Guideline Value for Palaniappa Nagar

Palaniappa Nagar guideline value

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

How the guideline value of Palaniappa Nagar has changed

The guideline value for Palaniappa Nagar has seen several revisions over the years. The earliest recorded figure is from 2007, set at 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, reflecting a decline of 33%. The value rose again to Rs 2,000 per sq.ft in 2023, and the most recent revision in 2024 set it at Rs 2,200 per sq.ft, which is a 10% increase from the previous year.

Overall, from 2007 to 2024, the guideline value has increased by 267%. Notably, there are no figures available for the years 2002 and 2003 in the register 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, with a median value of Rs 2,200 per sq.ft. The guideline value for Palaniappa Nagar aligns with this median.

• Palaniappa Nagar 1st Cross Street: 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

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. Together, these fees amount to 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 more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Palaniappa Nagar?

The Sub Registrar Office that covers Palaniappa Nagar is the Selaiyur Sub Registrar Office. The address is 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 a property can be registered, ensuring that the transaction reflects a fair value according to government standards.

When a property is sold, the buyer must pay stamp duty and registration fees based on the guideline value or the sale price, whichever is higher. This ensures that the government receives appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Palaniappa Nagar?

The current guideline value of Palaniappa Nagar 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 other streets in Gowrivakkam with the same guideline value?

Other streets in Gowrivakkam with the same guideline value of Rs 2,200 per sq.ft include Palaniappa Nagar 1st Cross Street, Palaniappa Nagar 1st Main road, Palaniappa Nagar 1st Street, Palaniappa Nagar 2nd Cross Street, Palaniappa Nagar 2nd Main Road, and Palaniappa Nagar 2nd Street.

What fees are associated with buying property in Palaniappa Nagar?

When buying property in Palaniappa Nagar, the buyer is required to pay stamp duty at 7% and a registration fee at 2% based on the guideline value or the sale price, whichever is higher.

Where is the Sub Registrar Office for Palaniappa Nagar located?

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