Guideline Value for CANAL ROAD

Canal Road guideline value

The current guideline value of Canal Road in Palavakkam village, under the Neelankarai SRO, is Rs 2,800 per sq.ft, effective from 1 July 2024. This area is classified as Residential Class III Type - I.

How the guideline value of Canal Road has changed

The guideline value for Canal Road has seen several revisions over the years. In 2002, the value was Rs 309 per sq.ft, which increased to Rs 345 per sq.ft in 2003. Following this, the value rose to Rs 400 per sq.ft in 2007, and then significantly jumped to Rs 2,500 per sq.ft in 2012. However, it experienced a decline to Rs 1,675 per sq.ft in 2017. The value then increased to Rs 2,500 per sq.ft in 2023, and the most recent revision in 2024 set the value at Rs 2,800 per sq.ft. The changes between these revisions include a 12% increase from 2023 to 2024, a 49% increase from 2017 to 2023, a 33% decrease from 2012 to 2017, a 525% increase from 2007 to 2012, a 16% increase from 2003 to 2007, and a 12% increase from 2002 to 2003. Overall, from 2002 to 2024, the guideline value has increased by 806%.

Guideline values in Palavakkam

In Palavakkam, there are 349 streets under the Neelankarai SRO that carry a 2024 guideline value ranging from Rs 1,000 to Rs 8,800 per sq.ft, with a median value of Rs 3,300 per sq.ft. The guideline value for Canal Road is below this median.

• Canalpuram: Rs 2,800 per sq.ft (2024)
• Burma Colony 5th Main Road: Rs 6,400 per sq.ft (2024)
• Burma Colony 4th Main Road: Rs 6,400 per sq.ft (2024)
• Burma Colony 3rd Main Road: Rs 6,400 per sq.ft (2024)
• Burma Colony 2nd Main Road: Rs 6,400 per sq.ft (2024)
• Burma Colony 2nd Cross Street: Rs 6,400 per sq.ft (2024)

Stamp duty and registration fee for property in Canal Road

For a 1,000 sq.ft plot at the current rate of Rs 2,800 per sq.ft, the guideline value amounts to Rs 28,00,000. The stamp duty at 7% would be Rs 1,96,000, and the registration fee at 2% would be Rs 56,000, totaling Rs 2,52,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Canal Road?

The Sub Registrar Office that covers Canal Road is the Neelankarai Sub Registrar Office, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone. You can find your SRO for more details.

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

The guideline value is a crucial factor during the registration of property transactions in Palavakkam. It serves as a benchmark for calculating the stamp duty and registration fees that buyers must pay when acquiring property in the area.

When selling a property, the guideline value helps determine the minimum price at which the property can be registered. Buyers and sellers should be aware of the guideline value to ensure compliance with local regulations during the transaction process.

Frequently asked questions

What is the current guideline value of Canal Road?

The current guideline value of Canal Road is Rs 2,800 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 309 per sq.ft in 2002 to Rs 2,800 per sq.ft in 2024, reflecting an overall increase of 806% over this period.

What is the land classification for Canal Road?

Canal Road is classified as Residential Class III Type - I, indicating its designated use for residential purposes.

What are the stamp duty and registration fees for Canal Road?

For a 1,000 sq.ft plot at the current guideline value, the total stamp duty and registration fees would amount to Rs 2,52,000.

Where is the Sub Registrar Office for Canal Road located?

The Neelankarai Sub Registrar Office is located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone.