Guideline Value for Palaniappa Nagar 1st Cross Street

Palaniappa Nagar 1st Cross Street guideline value

The current guideline value of Palaniappa Nagar 1st Cross Street is Rs 2,200 per sq.ft. 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 Cross Street has changed

The guideline value for Palaniappa Nagar 1st Cross Street has undergone several revisions over the years. The 2007 revision set the value at Rs 600 per sq.ft, which increased significantly to Rs 2,000 per sq.ft in 2012, marking a rise of 233%. However, from 2012 to 2017, the value decreased by 33% to Rs 1,340 per sq.ft. The next revision in 2023 raised the value to Rs 2,000 per sq.ft, and the most recent revision in 2024 has set it at Rs 2,200 per sq.ft, reflecting a 10% increase.

Overall, from the 2007 revision to the 2024 revision, the guideline value has increased by 267%. It is important to note that there are no figures available for the revisions in 2002 and 2003 for this street.

Guideline values in Gowrivakkam

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

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

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value is 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 fees together to Rs 1,98,000. Please note that the duty is charged on the higher of the guideline value or the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Palaniappa Nagar 1st Cross Street?

The Sub Registrar Office that covers Palaniappa Nagar 1st Cross 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 information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Gowrivakkam. It serves as a benchmark for determining the minimum value at which property transactions can be registered, ensuring that the government receives the appropriate revenue through stamp duty and registration fees.

When a property is sold, the guideline value is compared with the sale price, and the higher of the two is used to calculate the applicable stamp duty and registration fees. This ensures that the transaction reflects the true value of the property as recognized by the government.

Frequently asked questions

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

The current guideline value of Palaniappa Nagar 1st Cross 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 600 per sq.ft in 2007 to Rs 2,200 per sq.ft in 2024, reflecting an overall increase of 267% over the years.

What are the stamp duty and registration fees for properties in this area?

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.

Which Sub Registrar Office covers this street?

The Selaiyur Sub Registrar Office covers Palaniappa Nagar 1st Cross Street, located at No.36, Bharathmatha Salai, East Tambaram, Chennai - 600 073.

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

The land classification for Palaniappa Nagar 1st Cross Street is Residential Special Type - I.