Guideline Value for PACHAIAPPAN 8TH STREET

Pachaiappan 8th Street guideline value

The current guideline value of Pachaiappan 8th Street is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is located in Palavakkam village under the Neelankarai SRO and is classified as Residential Class IV Type - I.

How the guideline value of Pachaiappan 8th Street has changed

The guideline value for Pachaiappan 8th Street has seen several revisions over the years. Starting from Rs 115 per sq.ft in 2002, it increased to Rs 339 per sq.ft in 2003, reflecting a significant rise of 195%. The value continued to grow, reaching Rs 700 per sq.ft in 2007, which was a 106% increase. By 2012, the value was Rs 2,000 per sq.ft, marking a 186% jump from the previous revision, but then it decreased by 33% to Rs 1,340 per sq.ft in 2017.

In 2023, the guideline value rose to Rs 2,000 per sq.ft, and in the latest revision for 2024, it increased by 10% to Rs 2,200 per sq.ft. Overall, from 2002 to 2024, the guideline value has increased by 1,813% for this street.

Guideline values in Palavakkam

In Palavakkam, there are 349 streets under the Neelankarai SRO with a 2024 guideline value ranging from Rs 1,000 to Rs 8,800 per sq.ft. The median guideline value for these streets is Rs 3,300 per sq.ft, indicating that the guideline value of Pachaiappan 8th Street is below this median.

• Pachaiappan 7th Street: Rs 2,200 per sq.ft (2024)
• Pachaiappan 9th Street: Rs 2,200 per sq.ft (2024)
• Pachaiappan 6th Street: Rs 2,200 per sq.ft (2024)
• Pachaiappan 5th 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 8th Street

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

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

Which Sub Registrar Office covers Pachaiappan 8th Street?

The Sub Registrar Office that covers Pachaiappan 8th 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 details.

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

The guideline value is a crucial factor during the registration of property transactions in Palavakkam. It serves as a benchmark for determining the minimum value at which properties can be registered, ensuring that the transaction is documented at a fair value.

When buying or selling property, the guideline value helps in calculating the stamp duty and registration fees, which are mandatory for all property transactions. This ensures transparency and compliance with the regulations set by the state.

Frequently asked questions

What is the current guideline value of Pachaiappan 8th Street?

The current guideline value of Pachaiappan 8th 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 from Rs 115 per sq.ft in 2002 to Rs 2,200 per sq.ft in 2024, reflecting an overall increase of 1,813% over this period.

What is the land classification of Pachaiappan 8th Street?

Pachaiappan 8th Street is classified as Residential Class IV Type - I.

Where can I find the registration office for Pachaiappan 8th Street?

The registration office for Pachaiappan 8th Street is the Neelankarai Sub Registrar Office, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone.

How is stamp duty calculated for properties in Pachaiappan 8th Street?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 22,00,000, the stamp duty would be Rs 1,54,000 at a rate of 7%.