Guideline Value for PALANIYAPPA NAGAR 2ND CROSS STREET

Palaniyappa Nagar 2nd Cross Street guideline value

The current guideline value of Palaniyappa Nagar 2nd Cross Street is Rs 1,650 per sq.ft, effective from 1 July 2024. This street is located in Vanagaram village and falls under the Chennai South Joint I SRO. The land classification for this area is Residential Class IV Type - I.

How the guideline value of Palaniyappa Nagar 2nd Cross Street has changed

The guideline value for Palaniyappa Nagar 2nd Cross Street has undergone several revisions over the years. In 2012, the value was set at Rs 1,500 per sq.ft, which then decreased to Rs 1,005 per sq.ft in 2017. Following this, the value increased significantly to Rs 1,500 per sq.ft in 2023 and further rose to Rs 1,650 per sq.ft in 2024. Notably, there are no figures available for the years 2002, 2003, and 2007 in the register for this street.

From 2012 to 2017, the guideline value decreased by 33%. However, from 2017 to 2023, it saw a substantial increase of 49%. The most recent revision from 2023 to 2024 reflects a 10% increase, resulting in an overall increase of 10% from 2012 to 2024.

Guideline values in Vanagaram

In Vanagaram, there are 287 streets under the Chennai South Joint I SRO with a 2024 guideline value ranging from Rs 770 to Rs 5,500 per sq.ft. The median value for these streets is Rs 1,660 per sq.ft, placing the 2024 figure for Palaniyappa Nagar 2nd Cross Street below this median.

• Palaniyappa Nagar 1st 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)
• Palaniyappa Nagar: 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 2nd Cross Street

For a 1,000 sq.ft plot at the current rate of Rs 1,650 per sq.ft, the guideline value amounts to Rs 16,50,000. The stamp duty at 7% would be 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 duty is charged on the higher of the guideline value or the sale price.

You can use our stamp duty and registration fee calculator for more information.

Which Sub Registrar Office covers Palaniyappa Nagar 2nd Cross Street?

The Sub Registrar Office that covers Palaniyappa Nagar 2nd 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 details.

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

The guideline value is a crucial factor in property transactions in Vanagaram. It serves as a benchmark for determining the minimum value at which a property can be registered. Buyers and sellers must consider this value when negotiating sales to ensure compliance with local regulations.

When registering a property, the stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Palaniyappa Nagar 2nd Cross Street?

The current guideline value of Palaniyappa Nagar 2nd Cross Street is Rs 1,650 per sq.ft, effective from 1 July 2024.

How has the guideline value changed 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 increased to Rs 1,500 per sq.ft in 2023, and finally to Rs 1,650 per sq.ft in 2024.

What are the other streets in Vanagaram with the same guideline value?

Other streets in Vanagaram that share the same guideline value of Rs 1,650 per sq.ft for 2024 include Palaniyappa Nagar 1st Cross Street, Palaniyappa Nagar 3rd Cross Street, Palaniyappa Nagar 4th Cross Street, Palaniyappa Nagar 5th Cross Street, and Palaniyappa Nagar.

What is the registration fee for property in Palaniyappa Nagar 2nd Cross Street?

The registration fee for property in Palaniyappa Nagar 2nd Cross Street is calculated at 2% of the guideline value. For example, for a property valued at Rs 16,50,000, the registration fee would be Rs 33,000.

Where can I find the Sub Registrar Office for Palaniyappa Nagar 2nd Cross Street?

The Sub Registrar Office for Palaniyappa Nagar 2nd 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.