Guideline Value for Palani Street, Rajaji Nagar

Palani Street, Rajaji Nagar guideline value

The current guideline value of Palani Street, Rajaji Nagar is Rs 5,500 per sq.ft, effective from 1 July 2024. This street is located in Mugappair village and falls under the Konnur SRO. The land classification for this area is Residential Class I Type - I.

How the guideline value of Palani Street, Rajaji Nagar has changed

The guideline value for Palani Street has undergone several revisions over the years. Starting from the 2002 revision, the guideline value was Rs 436 per sq.ft. This figure increased to Rs 479 per sq.ft in 2003, marking a 10% rise. The value then saw a significant jump to Rs 1,500 per sq.ft in 2007, which was an increase of 213%. The 2012 revision set the value at Rs 5,000 per sq.ft, reflecting a 233% increase from the previous revision.

From 2012 to 2017, the guideline value decreased to Rs 3,350 per sq.ft, a decline of 33%. However, it rebounded to Rs 5,000 per sq.ft in 2023, and the latest revision in 2024 has established the current value at Rs 5,500 per sq.ft, which is a 10% increase from the previous year. The overall change from 2002 to 2024 represents an increase of 1,161%.

Guideline values in Mugappair

In Mugappair, there are 224 streets under the Konnur 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, indicating that the guideline value of Palani Street is below this median.

• Pakkiathammal Nagar2rd Corss Street & 3rd Cross Street: Rs 7,100 per sq.ft (2024)
• Pakkiathammal Nagar: Rs 7,100 per sq.ft (2024)
• Panjamuga Sivan Koil Street: Rs 7,100 per sq.ft (2024)
• Panneer Nagar: Rs 7,100 per sq.ft (2024)
• Panneer Nagar Part II: Rs 7,100 per sq.ft (2024)
• Panner Nagar Thilak Street: Rs 7,100 per sq.ft (2024)

Stamp duty and registration fee for property in Palani Street, Rajaji Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 5,500 per sq.ft, the total guideline value would be Rs 55,00,000. The stamp duty at 7% would amount to Rs 3,85,000, and the registration fee at 2% would be Rs 1,10,000, bringing the total fees together to Rs 4,95,000. It is important to note that the 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 further assistance.

Which Sub Registrar Office covers Palani Street, Rajaji Nagar?

The Sub Registrar Office that covers Palani Street, Rajaji Nagar is the Konnur Sub Registrar Office, located at Villivakkam Panchayat, Union Office Complex, Dunlop Bus Stop, Ambattur, Chennai. You can find your SRO for more information.

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

The guideline value is a critical factor when registering property transactions in Mugappair. It serves as a reference point for determining the minimum value at which a property can be registered. Buyers and sellers must be aware of the guideline value to ensure compliance with legal requirements during the registration process.

When a property is sold, the guideline value is used to assess the applicable stamp duty and registration fees. This ensures that the transaction is recorded accurately and that the appropriate taxes are paid based on the established guidelines.

Frequently asked questions

What is the current guideline value of Palani Street, Rajaji Nagar?

The current guideline value of Palani Street, Rajaji Nagar is Rs 5,500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen several revisions, increasing from Rs 436 per sq.ft in 2002 to Rs 5,500 per sq.ft in 2024, which is an overall increase of 1,161%.

What is the land classification for Palani Street, Rajaji Nagar?

The land classification for Palani Street, Rajaji Nagar is Residential Class I Type - I.

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

For a property valued at Rs 55,00,000, the stamp duty would be Rs 3,85,000 and the registration fee would be Rs 1,10,000, totaling Rs 4,95,000.

Which Sub Registrar Office covers Palani Street, Rajaji Nagar?

The Konnur Sub Registrar Office covers Palani Street, Rajaji Nagar, located at Villivakkam Panchayat, Union Office Complex, Dunlop Bus Stop, Ambattur, Chennai.