Guideline Value for Pallavan Nagar 5th Cross Street

Pallavan Nagar 5th Cross Street guideline value

The current guideline value of Pallavan Nagar 5th 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 5th Cross Street has changed

The guideline value for Pallavan Nagar 5th Cross Street has seen several revisions over the years. The earliest recorded figure is from 2003 at Rs 430 per sq.ft, which increased to Rs 500 per sq.ft in 2007. The value then rose significantly to Rs 3,250 per sq.ft in 2012, before dropping to Rs 2,177 per sq.ft in 2017. Following that, there was a substantial increase to Rs 3,250 per sq.ft in 2023, and the current value stands at Rs 3,600 per sq.ft as of the 2024 revision.

Between the revisions, the changes are notable. From 2003 to 2007, the value increased by 16%. However, from 2007 to 2012, it saw a drastic decline of 33%. The value then surged by 49% from 2017 to 2023. The most recent change from 2023 to 2024 reflects an increase of 11%. Overall, from 2003 to 2024, the guideline value has risen by 737%. It is important to note that the register has no figure for this street in 2002.

Guideline values in Maduravoyal

In Maduravoyal, there are 636 streets under the Virugambakkam SRO with a 2024 guideline value ranging from Rs 2,200 to Rs 6,050 per sq.ft. The median value is Rs 3,050 per sq.ft, placing Pallavan Nagar 5th Cross Street above this median at Rs 3,600 per sq.ft.

• Pallavan Nagar 5th Main Road: Rs 3,600 per sq.ft (2024)
• Pallavan Nagar 4th Main Road: Rs 3,600 per sq.ft (2024)
• Pallavan Nagar 4th Cross Street: Rs 3,600 per sq.ft (2024)
• Pallavan Nagar 6th Main Road: Rs 3,600 per sq.ft (2024)
• Pallavan Nagar Extn: Rs 3,600 per sq.ft (2024)
• Pallavan Nagar 3rd Main Road: Rs 3,600 per sq.ft (2024)

Stamp duty and registration fee for property in Pallavan Nagar 5th 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 amounts to Rs 36,00,000. The stamp duty at 7% would be Rs 2,52,000, and the registration fee at 2% would be Rs 72,000, bringing the total cost for these fees to Rs 3,24,000. It is important to note that duty is charged on the higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Pallavan Nagar 5th Cross Street?

The Sub Registrar Office that covers Pallavan Nagar 5th 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 further assistance.

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

When buying or selling property in Maduravoyal, the guideline value is a crucial factor in determining the stamp duty and registration fees payable. The guideline value serves as a benchmark for the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue from property transactions.

It is essential for buyers and sellers to be aware of the current guideline value, as it directly impacts the financial obligations involved in the registration process. Understanding this value helps in making informed decisions during property transactions.

Frequently asked questions

What is the current guideline value of Pallavan Nagar 5th Cross Street?

The current guideline value of Pallavan Nagar 5th 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 430 per sq.ft in 2003 to Rs 3,600 per sq.ft in 2024, with various increases and decreases through the years.

What is the land classification for Pallavan Nagar 5th Cross Street?

Pallavan Nagar 5th Cross Street is classified as Residential Class I Type - II, indicating its suitability for residential development.

Where is the Virugambakkam Sub Registrar Office located?

The Virugambakkam Sub Registrar Office is located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

How is stamp duty calculated for properties in Pallavan Nagar 5th Cross Street?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 36,00,000, the stamp duty would be Rs 2,52,000.