Guideline Value for PALAGAI VARAVATHI CROSS STREET

Palagai Varavathi Cross Street guideline value

The current guideline value of Palagai Varavathi Cross Street is Rs 7,150 per sq.ft, effective from 1 July 2024. This street is located in Thiruvanmiyur village, under the Chennai South Joint I SRO, and is classified as Residential Class IV Type - I.

How the guideline value of Palagai Varavathi Cross Street has changed

The guideline value for Palagai Varavathi Cross Street has undergone several revisions over the years. The 2012 revision set the value at Rs 6,500 per sq.ft, which was later reduced to Rs 4,355 per sq.ft in the 2017 revision. Following this, the value increased significantly to Rs 6,500 per sq.ft in the 2023 revision, and then rose to Rs 7,150 per sq.ft in the 2024 revision, marking a 10% increase from the previous year.

From the 2017 revision to the 2023 revision, the value increased by 49%. Overall, from the 2012 revision to the 2024 revision, there has been a 10% increase. The register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Thiruvanmiyur

In Thiruvanmiyur, there are 484 streets under the Chennai South Joint I SRO with a 2024 guideline value ranging from Rs 3,520 to Rs 12,660 per sq.ft. The median value for these streets is Rs 9,900 per sq.ft, making the current guideline value of Palagai Varavathi Cross Street below that median.

• Palagai Varavathi Salai: Rs 7,150 per sq.ft (2024)
• O.M.R.Road: Rs 12,650 per sq.ft (2024)
• Odaikuppam Street: Rs 3,520 per sq.ft (2024)
• Odaikuppam Sea Shore Salai: Rs 11,000 per sq.ft (2024)
• Odaikuppam Amman Koil Back Side: Rs 3,520 per sq.ft (2024)
• N.S.K Street: Rs 7,150 per sq.ft (2024)

Stamp duty and registration fee for property in Palagai Varavathi Cross Street

For a 1,000 sq.ft plot at the current guideline value of Rs 7,150 per sq.ft, the total guideline value amounts to Rs 71,50,000. The stamp duty at 7% would be Rs 5,00,500, and the registration fee at 2% would be Rs 1,43,000. Together, these fees total Rs 6,43,500. Please note that the duty is charged on the higher of the guideline value and the sale price. For more details, you can use our stamp duty and registration fee calculator.

Which Sub Registrar Office covers Palagai Varavathi Cross Street?

The Sub Registrar Office covering Palagai Varavathi Cross Street is the Chennai South Joint I Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Thiruvanmiyur. It serves as a benchmark for determining the stamp duty and registration fees that must be paid during the transaction.

When a property is registered, the guideline value is compared to the sale price, and the higher of the two is used to calculate the applicable duties and fees. This ensures that the government receives appropriate revenue from property transactions within the area.

Frequently asked questions

What is the current guideline value of Palagai Varavathi Cross Street?

The current guideline value of Palagai Varavathi Cross Street is Rs 7,150 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 6,500 per sq.ft in 2012 to Rs 4,355 per sq.ft in 2017, then to Rs 6,500 per sq.ft in 2023, and finally to Rs 7,150 per sq.ft in 2024.

What is the land classification for Palagai Varavathi Cross Street?

Palagai Varavathi Cross Street is classified as Residential Class IV Type - I.

What are the stamp duty and registration fees for property transactions?

Stamp duty is charged at 7% of the guideline value or sale price, whichever is higher, while the registration fee is charged at 2% of the same. For example, a 1,000 sq.ft plot would incur a total fee of Rs 6,43,500.

Which Sub Registrar Office covers this area?

The Chennai South Joint I Sub Registrar Office covers Palagai Varavathi Cross Street, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035.