Guideline Value for PALLAKKU MANYAM 1st lane

PALLAKKU MANYAM 1st lane guideline value

The current guideline value of PALLAKKU MANYAM 1st lane is Rs 3,300 per sq.ft, effective from 1 July 2024. This street is located in Mylapore village, under the Mylapore SRO, and is classified as Residential Class V Type - III.

How the guideline value of PALLAKKU MANYAM 1st lane has changed

The guideline value for PALLAKKU MANYAM 1st lane has seen several revisions over the years. The 2012 revision set the value at Rs 3,000 per sq.ft, which then decreased to Rs 2,010 per sq.ft in 2017. Following this, the value increased significantly to Rs 3,000 per sq.ft in 2023, and most recently to Rs 3,300 per sq.ft in 2024, marking a 10% increase from the previous year.

From 2017 to 2023, there was a notable increase of 49%, while the value dropped by 33% from 2012 to 2017. Overall, from 2012 to 2024, the guideline value has increased by 10%. The register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Mylapore

In Mylapore, there are 883 streets under the Mylapore SRO that carry a 2024 guideline value ranging from Rs 3,300 to Rs 25,800 per sq.ft, with a median value of Rs 8,800 per sq.ft. The guideline value for PALLAKKU MANYAM 1st lane is below this median.

• Pallakku Manyam 14th Lane: Rs 3,300 per sq.ft (2024)
• PALLAKKU MANYAM 2nd lane: Rs 3,300 per sq.ft (2024)
• Pallakku Manyam 13th Lane: Rs 3,300 per sq.ft (2024)
• PALLAKKU MANYAM 3rd lane: Rs 3,300 per sq.ft (2024)
• Pallakku Manyam 12th Lane: Rs 3,300 per sq.ft (2024)
• PALLAKKU MANYAM 4th lane: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in PALLAKKU MANYAM 1st lane

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value would be Rs 33,00,000. The stamp duty at 7% would amount to Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, bringing the total fees to Rs 2,97,000. Please note that the duty is charged on the higher of the guideline value and the sale price.

For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers PALLAKKU MANYAM 1st lane?

The Sub Registrar Office that covers PALLAKKU MANYAM 1st lane is the Mylapore Sub Registrar Office, located at No:5/9, Kavingar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai - 600018. You can find your SRO for more details.

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

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

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

Frequently asked questions

What is the current guideline value of PALLAKKU MANYAM 1st lane?

The current guideline value of PALLAKKU MANYAM 1st lane is Rs 3,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 3,000 per sq.ft in 2012 to Rs 2,010 per sq.ft in 2017, then increased to Rs 3,000 per sq.ft in 2023, and finally to Rs 3,300 per sq.ft in 2024.

What is the land classification for PALLAKKU MANYAM 1st lane?

PALLAKKU MANYAM 1st lane is classified as Residential Class V Type - III.

Where can I find the Sub Registrar Office for this area?

The Mylapore Sub Registrar Office covers PALLAKKU MANYAM 1st lane and is located at No:5/9, Kavingar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai - 600018.

What are the stamp duty and registration fees for a property in this lane?

The stamp duty is charged at 7% and the registration fee at 2% of the guideline value or sale price, whichever is higher. For example, for a 1,000 sq.ft plot, the total fees would amount to Rs 2,97,000.