Guideline Value for Palaniappa Nagar 1st Street

Palaniappa Nagar 1st Street guideline value

The current guideline value of Palaniappa Nagar 1st Street is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is located in Gowrivakkam village, under the Selaiyur SRO, and is classified as Residential Special Type - I.

How the guideline value of Palaniappa Nagar 1st Street has changed

The guideline value for Palaniappa Nagar 1st Street has undergone several revisions over the years. The most recent revision in 2024 set the value at Rs 2,200 per sq.ft, an increase from Rs 2,000 per sq.ft in 2023, marking a change of +10%. Prior to that, in 2017, the value was Rs 1,340 per sq.ft, which represented a significant increase of +49% when compared to the 2023 figure.

In 2012, the guideline value was Rs 2,000 per sq.ft, which was a decrease of -33% from the 2017 revision. Overall, from 2012 to 2024, the guideline value has increased by +10%. The register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Gowrivakkam

In Gowrivakkam, there are 130 streets under the Selaiyur SRO that carry a guideline value for 2024, ranging from Rs 840 to Rs 3,750 per sq.ft. The median guideline value for these streets is Rs 2,200 per sq.ft, which is equal to the 2024 figure for Palaniappa Nagar 1st Street.

• Palaniappa Nagar 1st Main road: Rs 2,200 per sq.ft (2024)
• Palaniappa Nagar 2nd Cross Street: Rs 2,200 per sq.ft (2024)
• Palaniappa Nagar 1st Cross Street: Rs 2,200 per sq.ft (2024)
• Palaniappa Nagar 2nd Main Road: Rs 2,200 per sq.ft (2024)
• Palaniappa Nagar: Rs 2,200 per sq.ft (2024)
• Palaniappa Nagar 2nd Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Palaniappa Nagar 1st Street

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 to Rs 1,98,000. Duty is charged on the guideline value or the sale price, whichever is higher. You can also use the stamp duty and registration fee calculator for more information.

Which Sub Registrar Office covers Palaniappa Nagar 1st Street?

The Sub Registrar Office that covers Palaniappa Nagar 1st Street is the Selaiyur Sub Registrar Office, located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073, in the Chengalpattu registration zone. You can find your SRO for more details.

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

The guideline value plays a crucial role in the registration process of property transactions in Gowrivakkam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is recorded at a fair value.

When buying or selling property, the guideline value is used to calculate the stamp duty and registration fees. This ensures that all parties involved are aware of the financial obligations associated with the transaction, based on the established guideline value.

Frequently asked questions

What is the current guideline value of Palaniappa Nagar 1st Street?

The current guideline value of Palaniappa Nagar 1st Street is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,000 per sq.ft in 2023 to Rs 2,200 per sq.ft in 2024, a +10% increase. It was Rs 1,340 per sq.ft in 2017, which was a +49% increase from the 2023 figure.

What is the land classification for Palaniappa Nagar 1st Street?

Palaniappa Nagar 1st Street is classified as Residential Special Type - I. This classification indicates the type of development and usage permitted in this area.

What are the registration fees for property in Palaniappa Nagar 1st Street?

The registration fees include a stamp duty of 7% and a registration fee of 2% based on the guideline value. For example, on a 1,000 sq.ft plot valued at Rs 22,00,000, the total fees would amount to Rs 1,98,000.

Where is the Sub Registrar Office for Palaniappa Nagar 1st Street located?

The Sub Registrar Office for Palaniappa Nagar 1st Street is located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073. This office handles all registrations for properties in the area.