Guideline Value for Pallavan Trasport Colony

Pallavan Trasport Colony guideline value

The current guideline value of Pallavan Trasport Colony, located in Nemilicherry village under the Pallavaram SRO, is Rs 2,160 per sq.ft, effective from 1 July 2024. This area is classified as Residential Class II Type - I.

How the guideline value of Pallavan Trasport Colony has changed

The guideline value for Pallavan Trasport Colony has undergone several revisions over the years. In 2007, the guideline value was set at Rs 250 per sq.ft. This increased significantly to Rs 2,000 per sq.ft in 2012, marking a rise of 700%. However, it then decreased to Rs 1,340 per sq.ft in 2017, a drop of 33%. The value further increased to Rs 2,000 per sq.ft in 2023, and currently stands at Rs 2,160 per sq.ft from the 2024 revision, reflecting an 8% increase from the previous year. Notably, there are no figures available for the years 2002 and 2003 in the register for this street.

From 2007 to 2024, the overall increase in the guideline value is 764%. The changes in the guideline value illustrate the fluctuations over the years, with the most recent revision being the highest recorded value for this street.

Guideline values in Nemilicherry

In Nemilicherry, there are 172 streets under the Pallavaram SRO that carry a 2024 guideline value, ranging from Rs 1,100 to Rs 3,300 per sq.ft. The median value is Rs 2,160 per sq.ft, which is equal to the guideline value of Pallavan Trasport Colony.

• Panchayat Market Colony Lane: Rs 1,100 per sq.ft (2024)
• Panchayat Market Colony Road: Rs 1,100 per sq.ft (2024)
• Pandian Street: Rs 2,160 per sq.ft (2024)
• Paramasivam Nagar: Rs 2,160 per sq.ft (2024)
• Parimala Layout: Rs 1,100 per sq.ft (2024)
• Parri Street: Rs 2,160 per sq.ft (2024)

Stamp duty and registration fee for property in Pallavan Trasport Colony

For a 1,000 sq.ft plot at the current guideline value of Rs 2,160 per sq.ft, the total guideline value would be Rs 21,60,000. The stamp duty at 7% would be Rs 1,51,200, and the registration fee at 2% would be Rs 43,200, bringing the total to Rs 1,94,400. 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 our stamp duty and registration fee calculator.

Which Sub Registrar Office covers Pallavan Trasport Colony?

The Sub Registrar Office that covers Pallavan Trasport Colony is the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor in property transactions in Nemilicherry. 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, ensuring that both parties are aware of the financial implications of the transaction.

In practice, the guideline value helps maintain transparency in real estate transactions. It provides a standardized measure that reflects the prevailing market conditions, making it easier for buyers and sellers to negotiate and finalize deals. Understanding the guideline value is essential for anyone looking to engage in property transactions in the area.

Frequently asked questions

What is the current guideline value of Pallavan Trasport Colony?

The current guideline value of Pallavan Trasport Colony is Rs 2,160 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen several revisions, starting from Rs 250 per sq.ft in 2007, increasing to Rs 2,000 in 2012, then decreasing to Rs 1,340 in 2017, and rising to Rs 2,000 in 2023, before reaching Rs 2,160 in 2024.

What is the land classification of Pallavan Trasport Colony?

Pallavan Trasport Colony is classified as Residential Class II Type - I, indicating its suitability for residential purposes.

Where can I find the Sub Registrar Office for Pallavan Trasport Colony?

The Sub Registrar Office for Pallavan Trasport Colony is located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, Chengalpattu registration zone.

How is the stamp duty calculated for properties in Pallavan Trasport Colony?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 21,60,000, the stamp duty at 7% would amount to Rs 1,51,200.