Guideline Value for PALLAVAN NAGAR 2ND STREET

Pallavan Nagar 2nd Street guideline value

The current guideline value of Pallavan Nagar 2nd Street is Rs 1,870 per sq.ft, effective from 1 July 2024. This street is located in Jelandianpettai village and falls under the Chennai South Joint I SRO, classified as Residential Class III Type - I.

How the guideline value of Pallavan Nagar 2nd Street has changed

The guideline value for Pallavan Nagar 2nd Street has experienced several revisions over the years. In the 2012 revision, the guideline value was Rs 1,700 per sq.ft, which decreased to Rs 1,139 per sq.ft in the 2017 revision. Following this, the value increased significantly to Rs 1,700 per sq.ft in the 2023 revision, and further rose to Rs 1,870 per sq.ft in the 2024 revision.

From the 2017 to 2023 revision, there was a notable increase of 49%. The transition from 2023 to 2024 saw a 10% increase. Overall, when comparing the 2012 revision to the current 2024 figure, there has been a 10% increase. The register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Jelandianpettai

In Jelandianpettai, there are 248 streets under the Chennai South Joint I SRO that have a 2024 guideline value ranging from Rs 1,320 to Rs 7,500 per sq.ft, with a median value of Rs 2,200 per sq.ft. The guideline value for Pallavan Nagar 2nd Street is below this median.

• Pallavan Nagar 1st Street: Rs 2,200 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 Road: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Pallavan Nagar 2nd Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,870 per sq.ft, the total guideline value would be Rs 18,70,000. The stamp duty at 7% would amount to Rs 1,30,900, and the registration fee at 2% would be Rs 37,400, resulting in a total of Rs 1,68,300. It is important to note that duty is charged on the higher of the guideline value and the sale price.

You can use the stamp duty and registration fee calculator for more accurate calculations based on your specific property details.

Which Sub Registrar Office covers Pallavan Nagar 2nd Street?

The Sub Registrar Office that covers Pallavan Nagar 2nd 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 Jelandianpettai

The guideline value is a crucial factor during the registration of property transactions in Jelandianpettai. It serves as a benchmark for determining the stamp duty and registration fees that must be paid when transferring property ownership.

Frequently asked questions

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

The current guideline value of Pallavan Nagar 2nd Street is Rs 1,870 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,700 per sq.ft in 2012 to Rs 1,139 per sq.ft in 2017, then increased to Rs 1,700 per sq.ft in 2023, and finally to Rs 1,870 per sq.ft in 2024.

What is the stamp duty rate for properties in Pallavan Nagar 2nd Street?

The stamp duty rate for properties in Pallavan Nagar 2nd Street is 7%, which is calculated on the higher of the guideline value or the sale price.

Which office handles property registrations in this area?

The Chennai South Joint I Sub Registrar Office handles property registrations for Pallavan Nagar 2nd Street, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035.

What is the significance of the guideline value?

The guideline value is significant as it determines the minimum value for property transactions, which in turn affects the stamp duty and registration fees payable during the transfer of property ownership.