Guideline Value for Pavalamalli Street

Pavalamalli Street guideline value

The current guideline value of Pavalamalli Street is Rs 4,400 per sq.ft. This street is located in Chenchery village, which falls under the Virugambakkam SRO. The land classification for this area is Residential Class I Type - II.

How the guideline value of Pavalamalli Street has changed

The guideline value for Pavalamalli Street has seen several revisions over the years. Starting from the 2002 revision, the value was Rs 491 per sq.ft. This increased to Rs 546 per sq.ft in 2003, marking an increase of 11%. The value then surged significantly to Rs 2,100 per sq.ft in 2007, which represented a 285% increase. By 2012, the value was Rs 4,000 per sq.ft, reflecting a 90% rise from the previous revision. However, from 2012 to 2017, the value decreased to Rs 2,680 per sq.ft, showing a decline of 33%. The 2017 revision saw an increase to Rs 4,000 per sq.ft in 2023, a rise of 49%, and finally, the current 2024 revision has set the value at Rs 4,400 per sq.ft, which is a 10% increase from 2023.

There are no figures available for the revisions in the years between 2002 and 2003, 2007 and 2012, and 2012 and 2017 for Pavalamalli Street in the register.

Guideline values in Chenchery

In Chenchery, there are 44 streets under the Virugambakkam SRO that carry a 2024 guideline value, ranging from Rs 2,750 to Rs 7,700 per sq.ft. The median value for these streets is Rs 4,400 per sq.ft, which matches the current guideline value of Pavalamalli Street.

• Raghavendira Colony: Rs 4,950 per sq.ft (2024)
• Natesan Nagar West Street: Rs 4,400 per sq.ft (2024)
• Natesan Nagar 7th Cross Street: Rs 4,400 per sq.ft (2024)
• Natesan Nagar 6th Cross Street: Rs 4,400 per sq.ft (2024)
• Natesan Nagar 5th Main Road: Rs 4,950 per sq.ft (2024)
• Natesan Nagar 5th Cross Street: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in Pavalamalli Street

For a 1,000 sq.ft plot at the current guideline value of Rs 4,400 per sq.ft, the total guideline value would be Rs 44,00,000. The stamp duty at 7% would amount to Rs 3,08,000, and the registration fee at 2% would be Rs 88,000. Together, the total cost for these fees would be Rs 3,96,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for further calculations.

Which Sub Registrar Office covers Pavalamalli Street?

The Sub Registrar Office that covers Pavalamalli 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 information.

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

The guideline value is a crucial factor when buying or selling property in Chenchery. It serves as a benchmark for determining the minimum value of a property during registration. Buyers and sellers should be aware that the guideline value is used to calculate the stamp duty and registration fees applicable to the transaction.

When a property is registered, the guideline value ensures that the transaction is recorded at a fair value as per the prevailing rates set by the authorities. This helps in maintaining transparency and accountability in property transactions within the region.

Frequently asked questions

What is the current guideline value of Pavalamalli Street?

The current guideline value of Pavalamalli Street is Rs 4,400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 491 per sq.ft in 2002 to Rs 4,400 per sq.ft in 2024, reflecting an overall increase of 796% over the years.

What is the land classification for Pavalamalli Street?

Pavalamalli Street is classified as Residential Class I Type - II, which is important for understanding its usage and regulatory framework.

Where can I find the registration office for Pavalamalli Street?

The registration office covering Pavalamalli Street is the Virugambakkam Sub Registrar Office, 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, whichever is higher. For example, for a plot valued at Rs 44,00,000, the stamp duty would be Rs 3,08,000 and the registration fee would be Rs 88,000.