Guideline Value for Pacific City

Pacific City guideline value

The current guideline value of Pacific City is Rs 7,100 per sq.ft, effective from 1 July 2024. This property is located in 1. Nolambur village, under the Villivakkam Sub Registrar Office (SRO). The land classification for this area is Residential Special Type - I.

How the guideline value of Pacific City has changed

The guideline value for Pacific City has seen significant changes over the years. The earliest available revision is from 2017, where the value was Rs 4,355 per sq.ft. This increased to Rs 6,500 per sq.ft in the 2023 revision, marking a 49% rise. The most recent revision in 2024 set the value at Rs 7,100 per sq.ft, which is a 9% increase from the previous year.

Overall, from the 2017 revision to the current 2024 figure, the guideline value has increased by 63%. It is important to note that there are no figures available for the years 2002, 2003, 2007, and 2012 for this street.

Guideline values in 1. Nolambur

In 1. Nolambur, there are 73 streets under the Villivakkam SRO that carry a 2024 guideline value, ranging from Rs 3,300 to Rs 8,800 per sq.ft. The median value for these streets is Rs 7,100 per sq.ft, placing Pacific City at the median level.

• Padasalai Street: Rs 3,300 per sq.ft (2024)
• NOVA Sprint: Rs 7,100 per sq.ft (2024)
• NOVA Meridian: Rs 4,355 per sq.ft (2024)
• Nova Colours: Rs 4,355 per sq.ft (2024)
• Nolambur Main Road: Rs 7,100 per sq.ft (2024)
• Panjamuga Sivan Koil Street: Rs 4,355 per sq.ft (2024)

Stamp duty and registration fee for property in Pacific City

For a 1,000 sq.ft plot at the current guideline value of Rs 7,100 per sq.ft, the total guideline value would be Rs 71,00,000. The stamp duty at 7% would amount to Rs 4,97,000, and the registration fee at 2% would be Rs 1,42,000, bringing the total to Rs 6,39,000. It is important to note that the 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 precise calculations.

Which Sub Registrar Office covers Pacific City?

The Pacific City area is covered by the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office. To find your specific SRO, you can visit find your SRO.

How the guideline value is used when you buy or sell in 1. Nolambur

The guideline value is a crucial factor when buying or selling property in 1. Nolambur. It serves as a benchmark for determining the minimum value at which a property can be registered. This value is used by the registration department to calculate the stamp duty and registration fees applicable to the transaction.

When a property is sold, the buyer must ensure that the sale price is equal to or higher than the guideline value to avoid any legal complications during registration. This ensures transparency and fairness in property transactions.

Frequently asked questions

What is the current guideline value of Pacific City?

The current guideline value of Pacific City is Rs 7,100 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

From the 2017 revision of Rs 4,355 per sq.ft to the 2024 revision of Rs 7,100 per sq.ft, the guideline value has increased by 63%. The value also rose from Rs 6,500 per sq.ft in 2023 to Rs 7,100 per sq.ft in 2024, marking a 9% increase.

What is the land classification for Pacific City?

The land classification for Pacific City is Residential Special Type - I, indicating its suitability for residential development.

Where can I find the Villivakkam Sub Registrar Office?

The Villivakkam Sub Registrar Office is located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office.

How is stamp duty calculated for properties in Pacific City?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 71,00,000, the stamp duty at 7% would be Rs 4,97,000.