Guideline Value for Pallavan Nagar 2nd Street

Pallavan Nagar 2nd Street guideline value

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

How the guideline value of Pallavan Nagar 2nd Street has changed

The guideline value for Pallavan Nagar 2nd Street has undergone several revisions over the years. The earliest recorded figure is from 2002, which was Rs 182 per sq.ft. This value increased to Rs 250 per sq.ft in 2003, marking a rise of 37%. In 2007, the guideline value saw a significant jump to Rs 400 per sq.ft, a change of 60%. The value then increased dramatically to Rs 2,000 per sq.ft in 2012, reflecting a 400% rise. However, from 2012 to 2017, the value decreased to Rs 1,340 per sq.ft, a decline of 33%. The guideline value increased again 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%. The register has no figures for the years not mentioned in the revisions above.

Guideline values in Nerkundram

Nerkundram has a total of 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 the same as the current guideline value for Pallavan Nagar 2nd Street.

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

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, bringing the total fees 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 information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Pallavan Nagar 2nd Street?

The Sub Registrar Office that covers Pallavan Nagar 2nd Street is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. To find your SRO, you can visit find your SRO.

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

The guideline value is a crucial factor during property registration in Nerkundram. It serves as a benchmark for determining the minimum value at which a property can be registered. Buyers and sellers must consider this value to ensure compliance with local regulations.

When a property is sold, the guideline value is used to calculate the applicable stamp duty and registration fees. This ensures that the transaction is documented accurately and that the government receives the appropriate revenue from property transactions.

Frequently asked questions

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

The current guideline value of Pallavan Nagar 2nd 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 from Rs 182 per sq.ft in 2002 to Rs 2,200 per sq.ft in 2024, reflecting an overall increase of 1,109% over the years.

What are the other streets in Nerkundram with the same guideline value?

Other streets in Nerkundram with the same guideline value of Rs 2,200 per sq.ft include Pallavan Nagar 2nd Cross Street, Pallavan Nagar 1st Street, Pallavan Nagar 3rd Street, Pallavan Nagar 1st Cross Street, Pallavan Nagar 4th Street, and Pallavan Nagar Barathi Street.

What are the stamp duty and registration fees for property in Pallavan Nagar 2nd Street?

For a 1,000 sq.ft property, the stamp duty would be Rs 1,54,000 and the registration fee would be Rs 44,000, totaling Rs 1,98,000 based on the current guideline value.

Which Sub Registrar Office covers Pallavan Nagar 2nd Street?

The Virugambakkam Sub Registrar Office covers Pallavan Nagar 2nd Street, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.