Guideline Value for Old Tank Street

Old Tank Street guideline value

The current guideline value of Old Tank Street in Palnalloor village is Rs 175 per sq.ft, effective from 1 July 2024. This street falls under the jurisdiction of the Sunguvarchattram SRO and is classified as Residential Class III Type - I.

How the guideline value of Old Tank Street has changed

The guideline value for Old Tank Street has undergone several revisions over the years. The earliest recorded revision is from 2012, where the value was set at Rs 175 per sq.ft. In 2017, this value decreased to Rs 117 per sq.ft, marking a decline of 33%. However, the subsequent revisions saw an increase, with the value rising to Rs 175 per sq.ft in both the 2023 and 2024 revisions, resulting in a 50% increase from 2017 to 2023. Notably, there are no figures available for the years 2002, 2003, and 2007.

From 2012 to 2024, the overall change in the guideline value for Old Tank Street is 0%, as the value returned to Rs 175 per sq.ft. The consistent value in the 2023 and 2024 revisions indicates stability in the guideline value for this street.

Guideline values in Palnalloor

In Palnalloor, there are 34 streets under the Sunguvarchattram SRO that carry a 2024 guideline value, ranging from Rs 175 to Rs 471 per sq.ft. The median guideline value in the village is Rs 200 per sq.ft, placing Old Tank Street's value below this median.

• New Tank Street: Rs 175 per sq.ft (2024)
• Moorthi Nagar: Rs 200 per sq.ft (2024)
• Mettu Street: Rs 175 per sq.ft (2024)
• Mathakovil Street: Rs 175 per sq.ft (2024)
• Maruthi Nagar: Rs 200 per sq.ft (2024)
• MahaGanapathy Street: Rs 250 per sq.ft (2024)

Stamp duty and registration fee for property in Old Tank Street

For a 1,000 sq.ft plot at the current guideline value of Rs 175 per sq.ft, the total guideline value amounts to Rs 1,75,000. The stamp duty at 7% would be Rs 12,250, and the registration fee at 2% would be Rs 3,500, bringing the total charges to Rs 15,750. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more details on calculating these fees, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Old Tank Street?

The Sub Registrar Office that covers Old Tank Street is the Sunguvarchattram Sub Registrar Office, located at Vadivamal Nagar Kandigai Road, opposite Caparo Company, Sunguvarchatram, in the Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value plays a crucial role during the registration of property transactions in Palnalloor. It serves as a benchmark for determining the minimum value at which properties can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees.

When buying or selling property, the guideline value is compared to the actual sale price. The higher of the two values will be used to calculate the applicable stamp duty and registration fees, ensuring compliance with the regulations set by the Registration Department.

Frequently asked questions

What is the current guideline value of Old Tank Street?

The current guideline value of Old Tank Street is Rs 175 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 175 per sq.ft in 2012 to Rs 117 per sq.ft in 2017, then back to Rs 175 per sq.ft in 2023 and 2024. There are no figures available for the years 2002, 2003, and 2007.

What are the guideline values for other streets in Palnalloor?

Other streets in Palnalloor have varying guideline values, with rates ranging from Rs 175 to Rs 250 per sq.ft. The median guideline value in the village is Rs 200 per sq.ft.

What are the fees for registering property in Old Tank Street?

For a property valued at Rs 1,75,000, the stamp duty would be Rs 12,250 and the registration fee would be Rs 3,500, totaling Rs 15,750. These fees are based on the guideline value.

Which office handles property registrations for Old Tank Street?

The Sunguvarchattram Sub Registrar Office handles property registrations for Old Tank Street. It is located at Vadivamal Nagar Kandigai Road, opposite Caparo Company, Sunguvarchatram, Chengalpattu.