Guideline Value for PALLAVAN NAGAR

Pallavan Nagar guideline value

The current guideline value of Pallavan Nagar, located in Enjambakkam village under the Neelankarai SRO, is Rs 2,200 per sq.ft, effective from 1 July 2024. The land classification for this area is Residential Class III Type - I.

How the guideline value of Pallavan Nagar has changed

The guideline value for Pallavan Nagar has seen several revisions over the years. In 2003, the value was Rs 105 per sq.ft, which increased significantly to Rs 500 per sq.ft in 2007. Following this, the value surged to Rs 2,000 per sq.ft in 2012, but then dropped to Rs 1,340 per sq.ft in 2017. The 2023 revision marked an increase to Rs 2,000 per sq.ft, and the latest revision in 2024 brought it to Rs 2,200 per sq.ft. The register has no figure for this street for the year 2002.

Analyzing the changes between revisions, from 2003 to 2007, the value increased by 376%. However, from 2012 to 2017, there was a decrease of 33%. The value then jumped by 49% from 2017 to 2023. The most recent change from 2023 to 2024 reflects a 10% increase. Overall, from 2003 to 2024, the guideline value has increased by 1995%.

Guideline values in Enjambakkam

In Enjambakkam, there are 253 streets under the Neelankarai SRO that carry a 2024 guideline value ranging from Rs 1,100 to Rs 7,200 per sq.ft. The median value for these streets is Rs 2,200 per sq.ft, which is the same as the guideline value for Pallavan Nagar. Below are some of the other streets in Enjambakkam:

• Panchayat Road: Rs 2,200 per sq.ft (2024)
• Pandian Nagar: Rs 3,300 per sq.ft (2024)
• PANDIAN NAGAR 1st STREET: Rs 3,300 per sq.ft (2024)
• PANDIAN NAGAR 2nd STREET: Rs 3,300 per sq.ft (2024)
• PANDIAN NAGAR 3rd STREET: Rs 3,300 per sq.ft (2024)
• PANDIAN NAGAR 4th STREET: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Pallavan Nagar

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 at 7% would be Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, making the total Rs 1,98,000. 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 details.

Which Sub Registrar Office covers Pallavan Nagar?

The Sub Registrar Office that covers Pallavan Nagar is the Neelankarai Sub Registrar Office, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor when buying or selling property in Enjambakkam. It is used to determine the stamp duty and registration fees payable during the registration of the property. Buyers and sellers should be aware that the guideline value may differ from the actual sale price, and the higher amount will be used for calculating the applicable fees.

When a property is registered, the guideline value serves as a benchmark to ensure that the transaction is in compliance with government regulations. This helps maintain transparency in property transactions and ensures that the appropriate taxes are collected.

Frequently asked questions

What is the current guideline value of Pallavan Nagar?

The current guideline value of Pallavan Nagar 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 105 per sq.ft in 2003 to Rs 2,200 per sq.ft in 2024, showing a significant increase over the years.

What is the land classification for Pallavan Nagar?

Pallavan Nagar is classified as Residential Class III Type - I, which indicates its zoning for residential purposes.

Where is the Neelankarai Sub Registrar Office located?

The Neelankarai Sub Registrar Office is located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone.

How is the stamp duty calculated for property in Pallavan Nagar?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, a property valued at Rs 22,00,000 would incur a stamp duty of Rs 1,54,000 at 7%.