Guideline Value for Palani Nagar Ext - 1

Palani Nagar Ext - 1 guideline value

The current guideline value of Palani Nagar Ext - 1 is Rs 2,750 per sq.ft, effective from 1 July 2024. This property is located in Chitlapakkam village, under the Tambaram Joint 1 SRO, and is classified as Residential Class I Type - II.

How the guideline value of Palani Nagar Ext - 1 has changed

The guideline value for Palani Nagar Ext - 1 has seen several revisions over the years. The 2012 revision set the value at Rs 2,500 per sq.ft, which remained unchanged until the 2017 revision, where it dropped to Rs 1,675 per sq.ft, marking a decrease of 33%. In 2023, the value increased to Rs 2,500 per sq.ft, and the most recent revision in 2024 raised it to Rs 2,750 per sq.ft, reflecting a 10% increase.

From 2017 to 2023, the guideline value rose significantly by 49%. Overall, from 2012 to 2024, there has been an increase of 10%. It is important to note that there are no figures available for the revisions in 2002, 2003, and 2007 for this street.

Guideline values in Chitlapakkam

In Chitlapakkam village, there are 548 streets under the Tambaram Joint 1 SRO, with guideline values ranging from Rs 1,100 to Rs 8,800 per sq.ft. The median guideline value is Rs 1,650 per sq.ft, placing Palani Nagar Ext - 1 above this median at Rs 2,750 per sq.ft.

• Palani Nagar: Rs 2,750 per sq.ft (2024)
• Pamban C.V. Raman Street: Rs 2,750 per sq.ft (2024)
• Pamban Swamigal Cross Street: Rs 2,750 per sq.ft (2024)
• Pamban Swamigal salai: Rs 2,750 per sq.ft (2024)
• Pamban Swamigal Street: Rs 3,850 per sq.ft (2024)
• Pandithar Street: Rs 1,650 per sq.ft (2024)

Stamp duty and registration fee for property in Palani Nagar Ext - 1

For a 1,000 sq.ft plot at the current guideline value of Rs 2,750 per sq.ft, the total guideline value amounts to Rs 27,50,000. The stamp duty at 7% would be Rs 1,92,500, and the registration fee at 2% would be Rs 55,000, making the total fees Rs 2,47,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Palani Nagar Ext - 1?

The Sub Registrar Office that covers Palani Nagar Ext - 1 is the Tambaram Joint 1 Sub Registrar Office, located at No.26, mes Road, East Tambaram, Chennai-600059, in the Chengalpattu registration zone. You can find your SRO for more information.

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

When buying or selling property in Chitlapakkam, the guideline value plays a crucial role in determining the registration fees and stamp duty. The guideline value is set by the government and is used as a baseline for calculating these costs, ensuring that transactions are transparent and standardized.

During the registration process, the buyer must pay stamp duty and registration fees based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Palani Nagar Ext - 1?

The current guideline value of Palani Nagar Ext - 1 is Rs 2,750 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,500 per sq.ft in 2012 to Rs 1,675 per sq.ft in 2017, then back to Rs 2,500 per sq.ft in 2023, and finally to Rs 2,750 per sq.ft in 2024.

What is the land classification for Palani Nagar Ext - 1?

Palani Nagar Ext - 1 is classified as Residential Class I Type - II.

Where can I find the Sub Registrar Office for Palani Nagar Ext - 1?

The Sub Registrar Office for Palani Nagar Ext - 1 is the Tambaram Joint 1 Sub Registrar Office, located at No.26, mes Road, East Tambaram, Chennai-600059.

How is the stamp duty calculated for property in Palani Nagar Ext - 1?

Stamp duty for property in Palani Nagar Ext - 1 is calculated at 7% of the guideline value or sale price, whichever is higher, along with a registration fee of 2% on the guideline value.