Guideline Value for PALAGAI VARAVATHI SALAI

Palagai Varavathi Salai guideline value

The current guideline value of Palagai Varavathi Salai 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 Salai has changed

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

From 2012 to 2017, there was a decrease of 33%, but from 2017 to 2023, the value increased by 49%. Overall, from 2012 to 2024, the guideline value has seen a slight increase of 10%. 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 that carry a 2024 guideline value ranging from Rs 3,520 to Rs 12,660 per sq.ft. The median guideline value for these streets is Rs 9,900 per sq.ft, placing Palagai Varavathi Salai's 2024 figure below that median.

• Palagai Varavathi Cross Street: 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 Salai

For a 1,000 sq.ft plot at the current rate, the 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, totaling Rs 6,43,500. Duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Palagai Varavathi Salai?

The Sub Registrar Office that covers Palagai Varavathi Salai 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 plays a crucial role in the registration process of property transactions in Thiruvanmiyur. It is used to determine the applicable stamp duty and registration fees, ensuring that these costs are calculated based on the official valuation of the property.

When buying or selling a property, it is important to be aware of the guideline value, as it can significantly affect the overall costs involved in the transaction. Buyers should ensure that they are informed about the current guideline values to avoid any surprises during the registration process.

Frequently asked questions

What is the current guideline value of Palagai Varavathi Salai?

The current guideline value of Palagai Varavathi Salai 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 back to Rs 6,500 in 2023, and finally to Rs 7,150 in 2024. This reflects a 10% increase from 2023 to 2024.

What is the land classification of Palagai Varavathi Salai?

Palagai Varavathi Salai is classified as Residential Class IV Type - I, indicating its designation for residential purposes.

Where can I find the Sub Registrar Office for Palagai Varavathi Salai?

The Sub Registrar Office for Palagai Varavathi Salai 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.

How is stamp duty calculated for properties in Thiruvanmiyur?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, on a property valued at Rs 71,50,000, the stamp duty would be Rs 5,00,500 at 7%.