Guideline Value for PALLAVARAJA GARDEN

Pallavaraja Garden guideline value

The current guideline value of Pallavaraja Garden is Rs 3,300 per sq.ft, effective from 1 July 2024. This property is located in Chemmancheri village under the Neelankarai SRO, classified as Residential Class I Type - II.

How the guideline value of Pallavaraja Garden has changed

In the 2012 revision, the guideline value was set at Rs 2,000 per sq.ft. This figure saw a decrease to Rs 1,340 per sq.ft in the 2017 revision, marking a decline of 33%. However, from 2017 to 2023, the value increased significantly to Rs 3,000 per sq.ft, reflecting a rise of 124%. The most recent revision in 2024 has further increased the value to Rs 3,300 per sq.ft, which is a 10% increase from the previous year.

Overall, from 2012 to 2024, the guideline value has increased by 65%. It is important to note that the register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Chemmancheri

In Chemmancheri, there are 195 streets under the Neelankarai SRO with a 2024 guideline value ranging from Rs 1,000 to Rs 6,600 per sq.ft. The median value for these streets is Rs 1,700 per sq.ft, placing Pallavaraja Garden's 2024 figure above this median.

• Panchayat Office Cross Street: Rs 2,800 per sq.ft (2024)
• Panchayat Office Road: Rs 2,800 per sq.ft (2024)
• Panchayat Union School Street & Road: Rs 2,800 per sq.ft (2024)
• Palani Garden: Rs 1,000 per sq.ft (2024)
• Parameswari Garden: Rs 1,100 per sq.ft (2024)
• Parthasarathi Garden: Rs 1,700 per sq.ft (2024)

Stamp duty and registration fee for property in Pallavaraja Garden

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value amounts to Rs 33,00,000. The stamp duty at 7% would be Rs 2,31,000, while the registration fee at 2% would be Rs 66,000, bringing the total to Rs 2,97,000. 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 details.

Which Sub Registrar Office covers Pallavaraja Garden?

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

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

The guideline value is a crucial factor during the registration of property transactions in Chemmancheri. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid at the time of property registration.

When buying or selling a property, the guideline value ensures that the transaction is recorded at a fair value, which is used by the authorities to calculate the applicable taxes. Buyers should be aware that the guideline value may differ from the actual sale price, and the higher of the two will be used to determine the stamp duty.

Frequently asked questions

What is the current guideline value of Pallavaraja Garden?

The current guideline value of Pallavaraja Garden 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 2,000 per sq.ft in 2012 to Rs 1,340 per sq.ft in 2017, then increased to Rs 3,000 per sq.ft in 2023, and finally to Rs 3,300 per sq.ft in 2024.

What is the land classification of Pallavaraja Garden?

Pallavaraja Garden is classified as Residential Class I Type - II, which indicates its suitability for residential development.

Where can I find the Sub Registrar Office for Pallavaraja Garden?

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

How is the stamp duty calculated for properties in Pallavaraja Garden?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, for a property valued at Rs 33,00,000, the stamp duty would be Rs 2,31,000 at 7%.