Guideline Value for Pallavan Nagar 1st Street

Pallavan Nagar 1st Street guideline value

The current guideline value of Pallavan Nagar 1st Street is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is located in Nerkundram village under the Virugambakkam SRO, and it falls under the Residential Class IV Type - I land classification.

How the guideline value of Pallavan Nagar 1st Street has changed

The guideline value for Pallavan Nagar 1st Street has seen several revisions over the years. In 2002, the guideline value was Rs 182 per sq.ft. This increased to Rs 250 per sq.ft in 2003, marking a 37% rise. The value further increased to Rs 400 per sq.ft in 2007, which was a significant 60% increase. By 2012, the value reached Rs 2,000 per sq.ft, reflecting a substantial 400% increase from the previous revision. However, in 2017, the value decreased to Rs 1,340 per sq.ft, indicating a 33% decline. The guideline value then increased to Rs 2,000 per sq.ft in 2023, followed by the latest revision in 2024, which set the value at Rs 2,200 per sq.ft, a 10% increase from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 1,109%. There are no figures available for revisions in years not listed in the register.

Guideline values in Nerkundram

Nerkundram village has 476 streets under the Virugambakkam SRO, with the 2024 guideline values ranging from Rs 1,650 to Rs 6,600 per sq.ft. The median value for these streets is Rs 2,200 per sq.ft, which is equal to the guideline value of Pallavan Nagar 1st Street.

• Pallavan Nagar 1st Cross Street: Rs 2,200 per sq.ft (2024)
• Pallavan Nagar 2nd Cross Street: Rs 2,200 per sq.ft (2024)
• Pallavan Nagar 2nd Street: Rs 2,200 per sq.ft (2024)
• Pallavan Nagar 3rd Street: Rs 2,200 per sq.ft (2024)
• Pallavan Nagar 4th Street: Rs 2,200 per sq.ft (2024)
• Pallavan Nagar Barathi Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Pallavan Nagar 1st 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 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 also use the stamp duty and registration fee calculator for more accurate calculations.

Which Sub Registrar Office covers Pallavan Nagar 1st Street?

The Sub Registrar Office that covers Pallavan Nagar 1st Street is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. For more information, you can find your SRO.

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

The guideline value is a critical factor in property transactions in Nerkundram, as it determines the minimum value at which properties can be registered. When buying or selling property, the guideline value is used to calculate the applicable stamp duty and registration fees, ensuring that these costs are based on a standardized valuation.

It is essential for buyers and sellers to be aware of the guideline value as it influences the overall cost of property transactions. Understanding this value helps in making informed decisions during the buying or selling process.

Frequently asked questions

What is the current guideline value of Pallavan Nagar 1st Street?

The current guideline value of Pallavan Nagar 1st 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 significantly from Rs 182 per sq.ft in 2002 to Rs 2,200 per sq.ft in 2024, showing an overall increase of 1,109%.

What is the stamp duty rate for property in Pallavan Nagar 1st Street?

The stamp duty rate for property in Pallavan Nagar 1st Street is 7% of the guideline value or the sale price, whichever is higher.

Where can I find the Sub Registrar Office for Pallavan Nagar 1st Street?

The Sub Registrar Office for Pallavan Nagar 1st Street is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

How is the guideline value used in property transactions?

The guideline value is used to determine the minimum registration value of properties, which affects the stamp duty and registration fees during property transactions in Nerkundram.