Guideline Value for Pallavan Nagar 2nd Cross Street

Pallavan Nagar 2nd Cross Street guideline value

The current guideline value of Pallavan Nagar 2nd Cross Street is Rs 3,600 per sq.ft, effective from 1 July 2024. This street is located in Maduravoyal village, under the Virugambakkam SRO, and is classified as Residential Class I Type - II.

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

The guideline value for Pallavan Nagar 2nd Cross Street has experienced several revisions over the years. The earliest recorded value is from 2002, where it was Rs 309 per sq.ft. This figure increased to Rs 430 per sq.ft in 2003, followed by a rise to Rs 500 per sq.ft in 2007. The value saw a significant jump to Rs 3,250 per sq.ft in 2012, but then it dropped to Rs 2,177 per sq.ft in 2017. The value increased again to Rs 3,250 per sq.ft in 2023, before reaching the current value of Rs 3,600 per sq.ft in 2024.

In terms of percentage changes, the guideline value increased by 11% from 2023 to 2024. From 2017 to 2023, it increased by 49%. However, there was a decrease of 33% from 2012 to 2017. The value surged by 550% from 2007 to 2012, and from 2003 to 2007, it increased by 16%. The value also rose by 39% from 2002 to 2003. Overall, from 2002 to 2024, the guideline value has increased by 1,065%.

Guideline values in Maduravoyal

In Maduravoyal, there are 636 streets under the Virugambakkam SRO that carry a 2024 guideline value ranging from Rs 2,200 to Rs 6,050 per sq.ft, with a median value of Rs 3,050 per sq.ft. The guideline value of Pallavan Nagar 2nd Cross Street is above this median.

• Pallavan Nagar 2nd Main Road: Rs 3,600 per sq.ft (2024)
• Pallavan Nagar 1st Main Road: Rs 3,600 per sq.ft (2024)
• Pallavan Nagar 1st Cross Street: Rs 3,600 per sq.ft (2024)
• Pallavan Nagar 3rd Cross Street: Rs 3,600 per sq.ft (2024)
• Pallavan Nagar 3rd Main Road: Rs 3,600 per sq.ft (2024)
• Pallavan Nagar 4th Cross Street: Rs 3,600 per sq.ft (2024)

Stamp duty and registration fee for property in Pallavan Nagar 2nd Cross Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,600 per sq.ft, the total guideline value would be Rs 36,00,000. The stamp duty, charged at 7%, would amount to Rs 2,52,000, while the registration fee at 2% would be Rs 72,000. Together, these fees would total Rs 3,24,000. 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 our stamp duty and registration fee calculator for more accurate calculations.

Which Sub Registrar Office covers Pallavan Nagar 2nd Cross Street?

The Sub Registrar Office that covers Pallavan Nagar 2nd Cross 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 Maduravoyal

The guideline value is an essential factor during the registration of property transactions in Maduravoyal. It serves as a benchmark for determining the stamp duty and registration fees applicable when buying or selling property in the area.

When a property is registered, the guideline value is compared to the sale price, and the higher of the two is used to calculate the applicable duties and fees. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

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

The current guideline value of Pallavan Nagar 2nd Cross Street is Rs 3,600 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 309 per sq.ft in 2002 to Rs 3,600 per sq.ft in 2024, with various revisions occurring in between.

What is the land classification of Pallavan Nagar 2nd Cross Street?

Pallavan Nagar 2nd Cross Street is classified as Residential Class I Type - II, indicating its suitability for residential purposes.

What are the stamp duty and registration fees for property transactions?

The stamp duty is charged at 7% of the guideline value or sale price, whichever is higher, while the registration fee is 2% of the same. For example, a 1,000 sq.ft plot would incur a total fee of Rs 3,24,000.

Where is the Sub Registrar Office for Pallavan Nagar 2nd Cross Street located?

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