Guideline Value for Pallavan Nagar Vinayagar Koil Street

Pallavan Nagar Vinayagar Koil Street guideline value

The current guideline value of Pallavan Nagar Vinayagar Koil Street is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is located in Nerkundram village, under the Virugambakkam SRO, and is classified as Residential Class IV Type - I.

How the guideline value of Pallavan Nagar Vinayagar Koil Street has changed

The guideline value for Pallavan Nagar Vinayagar Koil Street has undergone 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. By 2007, the value jumped significantly to Rs 400 per sq.ft, an increase of 60%. The 2012 revision saw the value rise to Rs 2,000 per sq.ft, reflecting a substantial 400% increase from the previous figure. However, in 2017, the value decreased to Rs 1,340 per sq.ft, a decline of 33%. The guideline value was then set to Rs 2,000 per sq.ft in 2023, before reaching the current figure of 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 risen by 1,109%. There are no figures available for the revisions in years not listed.

Guideline values in Nerkundram

Nerkundram village has a total of 476 streets under the Virugambakkam SRO, with guideline values for 2024 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 equal to the current value for Pallavan Nagar Vinayagar Koil Street.

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

Stamp duty and registration fee for property in Pallavan Nagar Vinayagar Koil 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, charged 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 duty is charged on the higher of the guideline value and the sale price.

For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Pallavan Nagar Vinayagar Koil Street?

The Sub Registrar Office that covers Pallavan Nagar Vinayagar Koil 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

The guideline value is a critical factor in the registration process for property transactions in Nerkundram. It serves as a benchmark for determining the minimum value at which a property can be registered. When buying or selling property, the guideline value is used to calculate the stamp duty and registration fees that need to be paid to the authorities.

Buyers and sellers should be aware that the guideline value may differ from the actual sale price. However, the stamp duty is charged based on the higher of the guideline value or the sale price, ensuring that the government receives the appropriate revenue from the transaction.

Frequently asked questions

What is the current guideline value of Pallavan Nagar Vinayagar Koil Street?

The current guideline value of Pallavan Nagar Vinayagar Koil 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, representing an overall increase of 1,109% over the years.

What are the stamp duty and registration fees for property in Pallavan Nagar Vinayagar Koil Street?

For a property valued at Rs 22,00,000, the stamp duty would be Rs 1,54,000, and the registration fee would be Rs 44,000, totaling Rs 1,98,000.

Which Sub Registrar Office covers this street?

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

How is the guideline value used in property transactions?

The guideline value is used to determine the minimum registration value of a property and to calculate the stamp duty and registration fees during property transactions in Nerkundram.