Guideline Value for Palaniappa Nagar 2nd Cross Street

Palaniappa Nagar 2nd Cross Street guideline value

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

The guideline value for Palaniappa Nagar 2nd Cross Street has seen several revisions over the years. The earliest recorded figure is from 2007, when it was Rs 600 per sq.ft. This value increased significantly to Rs 2,000 per sq.ft in 2012, marking a rise of 233%. However, it then decreased to Rs 1,340 per sq.ft in 2017, a drop of 33%. The 2023 revision set the value at Rs 2,000 per sq.ft, which then increased by 10% to the current value of Rs 2,200 per sq.ft in 2024.

Overall, from 2007 to 2024, the guideline value has increased by 267%. The register has no figures for the years 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 value is Rs 2,200 per sq.ft, which is equal to the 2024 figure for Palaniappa Nagar 2nd Cross Street.

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

Stamp duty and registration fee for property in Palaniappa Nagar 2nd 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 would be Rs 22,00,000. The stamp duty at 7% would amount to Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, making the total cost 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 further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Palaniappa Nagar 2nd Cross Street?

The Sub Registrar Office that covers Palaniappa Nagar 2nd 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

When buying or selling property in Gowrivakkam, the guideline value plays a crucial role in determining the amount of stamp duty and registration fees payable. The guideline value is established by the government and reflects the minimum value at which properties can be registered.

It is essential to understand that the guideline value may differ from the actual sale price of the property. Buyers should be prepared to pay stamp duty based on the higher of the two values to ensure compliance with registration requirements.

Frequently asked questions

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

The current guideline value of Palaniappa Nagar 2nd 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 is the land classification for Palaniappa Nagar 2nd Cross Street?

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

Where can I find the Selaiyur Sub Registrar Office?

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

How is stamp duty calculated for properties in Gowrivakkam?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. The current rate is 7% for stamp duty and 2% for the registration fee.