideline value for these streets is Rs 8,800 per sq.ft, placing Shanmugam Pillai Street's 2024 figure below this median.

• Shanmugapuram: Rs 3,300 per sq.ft (2024)
• Shanmugapuram Huts: Rs 3,300 per sq.ft (2024)
• Selvarajapuram (Dooming Kuppam): Rs 3,300 per sq.ft (2024)
• Singara Naicken Street: Rs 8,200 per sq.ft (2024)
• School View Road: Rs 9,300 per sq.ft (2024)
• School Road: Rs 9,300 per sq.ft (2024)

Stamp duty and registration fee for property in Shanmugam Pillai Street

For a 1,000 sq.ft plot at the current guideline value of Rs 8,200 per sq.ft, the total guideline value would be Rs 82,00,000. The stamp duty at 7% would amount to Rs 5,74,000, and the registration fee at 2% would be Rs 1,64,000, bringing the total cost for these fees to Rs 7,38,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

You can use the stamp duty and registration fee calculator for more accurate calculations.

Which Sub Registrar Office covers Shanmugam Pillai Street?

The Sub Registrar Office covering Shanmugam Pillai Street is the Mylapore Sub Registrar Office, located at No:5/9, Kavingar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai - 600018. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Mylapore. It serves as the baseline for calculating stamp duty and registration fees, ensuring that the government receives the appropriate revenue from property transactions.

When a property is sold, the buyer must pay stamp duty based on the guideline value or the sale price, whichever is higher. This ensures that the transaction is recorded at a value that reflects the official guideline, thereby maintaining transparency in property dealings.

Frequently asked questions

What is the current guideline value of Shanmugam Pillai Street?

The current guideline value of Shanmugam Pillai Street is Rs 8,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen significant changes, increasing from Rs 707 per sq.ft in 2002 to Rs 8,200 per sq.ft in 2024, marking an overall increase of +1060%.

What are the stamp duty and registration fees for property in Shanmugam Pillai Street?

For a property valued at Rs 82,00,000, the stamp duty would be Rs 5,74,000 and the registration fee would be Rs 1,64,000, totaling Rs 7,38,000.

Which Sub Registrar Office is responsible for Shanmugam Pillai Street?

The Mylapore Sub Registrar Office is responsible for Shanmugam Pillai Street, located at No:5/9, Kavingar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai - 600018.

How does the guideline value affect property transactions in Mylapore?

The guideline value is used to determine the stamp duty and registration fees during property transactions. It ensures that the fees are calculated based on an official value, which is crucial for transparency in property dealings.