Guideline Value for PACHAIAPPAN 7TH STREET

Pachaiappan 7th Street guideline value

The current guideline value of Pachaiappan 7th Street in Palavakkam village, under the Neelankarai SRO, is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is classified as Residential Class IV Type - I.

How the guideline value of Pachaiappan 7th Street has changed

The guideline value for Pachaiappan 7th Street has seen several revisions over the years. In 2002, the guideline value was Rs 115 per sq.ft. This increased to Rs 339 per sq.ft in 2003, marking a significant rise of 195%. The value continued to grow, reaching Rs 700 per sq.ft in 2007, which was an increase of 106%. By 2012, the value had risen to Rs 2,000 per sq.ft, reflecting a substantial increase of 186% from the previous revision. However, from 2012 to 2017, the value decreased to Rs 1,340 per sq.ft, a drop of 33%. The guideline value then increased to Rs 2,000 per sq.ft in 2023, showing a rise of 49%. The most recent revision in 2024 set the guideline value at Rs 2,200 per sq.ft, which is a 10% increase from the previous year.

There are no figures available for the revisions in years not listed. The overall change from 2002 to 2024 is a remarkable increase of 1,813%.

Guideline values in Palavakkam

In Palavakkam, there are 349 streets under the Neelankarai SRO that have 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 of Pachaiappan 7th Street is below this median.

• Pachaiappan 6th Street: Rs 2,200 per sq.ft (2024)
• Pachaiappan 8th Street: Rs 2,200 per sq.ft (2024)
• Pachaiappan 5th Street: Rs 2,200 per sq.ft (2024)
• Pachaiappan 9th Street: Rs 2,200 per sq.ft (2024)
• Pachaiappan 4th Street: Rs 2,200 per sq.ft (2024)
• Pachaiappan 3rd Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Pachaiappan 7th Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value amounts to Rs 22,00,000. The stamp duty is calculated at 7%, which comes to Rs 1,54,000, and the registration fee is 2%, amounting to Rs 44,000. Together, the total cost for stamp duty and registration fee would be Rs 1,98,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Pachaiappan 7th Street?

The Sub Registrar Office that covers Pachaiappan 7th Street is the Neelankarai Sub Registrar Office, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone.

To find your SRO, you can visit find your SRO.

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

The guideline value is a critical factor in the registration process of property transactions in Palavakkam. 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 helps in assessing the financial implications of the transaction. Buyers should be aware that the stamp duty and registration fees are based on the higher of the guideline value or the sale price, which can affect the overall cost of the property transaction.

Frequently asked questions

What is the current guideline value of Pachaiappan 7th Street?

The current guideline value of Pachaiappan 7th Street is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 115 per sq.ft in 2002 to Rs 2,200 per sq.ft in 2024, showing an overall increase of 1,813% over the years.

What are the other streets in Palavakkam with the same guideline value?

Other streets in Palavakkam, such as Pachaiappan 6th, 8th, 5th, 9th, 4th, and 3rd Streets, also have a guideline value of Rs 2,200 per sq.ft for 2024.

What fees are associated with registering property in Pachaiappan 7th Street?

The fees associated with registering property include a stamp duty of 7% and a registration fee of 2% based on the guideline value or the sale price, whichever is higher.

Where can I find the Sub Registrar Office for Pachaiappan 7th Street?

The Sub Registrar Office for Pachaiappan 7th Street is the Neelankarai Sub Registrar Office, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone.