Guideline Value for Pallavan Street

Pallavan Street guideline value

The current guideline value of Pallavan Street in Madipakkam-1 village, under the Velacheri SRO, is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is classified as Residential Class II Type - I.

How the guideline value of Pallavan Street has changed

The guideline value for Pallavan Street has seen several revisions over the years. In the 2017 revision, the value was set at Rs 1,340 per sq.ft. This increased significantly to Rs 2,000 per sq.ft in the 2023 revision, marking a 49% rise. The most recent revision in 2024 has further increased the value to Rs 2,200 per sq.ft, reflecting a 10% increase from 2023.

Overall, from the 2017 revision to the 2024 revision, the guideline value has increased by 64%. It is important to note that there are no figures available for the revisions in 2002, 2003, 2007, and 2012 for Pallavan Street.

Guideline values in Madipakkam-1

In Madipakkam-1, there are 1,823 streets under the Velacheri SRO that carry a 2024 guideline value ranging from Rs 1,650 to Rs 5,500 per sq.ft. The median guideline value in this area is Rs 2,750 per sq.ft, which places Pallavan Street's 2024 figure below that median.

• Pallavan Cross Street: Rs 2,200 per sq.ft (2024)
• Palayamkoil Street: Rs 1,650 per sq.ft (2024)
• Padmavathi Street, Sairam Avenue, Balaiya Garder: Rs 3,850 per sq.ft (2024)
• Padmavathi Nagar, Sreenivasan Nagar: Rs 3,850 per sq.ft (2024)
• Pari Colony: Rs 1,650 per sq.ft (2024)
• Pari Colony/SRVS Colony: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Pallavan 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. Together, the total cost for these fees would be Rs 1,98,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

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

Which Sub Registrar Office covers Pallavan Street?

The Sub Registrar Office that covers Pallavan Street is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. You can find your SRO for more information.

How the guideline value is used when you buy or sell in Madipakkam-1

The guideline value plays a crucial role in the property registration process in Madipakkam-1. When a property is bought or sold, the guideline value is used to determine the stamp duty and registration fees that need to be paid. This ensures that the transaction is recorded accurately and in compliance with local regulations.

Frequently asked questions

What is the current guideline value of Pallavan Street?

The current guideline value of Pallavan Street is Rs 2,200 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

Since the 2017 revision, the guideline value has increased from Rs 1,340 per sq.ft to Rs 2,200 per sq.ft in 2024, reflecting an overall increase of 64%.

What are the stamp duty and registration fees for a property on Pallavan Street?

For a 1,000 sq.ft property, the total guideline value is Rs 22,00,000. The stamp duty is Rs 1,54,000, and the registration fee is Rs 44,000, totaling Rs 1,98,000.

Which Sub Registrar Office handles registrations for Pallavan Street?

The Velacheri Sub Registrar Office handles registrations for Pallavan Street, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

How does the guideline value affect property transactions?

The guideline value is used to determine the stamp duty and registration fees during property transactions. It is essential for buyers and sellers to understand these values to ensure compliance with local regulations.