Guideline Value for PALANIMALAI NAGAR

Palanimalai Nagar guideline value

The current guideline value of Palanimalai Nagar is Rs 2,700 per sq.ft, effective from 1 July 2024. This area is located in Korattur village under the Villivakkam Sub Registrar Office (SRO) and is classified as Residential Class I Type - III.

How the guideline value of Palanimalai Nagar has changed

The guideline value for Palanimalai Nagar has undergone several revisions over the years. In 2002, the value was Rs 200 per sq.ft, which increased to Rs 600 per sq.ft in 2007, marking a significant rise of 200%. By 2012, the value remained unchanged at Rs 2,500 per sq.ft, and this figure continued to hold through the 2023 revision.

The most recent revision in 2024 saw the guideline value increase to Rs 2,700 per sq.ft, reflecting an 8% rise from the previous year. Overall, from 2002 to 2024, the guideline value has increased by 1250%.

Guideline values in Korattur

In Korattur, there are 617 streets under the Villivakkam SRO, with guideline values ranging from Rs 1,100 to Rs 8,200 per sq.ft. The median guideline value for these streets is Rs 2,500 per sq.ft, making the 2024 figure for Palanimalai Nagar above this median.

• Palaniappa Nagar: Rs 2,100 per sq.ft (2024)
• Padmavathi Nagar (Kallikuppam): Rs 1,600 per sq.ft (2024)
• Padmavathi Nagar: Rs 2,500 per sq.ft (2024)
• Palla Street: Rs 2,500 per sq.ft (2024)
• Palla Street S.No.70/1a1: Rs 2,500 per sq.ft (2024)
• Padavattamman Nagar: Rs 1,600 per sq.ft (2024)

Stamp duty and registration fee for property in Palanimalai Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 2,700 per sq.ft, the total guideline value would be Rs 27,00,000. The stamp duty at 7% would amount to Rs 1,89,000, while the registration fee at 2% would be Rs 54,000. Together, the total cost for stamp duty and registration fees would be Rs 2,43,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Palanimalai Nagar?

The Sub Registrar Office that covers Palanimalai Nagar is the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office. You can find your SRO for more information.

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

The guideline value plays a crucial role in property transactions in Korattur. When buying or selling property, the guideline value is used to determine the stamp duty and registration fees, which are essential components of the registration process.

It is important for buyers and sellers to be aware of the current guideline value, as it directly impacts the costs associated with property registration. Understanding these values helps in making informed decisions during real estate transactions.

Frequently asked questions

What is the current guideline value of Palanimalai Nagar?

The current guideline value of Palanimalai Nagar is Rs 2,700 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen several revisions, increasing from Rs 200 per sq.ft in 2002 to Rs 2,700 per sq.ft in 2024. The most notable change occurred from 2007 to 2012, where it rose by 317%.

What are the guideline values of other streets in Korattur?

Other streets in Korattur have varying guideline values. For example, Palaniappa Nagar has a guideline value of Rs 2,100 per sq.ft, while Padmavathi Nagar (Kallikuppam) is at Rs 1,600 per sq.ft.

What are the stamp duty and registration fees for property in Palanimalai Nagar?

For a property valued at Rs 27,00,000, the stamp duty would be Rs 1,89,000, and the registration fee would be Rs 54,000, totaling Rs 2,43,000. These fees are calculated based on the guideline value or the sale price, whichever is higher.

Where is the Sub Registrar Office for Palanimalai Nagar located?

The Villivakkam Sub Registrar Office is located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office. This office handles the registration of properties in Palanimalai Nagar.