Guideline Value for Palani nagar

Palani nagar guideline value

The current guideline value of Palani nagar, located in Poonthamallee village under the Poonamallee SRO, is Rs 2,200 per sq.ft as per the 2024 revision effective from 1 July 2024. This area falls under the Residential Class II Type - I land classification.

How the guideline value of Palani nagar has changed

The guideline value of Palani nagar has seen significant changes over the years. In the 2007 revision, the value was Rs 300 per sq.ft, which increased dramatically to Rs 2,000 per sq.ft in the 2012 revision, marking a rise of 567%. However, it decreased to Rs 1,340 per sq.ft in the 2017 revision, a decline of 33%. The value then rose to Rs 2,000 per sq.ft in the 2023 revision, and subsequently increased by 10% to reach Rs 2,200 per sq.ft in the 2024 revision.

From the 2017 revision to the 2023 revision, there was a notable increase of 49%. Overall, from 2007 to 2024, the guideline value has increased by 633%. The register does not have figures for the years 2002 and 2003 for this street.

Guideline values in Poonthamallee

Poonthamallee village has a total of 257 streets under the Poonamallee SRO, with the 2024 guideline values ranging from Rs 1,980 to Rs 4,950 per sq.ft. The median value across these streets is Rs 2,200 per sq.ft, which matches the current guideline value for Palani nagar.

• Palankottai street: Rs 3,250 per sq.ft (2024)
• Pali Mohandoss Street: Rs 2,200 per sq.ft (2024)
• Palli street: Rs 2,200 per sq.ft (2024)
• Pandara street: Rs 2,200 per sq.ft (2024)
• Othandeeswarar Nagar: Rs 2,200 per sq.ft (2024)
• Panisuvarar street: Rs 4,950 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 2,200 per sq.ft, the total guideline value amounts to Rs 22,00,000. The stamp duty at 7% would be Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, bringing the total cost for these fees to Rs 1,98,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Palani nagar?

The Sub Registrar Office that covers Palani nagar is the Poonamallee Sub Registrar Office, located at No.332 U + 9cc Malma Nagar Poonamallee Chennai - 600056. You can find your SRO for more details.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Poonthamallee. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is recorded accurately for tax purposes.

When a property is sold, the guideline value helps in calculating the applicable stamp duty and registration fees. Buyers should be aware that these fees are based on the guideline value or the sale price, whichever is higher, ensuring compliance with local regulations.

Frequently asked questions

What is the current guideline value of Palani nagar?

The current guideline value of Palani nagar is Rs 2,200 per sq.ft as per the 2024 revision effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 300 per sq.ft in 2007 to Rs 2,200 per sq.ft in 2024, reflecting an overall increase of 633% over the years.

What is the land classification for Palani nagar?

Palani nagar is classified under Residential Class II Type - I, indicating its suitability for residential development.

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

For a property valued at Rs 22,00,000, the stamp duty would be Rs 1,54,000 and the registration fee would be Rs 44,000, totaling Rs 1,98,000.

Where is the Sub Registrar Office for Palani nagar located?

The Poonamallee Sub Registrar Office, which covers Palani nagar, is located at No.332 U + 9cc Malma Nagar Poonamallee Chennai - 600056.