Guideline Value for Palaniappa Nagar 2nd Street

Palaniappa Nagar 2nd Street guideline value

The current guideline value of Palaniappa Nagar 2nd 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 2nd Street has changed

The guideline value for Palaniappa Nagar 2nd Street has seen several revisions over the years. The earliest recorded figure is from 2012, which was Rs 2,000 per sq.ft. This value remained unchanged until the 2017 revision, which decreased to Rs 1,340 per sq.ft. In 2023, the value rose to Rs 2,000 per sq.ft, and the most recent revision in 2024 set the value at Rs 2,200 per sq.ft. Notably, there are no figures available for the revisions from 2002, 2003, and 2007 for this street.

From 2012 to 2017, there was a decline of 33%. However, from 2017 to 2023, the value increased significantly by 49%. The overall change from 2012 to 2024 shows a modest increase of 10% in the guideline value.

Guideline values in Gowrivakkam

In Gowrivakkam village, there are 130 streets under the Selaiyur SRO that have a 2024 guideline value ranging from Rs 840 to Rs 3,750 per sq.ft. The median value is Rs 2,200 per sq.ft, which is the same as the guideline value for Palaniappa Nagar 2nd Street.

• Palaniappa Nagar 2nd Main Road: Rs 2,200 per sq.ft (2024)
• Palaniappa Nagar 3rd Cross Road: Rs 2,200 per sq.ft (2024)
• Palaniappa Nagar 2nd Cross Street: Rs 2,200 per sq.ft (2024)
• Palaniappa Nagar 3rd Main Road: Rs 2,200 per sq.ft (2024)
• Palaniappa Nagar 1st Street: Rs 2,200 per sq.ft (2024)
• Palaniappa Nagar 3rd Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Palaniappa Nagar 2nd 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, totaling 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.

You can use our stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Palaniappa Nagar 2nd Street?

The Sub Registrar Office that covers Palaniappa Nagar 2nd 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 online for more information.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Gowrivakkam. It serves as the basis for calculating the stamp duty and registration fees that need to be paid at the time of registration. Buyers should be aware that the guideline value is considered in the transaction, ensuring that the correct fees are applied based on the property's value.

When registering a property, the guideline value helps to standardize the transaction process, making it easier for both buyers and sellers to understand the financial implications of their sale. It is essential to refer to the latest guideline values to ensure compliance with local regulations and to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value for Palaniappa Nagar 2nd Street?

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

How often does the guideline value get revised?

The guideline value is revised periodically, with the most recent revisions occurring in 2024, 2023, 2017, and 2012. There are no available figures for the years 2002, 2003, and 2007 for this street.

What is the land classification for Palaniappa Nagar 2nd Street?

Palaniappa Nagar 2nd Street is classified as Residential Special Type - I, indicating its suitability for residential development.

What are the stamp duty rates for property transactions?

The stamp duty for property transactions in Palaniappa Nagar 2nd Street is charged at 7% of the guideline value or sale price, whichever is higher. Additionally, a registration fee of 2% is applicable.

Where is the Selaiyur Sub Registrar Office located?

The Selaiyur Sub Registrar Office is located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073, in the Chengalpattu registration zone.