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 2,200 per sq.ft, effective from 1 July 2024. This street is located in Nerkundram village, under the jurisdiction of the Virugambakkam SRO, and is classified as Residential Class IV Type - I.

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

The guideline value for Pallavan Nagar 2nd Cross 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 continued to rise to Rs 400 per sq.ft in 2007, a significant increase of 60%. The 2012 revision saw the value at Rs 2,000 per sq.ft, reflecting a substantial 400% increase from the previous revision. However, in 2017, the guideline value dropped to Rs 1,340 per sq.ft, a decrease of 33%. The value then rose to Rs 2,000 per sq.ft in 2023, and finally reached Rs 2,200 per sq.ft in 2024, which is a 10% increase from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 1,109%. Notably, there are no figures for revisions in years other than those specified.

Guideline values in Nerkundram

Nerkundram has a variety of guideline values across its 476 streets under the Virugambakkam SRO, ranging from Rs 1,650 to Rs 6,600 per sq.ft. The median guideline value for these streets is Rs 2,200 per sq.ft, which is the same as the current guideline value for Pallavan Nagar 2nd Cross Street.

• Pallavan Nagar 2nd Street: Rs 2,200 per sq.ft (2024)
• Pallavan Nagar 1st Street: Rs 2,200 per sq.ft (2024)
• Pallavan Nagar 1st Cross 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 2nd Cross 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 amount to Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, making the total fees 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.

You can use the stamp duty and registration fee calculator for more information.

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. You can find your SRO for more details.

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

When buying or selling property in Nerkundram, the guideline value is a crucial factor during the registration process. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid, ensuring that the transaction is recorded accurately.

It is essential for buyers and sellers to be aware of the current guideline value as it impacts the overall cost of the transaction. The guideline value is set by the Registration Department and is regularly updated to reflect changes in the market.

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 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 stamp duty and registration fees for property in this area?

For a 1,000 sq.ft plot, the total guideline value is Rs 22,00,000, with stamp duty at Rs 1,54,000 and registration fees at Rs 44,000, totaling Rs 1,98,000.

Which office handles registrations for Pallavan Nagar 2nd Cross Street?

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

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

Pallavan Nagar 2nd Cross Street is classified as Residential Class IV Type - I according to the local regulations.