Guideline Value for PALLAVAN STREET

Pallavan Street guideline value

The current guideline value of Pallavan Street is Rs 1,870 per sq.ft, effective from 1 July 2024. This street is located in Medavakkam village and falls under the Chennai South Joint I SRO. The land classification for this area is Residential Class III Type - I.

How the guideline value of Pallavan Street has changed

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

Specifically, the changes between revisions include a decrease of 33% from 2012 to 2017, followed by a substantial increase of 49% from 2017 to 2023. The most recent change from 2023 to 2024 reflects an increase of 10%. Overall, from 2012 to 2024, the guideline value has increased by 10%.

Guideline values in Medavakkam

In Medavakkam, there are 379 streets under the Chennai South Joint I SRO that have a 2024 guideline value ranging from Rs 1,540 to Rs 7,500 per sq.ft. The median value for these streets is Rs 2,200 per sq.ft, placing Pallavan Street's 2024 figure below that median.

• Pandiyan Street: Rs 1,870 per sq.ft (2024)
• Panneer Street: Rs 2,200 per sq.ft (2024)
• Palam Avenue: Rs 2,200 per sq.ft (2024)
• Parasuram Avenue: Rs 2,200 per sq.ft (2024)
• Parasuram Avenue 1st Street: Rs 2,200 per sq.ft (2024)
• Parasuram Avenue 2nd Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Pallavan Street

For a 1,000 sq.ft plot at the current rate of Rs 1,870 per sq.ft, the 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, bringing the total to Rs 1,68,300. It is important to note that duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Pallavan Street?

The Sub Registrar Office that covers Pallavan 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 Medavakkam

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

When a property is sold, the buyer and seller must consider the guideline value to ensure compliance with local regulations. The duty is calculated based on the higher of the guideline value or the agreed sale price, ensuring that the appropriate taxes are levied on the transaction.

Frequently asked questions

What is the current guideline value of Pallavan Street?

The current guideline value of Pallavan 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 to Rs 1,700 per sq.ft in 2023, and finally to Rs 1,870 per sq.ft in 2024.

What is the land classification for Pallavan Street?

Pallavan Street is classified as Residential Class III Type - I.

Where can I find the registration office for Pallavan Street?

The registration office for Pallavan 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 stamp duty calculated for properties in Pallavan Street?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, a 1,000 sq.ft plot at the current guideline value would incur a total of Rs 1,68,300 in duties and fees.