Guideline Value for Palani Andavar Colony

Palani Andavar Colony guideline value

The current guideline value of Palani Andavar Colony, located in Koyakbedu village under the AnnaNagar SRO, is Rs 3,300 per sq.ft, effective from 1 July 2024. This area is classified as Residential Class I Type - III.

How the guideline value of Palani Andavar Colony has changed

The guideline value for Palani Andavar Colony has undergone several revisions over the years. In 2007, the value was Rs 1,100 per sq.ft, which increased significantly to Rs 3,000 per sq.ft in 2012. However, this figure dropped by 33% to Rs 2,010 per sq.ft in 2017. The value then rose sharply to Rs 3,000 per sq.ft in 2023, and currently stands at Rs 3,300 per sq.ft as of the 2024 revision, marking a 10% increase from the previous year.

Notably, the register has no figures for the years 2002 and 2003 for this street. Overall, the guideline value has increased by 200% from Rs 1,100 per sq.ft in 2007 to Rs 3,300 per sq.ft in 2024.

Guideline values in Koyakbedu

Koyakbedu village has a total of 270 streets under the AnnaNagar SRO, with guideline values ranging from Rs 2,200 to Rs 16,500 per sq.ft. The median guideline value for these streets is Rs 4,400 per sq.ft, which means Palani Andavar Colony's current value is below this median.

• Palani Andavar Colony 2nd Street: Rs 3,300 per sq.ft (2024)
• Palani Andavar Colony Ist Street: Rs 3,300 per sq.ft (2024)
• Parijatham Street Brindavan Nagar: Rs 4,400 per sq.ft (2024)
• Parthasarathy Street: Rs 3,300 per sq.ft (2024)
• North Mada Street (Kurungaleeswarar Koil): Rs 3,800 per sq.ft (2024)
• New Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Palani Andavar Colony

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 be Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, bringing the total cost to Rs 2,97,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

You can calculate your fees using the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Palani Andavar Colony?

The Sub Registrar Office that covers Palani Andavar Colony is the AnnaNagar Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near Nolambur Eb Office. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Koyakbedu. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is in accordance with government regulations.

When a property is sold, the guideline value is used to calculate the applicable stamp duty and registration fees. Buyers must be aware that these fees are calculated based on the higher of the guideline value or the sale price, which can impact the overall cost of the transaction.

Frequently asked questions

What is the current guideline value of Palani Andavar Colony?

The current guideline value of Palani Andavar Colony 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 1,100 per sq.ft in 2007 to Rs 3,300 per sq.ft in 2024, reflecting a 200% increase over this period.

What are the stamp duty and registration fees for property in Palani Andavar Colony?

For a 1,000 sq.ft plot, the total guideline value is 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.

Which office handles property registration in Palani Andavar Colony?

The AnnaNagar Sub Registrar Office handles property registration for Palani Andavar Colony, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037.

What is the significance of the guideline value in property transactions?

The guideline value is used to determine the minimum registration value for properties, impacting the calculation of stamp duty and registration fees during property transactions.