Guideline Value for Palani Nagar

Palani Nagar guideline value

The current guideline value of Palani Nagar is Rs 2,450 per sq.ft, effective from 1 July 2024. This area is located in Moulivakkam village, under the Kunrathur SRO, and is classified as Residential Special Type - I.

How the guideline value of Palani Nagar has changed

The guideline value for Palani Nagar has seen several revisions over the years. The earliest recorded figure is from 2003, set at Rs 250 per sq.ft. This increased to Rs 750 per sq.ft in 2007, marking a significant rise of 200%. In 2012, the value was revised to Rs 2,200 per sq.ft, reflecting a 193% increase from the previous figure. However, this was followed by a decrease to Rs 1,474 per sq.ft in 2017, a drop of 33%. The value then climbed to Rs 2,200 per sq.ft in 2023, and finally to the current rate of Rs 2,450 per sq.ft in 2024, which is an 11% increase from the previous year.

Overall, from the 2003 revision to the 2024 revision, the guideline value has increased by 880%. It is important to note that there is no figure recorded for this street in the 2002 revision.

Guideline values in Moulivakkam

In Moulivakkam, there are 44 streets under the Kunrathur SRO that carry a 2024 guideline value ranging from Rs 2,000 to Rs 3,900 per sq.ft. The median value for these streets is Rs 2,450 per sq.ft, making Palani Nagar's current rate equal to this median.

• Perumal Koil Street: Rs 2,450 per sq.ft (2024)
• Pillaiyar Koil Street: Rs 2,450 per sq.ft (2024)
• Ponniyamman koil Street: Rs 2,450 per sq.ft (2024)
• Porur - Kundrathur Road: Rs 2,650 per sq.ft (2024)
• Rajagopalapuram Avenue: Rs 2,650 per sq.ft (2024)
• Rajagopal Avenue: Rs 2,450 per sq.ft (2024)

Stamp duty and registration fee for property in Palani Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 2,450 per sq.ft, the total guideline value would be Rs 24,50,000. The stamp duty, charged at 7%, would amount to Rs 1,71,500, while the registration fee at 2% would be Rs 49,000. Together, these fees would total Rs 2,20,500. 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 detailed calculations.

Which Sub Registrar Office covers Palani Nagar?

The Sub Registrar Office that covers Palani Nagar is the Kunrathur Sub Registrar Office, located at No.59, Road Street, Kundrathur, Chennai -600 069. You can find your SRO for more information.

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

When buying or selling property in Moulivakkam, the guideline value is a crucial factor during the registration process. It serves as a benchmark for determining the stamp duty and registration fees applicable to the transaction.

The guideline value is used to ensure that the property is registered at a fair value, which helps in maintaining transparency in real estate transactions. Buyers and sellers should be aware of the current guideline value to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Palani Nagar?

The current guideline value of Palani Nagar is Rs 2,450 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 250 per sq.ft in 2003 to Rs 2,450 per sq.ft in 2024, showing an overall increase of 880% over the years.

What are the other streets in Moulivakkam with the same guideline value?

Other streets in Moulivakkam with the same guideline value of Rs 2,450 per sq.ft include Perumal Koil Street, Pillaiyar Koil Street, and Ponniyamman koil Street.

What is the stamp duty rate for properties in Palani Nagar?

The stamp duty rate for properties in Palani Nagar is 7% of the guideline value or the sale price, whichever is higher.

Where is the Kunrathur Sub Registrar Office located?

The Kunrathur Sub Registrar Office is located at No.59, Road Street, Kundrathur, Chennai -600 069.