Guideline Value for PALLAVAN NAGAR 1ST STREET

Pallavan Nagar 1st Street guideline value

The current guideline value of Pallavan Nagar 1st Street is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is located in Jelandianpettai village and falls under the Chennai South Joint I SRO. The land classification for this area is Residential Class II Type - I.

How the guideline value of Pallavan Nagar 1st Street has changed

The guideline value for Pallavan Nagar 1st Street has undergone several revisions over the years. In 2012, the value was set at Rs 2,000 per sq.ft, which then decreased to Rs 1,340 per sq.ft in 2017. Following this, the value increased significantly to Rs 2,000 per sq.ft in 2023. The most recent revision in 2024 has raised the value to Rs 2,200 per sq.ft, marking a 10% increase from the previous year.

Overall, from 2012 to 2024, the guideline value has increased by 10%. The changes between revisions include a 49% increase from 2017 to 2023 and a 33% decrease from 2012 to 2017. It is important to note that there are no figures available for the years 2002, 2003, and 2007 in the register for this street.

Guideline values in Jelandianpettai

In Jelandianpettai, there are 248 streets under the Chennai South Joint I SRO that carry a 2024 guideline value, ranging from Rs 1,320 to Rs 7,500 per sq.ft. The median value for these streets is Rs 2,200 per sq.ft, which is the same as the current value for Pallavan Nagar 1st Street.

• Pallavan Nagar 2nd Street: Rs 1,870 per sq.ft (2024)
• Pallavan Nagar 3rd Street: Rs 1,870 per sq.ft (2024)
• Pallavan Nagar 4th Street: Rs 1,870 per sq.ft (2024)
• Pallavan Nagar 5th Street: Rs 1,870 per sq.ft (2024)
• Pallavan Nagar 6th Street: Rs 1,870 per sq.ft (2024)
• Pallavan Nagar Main Rod: Rs 2,200 per sq.ft (2024)

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

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value amounts to Rs 22,00,000. The stamp duty is charged at 7%, which totals Rs 1,54,000, and the registration fee is 2%, amounting to Rs 44,000. Therefore, the total cost for stamp duty and registration fees would be Rs 1,98,000. It is essential to note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Pallavan Nagar 1st Street?

The Sub Registrar Office that covers Pallavan Nagar 1st 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, Chennai registration zone.

You can find your SRO for more details.

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

The guideline value plays a crucial role during the registration of property transactions in Jelandianpettai. It determines the minimum value at which the property can be registered, ensuring that the government receives appropriate revenue from stamp duties and registration fees.

When buying or selling property, the guideline value is referenced to calculate the applicable stamp duty and registration fees. Buyers should be aware that these fees are based on the higher amount between the guideline value and the sale price.

Frequently asked questions

What is the current guideline value of Pallavan Nagar 1st Street?

The current guideline value of Pallavan Nagar 1st Street is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,000 per sq.ft in 2012 to Rs 1,340 per sq.ft in 2017, then increased to Rs 2,000 per sq.ft in 2023, and finally to Rs 2,200 per sq.ft in 2024.

What are the other streets in Jelandianpettai and their guideline values?

Other streets in Jelandianpettai include Pallavan Nagar 2nd Street, 3rd Street, 4th Street, 5th Street, and 6th Street, all valued at Rs 1,870 per sq.ft in 2024. Pallavan Nagar Main Rod is also valued at Rs 2,200 per sq.ft.

What is the registration office for Pallavan Nagar 1st Street?

The registration office for Pallavan Nagar 1st 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.

How is the stamp duty calculated for properties in Pallavan Nagar 1st Street?

Stamp duty for properties in Pallavan Nagar 1st Street is calculated at 7% of the guideline value or the sale price, whichever is higher. Additionally, a registration fee of 2% is applied to the same value.