Guideline Value for Market Road

Market Road guideline value

The current guideline value of Market Road in Zaminpallavaram village is Rs 3,520 per sq.ft, effective from 1 July 2024. This property falls under the Pallavaram Sub Registrar Office (SRO) and is classified as Residential Class I Type - I.

How the guideline value of Market Road has changed

The guideline value for Market Road has seen significant changes over the years. The earliest recorded revision in 2003 set the value at Rs 554 per sq.ft, which increased to Rs 800 per sq.ft in 2007, marking a 44% rise. The value then surged to Rs 3,200 per sq.ft in 2012, reflecting a substantial 300% increase. However, it dropped to Rs 2,144 per sq.ft in 2017, a decrease of 33%. The value rebounded to Rs 3,200 per sq.ft in 2023, and the latest revision in 2024 has set it at Rs 3,520 per sq.ft, a 10% increase from the previous year.

Overall, from the 2003 revision to the 2024 revision, the guideline value has increased by 535%. It is important to note that there is no figure available for the year 2002 in the register for this street.

Guideline values in Zaminpallavaram

In Zaminpallavaram, there are 638 streets under the Pallavaram SRO that carry a 2024 guideline value, ranging from Rs 2,100 to Rs 11,000 per sq.ft. The median value across these streets is Rs 3,300 per sq.ft, placing Market Road's 2024 figure above that median.

• Masthan Sheriff Nagar: Rs 3,520 per sq.ft (2024)
• Mani Street: Rs 3,850 per sq.ft (2024)
• M.C.M. Nagar: Rs 2,750 per sq.ft (2024)
• M.C. Raja Street: Rs 2,750 per sq.ft (2024)
• Manimegalai street Exten.: Rs 3,300 per sq.ft (2024)
• Manimegalai street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Market Road

For a 1,000 sq.ft plot at the current guideline value of Rs 3,520 per sq.ft, the total guideline value would be Rs 35,20,000. The stamp duty at 7% would amount to Rs 2,46,400, and the registration fee at 2% would be Rs 70,400, bringing the total fees together to Rs 3,16,800. It is important to note that the duty is charged on the higher of the guideline value or the sale price. You can use the stamp duty and registration fee calculator for more information.

Which Sub Registrar Office covers Market Road?

The Sub Registrar Office covering Market Road is the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, under the Chengalpattu registration zone. You can find your SRO for more details.

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

The guideline value plays a crucial role in property transactions in Zaminpallavaram. When buying or selling property, the guideline value is used to determine the stamp duty and registration fees, ensuring that these costs are calculated based on the official rates set by the government.

It is essential for buyers and sellers to be aware of the current guideline value, as it directly impacts the financial aspects of property transactions. Accurate knowledge of these values helps in making informed decisions during the registration process.

Frequently asked questions

What is the current guideline value of Market Road?

The current guideline value of Market Road is Rs 3,520 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly, starting from Rs 554 per sq.ft in 2003 to Rs 3,520 per sq.ft in 2024, reflecting an overall increase of 535% over this period.

Which Sub Registrar Office covers Market Road?

The Pallavaram Sub Registrar Office covers Market Road, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044.

What are the stamp duty and registration fees for a property on Market Road?

For a 1,000 sq.ft property on Market Road, the total guideline value is Rs 35,20,000. The stamp duty would be Rs 2,46,400, and the registration fee would be Rs 70,400, totaling Rs 3,16,800.

What is the land classification for Market Road?

Market Road is classified as Residential Class I Type - I, indicating its suitability for residential development.