Guideline Value for Old Trank Road

Old Trank Road guideline value

The current guideline value of Old Trank Road is Rs 11,000 per sq.ft, effective from 1 July 2024. This road is located in Issa Pallavaram village, under the Pallavaram SRO, and is classified as Commercial Class I Type - I.

How the guideline value of Old Trank Road has changed

The guideline value for Old Trank Road has seen significant changes over the years. In the 2007 revision, the value was Rs 1,750 per sq.ft, which increased dramatically to Rs 10,000 per sq.ft in 2012, marking a rise of 471%. However, in the 2017 revision, it decreased to Rs 6,700 per sq.ft, a drop of 33%. The value then rose to Rs 10,000 per sq.ft in the 2023 revision, and finally increased to Rs 11,000 per sq.ft in the 2024 revision, reflecting a 10% increase from the previous year.

From 2017 to 2023, the guideline value increased by 49%. Overall, from the 2007 revision to the 2024 revision, there has been a substantial increase of 529%. It is important to note that the register has no figures for the years 2002 and 2003 for this street.

Guideline values in Issa Pallavaram

In Issa Pallavaram, there are 110 streets under the Pallavaram SRO that carry a 2024 guideline value, ranging from Rs 2,200 to Rs 11,000 per sq.ft. The median value for these streets is Rs 3,300 per sq.ft, placing Old Trank Road's 2024 figure above that median.

• Ottar Street: Rs 2,200 per sq.ft (2024)
• New Street: Rs 4,400 per sq.ft (2024)
• New Colony: Rs 3,850 per sq.ft (2024)
• Nehru Street: Rs 2,750 per sq.ft (2024)
• Nehru Nagar First Street: Rs 3,850 per sq.ft (2024)
• Pammal Road (MAIN): Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in Old Trank Road

For a 1,000 sq.ft plot at the current guideline value of Rs 11,000 per sq.ft, the total guideline value amounts to Rs 1,10,00,000. The stamp duty is charged at 7%, which amounts to Rs 7,70,000, and the registration fee at 2% amounts to Rs 2,20,000. Together, the total fees would be Rs 9,90,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Old Trank Road?

The Sub Registrar Office that covers Old Trank Road is the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, 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 Issa Pallavaram

The guideline value is a crucial factor in property transactions in Issa Pallavaram, as it determines the minimum value at which a property can be registered. When buying or selling property, the guideline value is used to calculate stamp duty and registration fees, ensuring that these costs are based on the official valuation rather than the negotiated sale price.

Buyers and sellers should be aware that the guideline value is regularly revised, reflecting changes in the market and land classification. It is essential to check the latest figures to ensure compliance with registration requirements and to understand the financial implications of the transaction.

Frequently asked questions

What is the current guideline value of Old Trank Road?

The current guideline value of Old Trank Road is Rs 11,000 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 1,750 per sq.ft in 2007 to Rs 11,000 per sq.ft in 2024, marking a total increase of 529% over the years.

What are the stamp duty and registration fees for properties on Old Trank Road?

For a property valued at Rs 1,10,00,000, the stamp duty would be Rs 7,70,000 and the registration fee would be Rs 2,20,000, totaling Rs 9,90,000.

Which office handles registrations for Old Trank Road?

The Pallavaram Sub Registrar Office handles registrations for Old Trank Road, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044.

What is the significance of the guideline value in property transactions?

The guideline value is used to determine the minimum registration value for properties, which affects the stamp duty and registration fees during a transaction. It ensures that these fees are based on an official valuation.