Guideline Value for Pallavan Nagar Kattabomman 2nd Cross Street

Pallavan Nagar Kattabomman 2nd Cross Street guideline value

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

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

The guideline value for Pallavan Nagar Kattabomman 2nd Cross Street has undergone several revisions over the years. The earliest recorded figure is from 2002, where the guideline value was Rs 182 per sq.ft. This increased to Rs 250 per sq.ft in 2003, then to Rs 400 per sq.ft in 2007. A significant jump occurred in 2012, where the value was Rs 2,000 per sq.ft, followed by a decrease to Rs 1,340 per sq.ft in 2017. The value saw an increase again in 2023 to Rs 2,000 per sq.ft, culminating in the current value of Rs 2,200 per sq.ft as per the 2024 revision.

Between the revisions, the changes were as follows: from 2002 to 2003, there was an increase of 37%; from 2003 to 2007, the value rose by 60%; a substantial increase of 400% was noted from 2007 to 2012. However, from 2012 to 2017, there was a decrease of 33%. The value increased by 49% from 2017 to 2023, and finally, there was a 10% increase from 2023 to 2024. Overall, from 2002 to 2024, the guideline value has increased by 1109%.

Guideline values in Nerkundram

Nerkundram village has a total of 476 streets under the Virugambakkam SRO, with guideline values 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, placing Pallavan Nagar Kattabomman 2nd Cross Street at the median value for 2024.

• Pallavan Nagar Kattabomman 1st Cross Street: Rs 2,200 per sq.ft (2024)
• Pallavan Nagar Kattabomman Street: Rs 2,200 per sq.ft (2024)
• Pallavan Nagar Kambar Street: Rs 2,200 per sq.ft (2024)
• Pallavan Nagar Main Road: Rs 2,200 per sq.ft (2024)
• Pallavan Nagar Barathi Street: Rs 2,200 per sq.ft (2024)
• Pallavan Nagar Pillaiyar Koil Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Pallavan Nagar Kattabomman 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, while 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 details, you can use the stamp duty and registration fee calculator.

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

The Sub Registrar Office covering Pallavan Nagar Kattabomman 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 information.

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

The guideline value is an essential factor when registering property in Nerkundram. It serves as a benchmark for determining the stamp duty and registration fees that must be paid during the transaction process.

When a property is bought or sold, 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 registration process is consistent and transparent.

Frequently asked questions

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

The current guideline value for Pallavan Nagar Kattabomman 2nd Cross Street is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

Over the years, the guideline value has seen significant changes, with the earliest figure being Rs 182 per sq.ft in 2002, and it has increased to Rs 2,200 per sq.ft in 2024.

What is the land classification for this street?

The land classification for Pallavan Nagar Kattabomman 2nd Cross Street is Residential Class IV Type - I.

Where can I find the Sub Registrar Office for this area?

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

How is the stamp duty calculated for property transactions?

The stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, for a property valued at Rs 22,00,000, the stamp duty would be Rs 1,54,000 at a rate of 7%.