Guideline Value for Pallavan Nagar

Pallavan Nagar guideline value

The current guideline value of Pallavan Nagar, located in Mudichur village under the Padappai SRO, is Rs 3,630 per sq.ft, effective from 1 July 2024. This area is classified as Commercial Class I Type - I.

How the guideline value of Pallavan Nagar has changed

The guideline value for Pallavan Nagar has seen significant changes over the years. In 2007, the value was Rs 250 per sq.ft, which increased dramatically to Rs 3,300 per sq.ft in 2012, marking a rise of 1220%. However, it then decreased to Rs 2,211 per sq.ft in 2017, a drop of 33%. The value further increased to Rs 3,300 per sq.ft in 2023, representing a 49% rise. The latest revision in 2024 has set the value at Rs 3,630 per sq.ft, a 10% increase from the previous year.

It is important to note that the register does not provide figures for the years 2002 and 2003 for this street. Overall, from 2007 to 2024, the guideline value has increased by 1352%.

Guideline values in Mudichur

In Mudichur, there are 135 streets under the Padappai SRO that carry a 2024 guideline value ranging from Rs 880 to Rs 4,000 per sq.ft, with a median value of Rs 2,200 per sq.ft. Pallavan Nagar's 2024 figure is above this median.

• Ooratchi Mandra Street: Rs 1,210 per sq.ft (2024)
• Parvathy Nagar: Rs 1,760 per sq.ft (2024)
• Perumal Nagar: Rs 1,760 per sq.ft (2024)
• Nethaji Street: Rs 1,210 per sq.ft (2024)
• Nethaji Nagar: Rs 1,210 per sq.ft (2024)
• Pillaiyar Koil Street: Rs 1,210 per sq.ft (2024)

Stamp duty and registration fee for property in Pallavan Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 3,630 per sq.ft, the total guideline value would be Rs 36,30,000. The stamp duty at 7% would amount to Rs 2,54,100, and the registration fee at 2% would be Rs 72,600, bringing the total to Rs 3,26,700. It is important to note that the 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?

The Sub Registrar Office that covers Pallavan Nagar is the Padappai Sub Registrar Office, located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor when buying or selling property in Mudichur, as it determines the minimum value at which a property can be registered. This value is used by the registration authorities to calculate the stamp duty and registration fees applicable to the transaction.

When a property is sold, the guideline value ensures that the transaction is recorded at a fair value, preventing undervaluation. Buyers and sellers must consider this value to understand the financial implications during the registration process.

Frequently asked questions

What is the current guideline value of Pallavan Nagar?

The current guideline value of Pallavan Nagar is Rs 3,630 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 250 per sq.ft in 2007 to Rs 3,630 per sq.ft in 2024, marking an overall increase of 1352%.

What is the land classification of Pallavan Nagar?

Pallavan Nagar is classified as Commercial Class I Type - I, indicating its suitability for commercial activities.

Where can I find the registration office for Pallavan Nagar?

The registration office for Pallavan Nagar is the Padappai Sub Registrar Office, located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone.

How is the stamp duty calculated for properties in Pallavan Nagar?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, a 1,000 sq.ft plot at the current guideline value would incur a stamp duty of Rs 2,54,100.