Guideline Value for Palaniappa Nagar Main Road

Palaniappa Nagar Main Road guideline value

The current guideline value of Palaniappa Nagar Main Road is Rs 2,200 per sq.ft, effective from 1 July 2024. This road is located in Gowrivakkam village and falls under the Selaiyur SRO. The land classification for this area is Residential Special Type - I.

How the guideline value of Palaniappa Nagar Main Road has changed

Over the years, the guideline value of Palaniappa Nagar Main Road has seen significant changes. The earliest recorded figure is from 2007, where the value was Rs 600 per sq.ft. This increased to Rs 2,000 per sq.ft in 2012, marking a substantial rise of 233%. However, the value then decreased to Rs 1,340 per sq.ft in 2017, which represented a decline of 33%. The guideline value further increased to Rs 2,000 per sq.ft in 2023, and finally to Rs 2,200 per sq.ft in 2024, showing a rise of 10% from the previous year. Notably, the register has no figure for this street for the years 2002 and 2003.

From 2017 to 2023, the value rose by 49%, and the overall increase from 2007 to 2024 is 267%. Each revision reflects the changing landscape and regulations governing property values in the area.

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 Main Road.

• Palaniappa Nagar 4th Street: Rs 2,200 per sq.ft (2024)
• Palaniappa Nagar 4th Cross Road: Rs 2,200 per sq.ft (2024)
• Palaniappa Nagar 3rd Street: Rs 2,200 per sq.ft (2024)
• Palaniappa Nagar 3rd Main Road: Rs 2,200 per sq.ft (2024)
• Palaniappa Nagar 3rd Cross 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 Main Road

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 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 and the sale price. You can use the stamp duty and registration fee calculator for more information.

Which Sub Registrar Office covers Palaniappa Nagar Main Road?

The Sub Registrar Office that covers Palaniappa Nagar Main Road 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 is a crucial factor when registering property transactions in Gowrivakkam. It serves as a benchmark for determining the minimum value at which a property can be registered. Buyers and sellers must be aware that the guideline value may influence the overall costs associated with the transaction.

When a property is sold, the stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. This ensures that the government receives appropriate revenue from property transactions, reflecting the true value of the property being exchanged.

Frequently asked questions

What is the current guideline value of Palaniappa Nagar Main Road?

The current guideline value of Palaniappa Nagar Main Road 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, showing an overall increase of 267% over the years.

What is the land classification for Palaniappa Nagar Main Road?

The land classification for Palaniappa Nagar Main Road is Residential Special Type - I.

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.

How are stamp duty and registration fees calculated?

Stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. For example, for a 1,000 sq.ft plot at the current rate, the total stamp duty and registration fees would be Rs 1,98,000.