Guideline Value for PALLAVAN STREET

Pallavan Street guideline value

The current guideline value of Pallavan Street in Okkiyamthuraipakkam village, under the Neelankarai SRO, is Rs 3,300 per sq.ft, effective from 1 July 2024. This area is classified as Residential Class II Type - I.

How the guideline value of Pallavan Street has changed

The guideline value for Pallavan Street has seen several revisions over the years. The 2012 revision set the value at Rs 3,000 per sq.ft, which then decreased to Rs 2,010 per sq.ft in the 2017 revision. Following this, the 2023 revision increased the value to Rs 3,000 per sq.ft, and the most recent revision in 2024 has raised it to Rs 3,300 per sq.ft, marking a 10% increase from the previous year.

Overall, from the 2012 revision to the 2024 revision, the guideline value has increased by 10%. The changes between the revisions are as follows: from 2017 to 2023, there was a significant increase of 49%, while the decrease from 2012 to 2017 was 33%. The register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Okkiyamthuraipakkam

In Okkiyamthuraipakkam, there are 453 streets under the Neelankarai SRO, with a 2024 guideline value range from Rs 1,100 to Rs 8,800 per sq.ft. The median guideline value for these streets is Rs 3,300 per sq.ft, which is equal to the 2024 figure for Pallavan Street.

• Pallavan Nagar & P.T.C.Quarters: Rs 3,900 per sq.ft (2024)
• Palmera Garden: Rs 1,700 per sq.ft (2024)
• Pamban Baba Nagar: Rs 2,200 per sq.ft (2024)
• PALLAVAN KUDI IRUPPU VIA 2nd STREET 3rd STREET: Rs 3,900 per sq.ft (2024)
• Pallavan Kudi Iruppu Via 1 St Street: Rs 3,900 per sq.ft (2024)
• Panchayat Road: Rs 3,300 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 3,300 per sq.ft, the total guideline value would be Rs 33,00,000. The stamp duty at 7% would amount to Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, bringing the total to Rs 2,97,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can use our 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 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 Okkiyamthuraipakkam

The guideline value is a critical factor in the registration process for property transactions in Okkiyamthuraipakkam. It determines the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue from property transactions.

When buying or selling property, the guideline value influences the stamp duty and registration fees payable. Buyers should be aware that these costs are calculated based on the guideline value or the sale price, whichever is higher, ensuring transparency in property dealings.

Frequently asked questions

What is the current guideline value of Pallavan Street?

The current guideline value of Pallavan Street is Rs 3,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 3,000 per sq.ft in 2023 to Rs 3,300 per sq.ft in 2024, marking a 10% increase. It decreased from Rs 3,000 per sq.ft in 2012 to Rs 2,010 per sq.ft in 2017, before increasing again to Rs 3,000 per sq.ft in 2023.

What is the land classification of Pallavan Street?

Pallavan Street is classified as Residential Class II Type - I, indicating its suitability for residential development.

What are the stamp duty and registration fees for property in Pallavan Street?

For a property valued at Rs 33,00,000, the stamp duty would be Rs 2,31,000 and the registration fee would be Rs 66,000, totaling Rs 2,97,000. These fees are based on the guideline value or the sale price, whichever is higher.

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.