Guideline Value for PALANIYAPPA NAGAR 1ST CROSS STREET

Palaniyappa Nagar 1st Cross Street guideline value

The current guideline value of Palaniyappa Nagar 1st Cross Street is Rs 1,650 per sq.ft, effective from 1 July 2024. This street is located in Vanagaram village, under the Chennai South Joint I SRO, and is classified as Residential Class IV Type - I.

How the guideline value of Palaniyappa Nagar 1st Cross Street has changed

The guideline value for Palaniyappa Nagar 1st Cross Street has seen several revisions over the years. In 2012, the value was set at Rs 1,500 per sq.ft, which decreased to Rs 1,005 per sq.ft in 2017. This was a decline of 33%. However, from 2017 to 2023, the value increased significantly by 49%, reaching Rs 1,500 per sq.ft. The most recent revision in 2024 has set the value at Rs 1,650 per sq.ft, marking a 10% increase from the previous year.

There are no figures available for the years 2002, 2003, and 2007 for this street. Overall, from 2012 to 2024, the guideline value has increased by 10%.

Guideline values in Vanagaram

In Vanagaram, there are a total of 287 streets under the Chennai South Joint I SRO that have a 2024 guideline value ranging from Rs 770 to Rs 5,500 per sq.ft. The median guideline value for these streets is Rs 1,660 per sq.ft, indicating that the guideline value for Palaniyappa Nagar 1st Cross Street is slightly below this median.

• Palaniyappa Nagar: Rs 1,650 per sq.ft (2024)
• Palaniyappa Nagar 2nd Cross Street: Rs 1,650 per sq.ft (2024)
• Palaniyappa Nagar 3rd Cross Street: Rs 1,650 per sq.ft (2024)
• Palaniyappa Nagar 4th Cross Street: Rs 1,650 per sq.ft (2024)
• Palaniyappa Nagar 5th Cross Street: Rs 1,650 per sq.ft (2024)
• Painthamil Nagar: Rs 1,320 per sq.ft (2024)

Stamp duty and registration fee for property in Palaniyappa Nagar 1st Cross Street

For a 1,000 sq.ft plot at the current rate, the guideline value would be Rs 16,50,000. The stamp duty at 7% would amount to Rs 1,15,500, and the registration fee at 2% would be Rs 33,000, bringing the total to Rs 1,48,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can use the stamp duty and registration fee calculator for more precise calculations.

Which Sub Registrar Office covers Palaniyappa Nagar 1st Cross Street?

The Sub Registrar Office that covers Palaniyappa Nagar 1st 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 Vanagaram

The guideline value plays a crucial role in the registration process when buying or selling property in Vanagaram. It serves as the basis for calculating the stamp duty and registration fees, which are mandatory for property transactions.

When a property is sold, the guideline value is considered to ensure that the transaction is recorded at a fair value, preventing undervaluation. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value for Palaniyappa Nagar 1st Cross Street?

The current guideline value for Palaniyappa Nagar 1st Cross Street is Rs 1,650 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

Over the years, the guideline value has changed from Rs 1,500 per sq.ft in 2012 to Rs 1,005 per sq.ft in 2017, then back to Rs 1,500 per sq.ft in 2023, and finally to Rs 1,650 per sq.ft in 2024.

What is the median guideline value for streets in Vanagaram?

The median guideline value for streets in Vanagaram is Rs 1,660 per sq.ft, which is slightly higher than the current value for Palaniyappa Nagar 1st Cross Street.

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

Stamp duty is calculated at 7% of the guideline value, and the registration fee is 2%. For example, for a property valued at Rs 16,50,000, the total costs would be Rs 1,48,500.

Which Sub Registrar Office covers the area of Palaniyappa Nagar 1st Cross Street?

The Chennai South Joint I Sub Registrar Office covers Palaniyappa Nagar 1st Cross Street, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035.