Guideline Value for Palayam Pillai Nagar 2nd Street

Palayam Pillai Nagar 2nd Street guideline value

The current guideline value of Palayam Pillai Nagar 2nd Street is Rs 4,900 per sq.ft, effective from 1 July 2024. This street is located in Ayanavaram village and falls under the AnnaNagar SRO. The land classification for this area is Residential Class I Type - III.

How the guideline value of Palayam Pillai Nagar 2nd Street has changed

The guideline value for Palayam Pillai Nagar 2nd Street has seen several revisions over the years. In 2002, the value was Rs 461 per sq.ft, which increased to Rs 518 per sq.ft in 2003. Following this, the value rose significantly to Rs 1,200 per sq.ft in 2007. By 2012, the value was recorded at Rs 4,500 per sq.ft, but it dropped to Rs 3,015 per sq.ft in 2017. The 2023 revision brought the value back up to Rs 4,500 per sq.ft, and the most recent revision in 2024 set it at Rs 4,900 per sq.ft.

Examining the changes between these revisions, from 2002 to 2024, there has been an overall increase of 963%. The value increased by 12% from 2002 to 2003, followed by a 132% rise from 2003 to 2007. The value surged by 275% from 2007 to 2012, but then saw a decrease of 33% from 2012 to 2017. After a 49% increase from 2017 to 2023, the value rose by 9% from 2023 to 2024.

Guideline values in Ayanavaram

Ayanavaram village has a total of 369 streets under the AnnaNagar SRO, with the 2024 guideline values ranging from Rs 2,700 to Rs 20,000 per sq.ft. The median guideline value for these streets is Rs 4,900 per sq.ft, which is the same as the current value for Palayam Pillai Nagar 2nd Street.

• Palayam Pillai Nagar: Rs 4,400 per sq.ft (2024)
• Palayam Pillai Nagar 3rd Street: Rs 4,900 per sq.ft (2024)
• Palayam Pillai Nagar Ist Street: Rs 4,900 per sq.ft (2024)
• Palayakkaran Street: Rs 4,900 per sq.ft (2024)
• Palayakkaran Iind street: Rs 4,900 per sq.ft (2024)
• Palayakaran Ist Street: Rs 4,900 per sq.ft (2024)

Stamp duty and registration fee for property in Palayam Pillai Nagar 2nd Street

For a 1,000 sq.ft plot at the current guideline value of Rs 4,900 per sq.ft, the total guideline value amounts to Rs 49,00,000. The stamp duty, calculated at 7%, would be Rs 3,43,000, while the registration fee at 2% would be Rs 98,000. Therefore, the total cost for these fees would be Rs 4,41,000. It is important to note that duty is charged on the higher of the guideline value and the sale price.

For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Palayam Pillai Nagar 2nd Street?

The Sub Registrar Office that covers Palayam Pillai Nagar 2nd Street is the AnnaNagar Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office. You can find your SRO for more details.

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

The guideline value plays a crucial role during the registration of property transactions in Ayanavaram. It serves as the basis for calculating stamp duty and registration fees, which are mandatory for property transfers. Buyers and sellers must be aware of the guideline value to ensure compliance with legal requirements.

When a property is sold, the guideline value is compared with the sale price, and the higher of the two is used to determine the applicable duties and fees. Understanding the guideline value is essential for both buyers and sellers to accurately assess the costs involved in property transactions.

Frequently asked questions

What is the current guideline value of Palayam Pillai Nagar 2nd Street?

The current guideline value of Palayam Pillai Nagar 2nd Street is Rs 4,900 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 461 per sq.ft in 2002 to Rs 4,900 per sq.ft in 2024, showing an overall increase of 963% over the years.

What is the land classification for Palayam Pillai Nagar 2nd Street?

The land classification for Palayam Pillai Nagar 2nd Street is Residential Class I Type - III.

What are the stamp duty and registration fees for property in this area?

For a 1,000 sq.ft plot at the current guideline value, the total stamp duty would be Rs 3,43,000 and the registration fee would be Rs 98,000, totaling Rs 4,41,000.

Which Sub Registrar Office is responsible for this street?

The AnnaNagar Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, is responsible for Palayam Pillai Nagar 2nd Street.