Guideline Value for Pallavan Street

Pallavan Street guideline value

The current guideline value of Pallavan Street in Nesapakkam village, under the Virugambakkam SRO, is Rs 3,850 per sq.ft, effective from 1 July 2024. This street falls under the Residential Class I Type - I land classification.

How the guideline value of Pallavan Street has changed

The guideline value for Pallavan Street has undergone several revisions over the years. In 2002, the value was Rs 300 per sq.ft, which increased to Rs 330 per sq.ft in 2003, marking a 10% rise. The value then saw a significant increase to Rs 1,100 per sq.ft in 2007, reflecting a 233% change. Following this, the value was revised to Rs 3,500 per sq.ft in 2012, which represented a 218% increase from the previous revision.

In 2017, the guideline value was set at Rs 2,345 per sq.ft, indicating a decrease of 33% from the 2012 figure. This was followed by a substantial increase to Rs 3,500 per sq.ft in 2023, which was a 49% rise. The most recent revision in 2024 set the value at Rs 3,850 per sq.ft, resulting in a 10% increase from the previous year. Overall, from 2002 to 2024, the guideline value has increased by 1183%.

Guideline values in Nesapakkam

Nesapakkam village has a total of 148 streets under the Virugambakkam SRO that carry a 2024 guideline value ranging from Rs 2,200 to Rs 7,150 per sq.ft. The median guideline value for these streets is Rs 3,300 per sq.ft, placing Pallavan Street's 2024 figure above this median.

• Otrai Vadai Street: Rs 4,400 per sq.ft (2024)
• N.S.C. Bose Street: Rs 3,300 per sq.ft (2024)
• PERIYAR NAGAR - Balambal Street: Rs 3,850 per sq.ft (2024)
• PERIYAR NAGAR - Jagadhambal Street: Rs 3,850 per sq.ft (2024)
• PERIYAR NAGAR - Kamarajar Street: Rs 3,850 per sq.ft (2024)
• PERIYAR NAGAR - Kannammal Street: Rs 3,850 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 3,850 per sq.ft, the total guideline value would be Rs 38,50,000. The stamp duty at 7% would amount to Rs 2,69,500, and the registration fee at 2% would be Rs 77,000, totaling Rs 3,46,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price. For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Pallavan Street?

The Sub Registrar Office that covers Pallavan 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 Nesapakkam

The guideline value is a critical factor in property transactions in Nesapakkam. When buying or selling property, the guideline value helps determine the applicable stamp duty and registration fees, ensuring that these costs are based on a standardized valuation set by the government.

At the time of registration, the guideline value is used to calculate the stamp duty and registration fees, which are mandatory for all property transactions. Buyers should be aware that these fees are based on the guideline value or the sale price, whichever is higher, to ensure 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 3,850 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 300 per sq.ft in 2002 to Rs 3,850 per sq.ft in 2024, reflecting an overall increase of 1183% over the years.

What is the land classification of Pallavan Street?

Pallavan Street falls under the Residential Class I Type - I land classification.

Where can I find the Sub Registrar Office for Pallavan Street?

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

How are stamp duty and registration fees calculated?

Stamp duty and registration fees are calculated based on the guideline value or the sale price of the property, whichever is higher. For example, a 1,000 sq.ft plot at the current guideline value would incur specific fees based on the established rates.