Guideline Value for Palaniappa Street(Meenakshi Nagar)

Palaniappa Street(Meenakshi Nagar) guideline value

The current guideline value of Palaniappa Street (Meenakshi Nagar) is Rs 5,500 per sq.ft, effective from 1 July 2024. This street is located in Kodambakkam village and falls under the Ashok Nagar SRO. The land classification for this area is Residential Class III Type - I.

How the guideline value of Palaniappa Street(Meenakshi Nagar) has changed

The guideline value for Palaniappa Street has undergone several revisions over the years. The earliest recorded figure is from 2007, which was Rs 1,210 per sq.ft. This increased significantly to Rs 5,000 per sq.ft in 2012, marking a rise of 313%. However, the value then decreased to Rs 3,350 per sq.ft in 2017, reflecting a decline of 33%. The most recent revision in 2024 has set the guideline value at Rs 5,500 per sq.ft, which is an increase of 64% from the 2017 figure.

It is important to note that there are no figures available for the years 2023, 2003, and 2002 in the register for this street. Overall, from the 2007 revision to the 2024 revision, there has been a substantial increase of 355% in the guideline value.

Guideline values in Kodambakkam

In Kodambakkam, there are a total of 1,031 streets under the Ashok Nagar SRO that carry a 2024 guideline value, ranging from Rs 2,200 to Rs 11,000 per sq.ft, with a median value of Rs 4,900 per sq.ft. The guideline value of Palaniappa Street (Meenakshi Nagar) is above this median.

• Palaniappan Street: Rs 4,100 per sq.ft (2024)
• Palai Street: Rs 3,300 per sq.ft (2024)
• Palayakkara Cross Street: Rs 6,600 per sq.ft (2024)
• Palayakkaran Lane: Rs 5,500 per sq.ft (2024)
• Palayakkaran Street: Rs 6,600 per sq.ft (2024)
• Pallavan Salai (Street): Rs 4,900 per sq.ft (2024)

Stamp duty and registration fee for property in Palaniappa Street(Meenakshi Nagar)

For a 1,000 sq.ft plot at the current guideline value of Rs 5,500 per sq.ft, the total guideline value would be Rs 55,00,000. The stamp duty at 7% would amount to Rs 3,85,000, and the registration fee at 2% would be Rs 1,10,000, bringing the total charges to Rs 4,95,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can also use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Palaniappa Street(Meenakshi Nagar)?

The Sub Registrar Office that covers Palaniappa Street (Meenakshi Nagar) is the Ashok Nagar Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037 (Near By Nolambur Eb Office). You can find your SRO for further assistance.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Kodambakkam. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the transaction.

When a property is sold, the guideline value is used to calculate the applicable charges based on the higher of the guideline value or the sale price. This ensures that the government receives the appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Palaniappa Street (Meenakshi Nagar)?

The current guideline value of Palaniappa Street (Meenakshi Nagar) is Rs 5,500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,210 per sq.ft in 2007 to Rs 5,500 per sq.ft in 2024, reflecting an overall increase of 355% over the years.

What is the land classification for Palaniappa Street (Meenakshi Nagar)?

The land classification for Palaniappa Street (Meenakshi Nagar) is Residential Class III Type - I.

What is the median guideline value for streets in Kodambakkam?

The median guideline value for streets in Kodambakkam is Rs 4,900 per sq.ft, while Palaniappa Street's current value is above this median.

Where can I find the Sub Registrar Office for Palaniappa Street (Meenakshi Nagar)?

The Sub Registrar Office for Palaniappa Street (Meenakshi Nagar) is the Ashok Nagar Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037.