Guideline Value for PALLAVAN STREET

Pallavan Street guideline value

The current guideline value of Pallavan Street in Vengathur village is Rs 1,300 per sq.ft, effective from 1 July 2024. This street falls under the jurisdiction of the Manavalanagar SRO and is classified as Commercial Class I Type - III.

How the guideline value of Pallavan Street has changed

In the 2007 revision, the guideline value for Pallavan Street was Rs 150 per sq.ft. This figure saw a significant increase in the 2012 revision, where it rose to Rs 1,300 per sq.ft, marking an increase of 767%. However, in the 2017 revision, the value dropped to Rs 871 per sq.ft, a decrease of 33%. The value then increased again to Rs 1,300 per sq.ft in the 2023 revision, remaining unchanged in the 2024 revision.

From 2017 to 2023, the guideline value increased by 49%. Overall, from the 2007 revision to the 2024 revision, there has been an increase of 767%. The register has no figures for the years 2002 and 2003 for this street.

Guideline values in Vengathur

In Vengathur, there are 186 streets under the Manavalanagar SRO that have a guideline value for 2024, ranging from Rs 500 to Rs 2,000 per sq.ft. The median guideline value for these streets is Rs 1,000 per sq.ft, placing Pallavan Street's 2024 figure above this median.

• Pandian Street: Rs 1,300 per sq.ft (2024)
• Pandian Street (Ramasamy Nagar): Rs 1,300 per sq.ft (2024)
• Pajanai Koil Street: Rs 1,000 per sq.ft (2024)
• Parry Street: Rs 1,000 per sq.ft (2024)
• Pachaiyappan Street: Rs 1,000 per sq.ft (2024)
• Ondikuppam Poonamalle Salai 4 Adi Sandhu: Rs 2,000 per sq.ft (2024)

Stamp duty and registration fee for property in Pallavan Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,300 per sq.ft, the total guideline value would be Rs 13,00,000. The stamp duty, charged at 7%, would amount to Rs 91,000, while the registration fee at 2% would be Rs 26,000. Together, the total cost for these fees would be Rs 1,17,000. It is important to note that the 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 further calculations.

Which Sub Registrar Office covers Pallavan Street?

The Sub Registrar Office that covers Pallavan Street is the Manavalanagar Sub Registrar Office, located at Thandalam Main Road, Nungambakkam Village, Manavalanagar-602002, Chennai registration zone. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Vengathur. It serves as a benchmark for calculating the stamp duty and registration fees, ensuring that these costs are based on a standardized valuation of the property.

When a property is registered, the guideline value is compared to the sale price, and the higher of the two is used to determine the applicable stamp duty. This ensures that the government receives the appropriate revenue from property transactions based on the established guideline values.

Frequently asked questions

What is the current guideline value of Pallavan Street?

The current guideline value of Pallavan Street is Rs 1,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen various changes, starting from Rs 150 per sq.ft in 2007 to Rs 1,300 per sq.ft in 2012, then dropping to Rs 871 per sq.ft in 2017, and returning to Rs 1,300 per sq.ft in 2023 and 2024.

What is the land classification for Pallavan Street?

Pallavan Street is classified as Commercial Class I Type - III, indicating its use for commercial purposes.

What are the stamp duty rates for properties in Pallavan Street?

The stamp duty rate for properties in Pallavan Street is 7%, while the registration fee is 2% of the guideline value or sale price, whichever is higher.

Which office handles the registration for Pallavan Street?

The registration for Pallavan Street is handled by the Manavalanagar Sub Registrar Office, located at Thandalam Main Road, Nungambakkam Village, Manavalanagar-602002, Chennai registration zone.