Guideline Value for MAYOR STALIN STREET

Mayor Stalin Street guideline value

The current guideline value of Mayor Stalin Street in Palavakkam village, under the Neelankarai SRO, is Rs 2,800 per sq.ft, effective from 1 July 2024. This street falls under the Residential Class III Type - I land classification.

How the guideline value of Mayor Stalin Street has changed

The guideline value for Mayor Stalin Street has undergone several revisions over the years. Starting from the 2002 revision, the value was Rs 309 per sq.ft. It increased to Rs 345 per sq.ft in 2003, then saw a significant rise to Rs 700 per sq.ft in 2007. The value further increased to Rs 2,500 per sq.ft in 2012, but then dropped to Rs 1,675 per sq.ft in 2017. The subsequent revisions recorded an increase to Rs 2,500 per sq.ft in 2023, and finally to the current value of Rs 2,800 per sq.ft in 2024.

Between the revisions, the changes were as follows: from 2002 to 2003, there was an increase of 12%; from 2003 to 2007, the value rose by 103%; from 2007 to 2012, it increased by 257%; however, from 2012 to 2017, there was a decrease of 33%. The value then increased by 49% from 2017 to 2023, and finally, from 2023 to 2024, it saw an increase of 12%. The overall change from 2002 to 2024 is an increase of 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 Mayor Stalin Street is below this median.

• Masilamani Naicker Street: Rs 2,800 per sq.ft (2024)
• Meetpar Chruch 1st Street: Rs 3,900 per sq.ft (2024)
• Meetpar Church 1st Cross Road: Rs 3,900 per sq.ft (2024)
• Meetpar Church Road: Rs 3,900 per sq.ft (2024)
• Marika Nagar: Rs 6,100 per sq.ft (2024)
• Ma.Po.See. Street(Near Ecr): Rs 2,800 per sq.ft (2024)

Stamp duty and registration fee for property in Mayor Stalin Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,800 per sq.ft, the total 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, bringing the total charges to 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.

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

Which Sub Registrar Office covers Mayor Stalin Street?

The Sub Registrar Office that covers Mayor Stalin Street 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 information.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Palavakkam. It is used to determine the stamp duty and registration fees that need to be paid during the transaction. Buyers must be aware of the guideline value to ensure they are paying the correct fees.

When a property is sold, the guideline value is compared to the sale price, and the higher amount is used to calculate the applicable duties and fees. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Mayor Stalin Street?

The current guideline value of Mayor Stalin Street 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 changed from Rs 309 per sq.ft in 2002 to Rs 2,800 per sq.ft in 2024, with various increases and one decrease in between.

What is the land classification of Mayor Stalin Street?

Mayor Stalin Street is classified as Residential Class III Type - I under the land classification system.

Where can I find the Neelankarai Sub Registrar Office?

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

How is the stamp duty calculated for properties in Mayor Stalin Street?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, for a 1,000 sq.ft plot at Rs 2,800 per sq.ft, the total guideline value would be Rs 28,00,000.