Guideline Value for Pazhaniyappa Street

Pazhaniyappa Street guideline value

The current guideline value of Pazhaniyappa Street is Rs 3,850 per sq.ft, effective from 1 July 2024. This street is located in Velachery village, under the Velacheri SRO, and is classified as Residential Class II Type - III.

How the guideline value of Pazhaniyappa Street has changed

The guideline value for Pazhaniyappa Street has seen significant changes over the years. In 2002, the guideline value was Rs 167 per sq.ft, which increased to Rs 200 per sq.ft in 2003, marking a 20% increase. The value continued to rise dramatically, reaching Rs 2,345 per sq.ft in 2017, which was a 1,073% increase from the 2003 figure. The most recent revision in 2024 set the guideline value at Rs 3,850 per sq.ft, reflecting a 64% increase from 2017.

It is important to note that there are no figures available for the years 2007, 2012, and 2023 in the register for this street. Overall, from 2002 to 2024, the guideline value has increased by 2,205%.

Guideline values in Velachery

In Velachery, there are 2,691 streets under the Velacheri SRO that carry a 2024 guideline value ranging from Rs 3,300 to Rs 13,200 per sq.ft, with a median value of Rs 4,400 per sq.ft. The guideline value of Pazhaniyappa Street is below this median.

• Pazhaniyappa Street in MGR Nagar: Rs 3,850 per sq.ft (2024)
• Pattukottai Muthukumaraswamy Salai: Rs 3,850 per sq.ft (2024)
• Patmavathi Nagar Extn 3rd Street: Rs 3,850 per sq.ft (2024)
• Pasupathi Lane: Rs 4,950 per sq.ft (2024)
• Periyar Nagar 10th Cross Street: Rs 3,850 per sq.ft (2024)
• Periyar Nagar 10th Street: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Pazhaniyappa Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,850 per sq.ft, the total guideline value amounts to Rs 38,50,000. The stamp duty at 7% would be Rs 2,69,500, and the registration fee at 2% would be Rs 77,000, bringing the total cost for these fees to Rs 3,46,500. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

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

Which Sub Registrar Office covers Pazhaniyappa Street?

The Sub Registrar Office that covers Pazhaniyappa 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 further assistance.

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

The guideline value plays a crucial role during the registration of property transactions in Velachery. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid when buying or selling a property.

When a property is sold, the guideline value is compared to the sale price, and the higher of the two is used to calculate the applicable duties and fees. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Pazhaniyappa Street?

The current guideline value of Pazhaniyappa 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 167 per sq.ft in 2002 to Rs 3,850 per sq.ft in 2024, marking an overall increase of 2,205%.

What are the stamp duty and registration fees for property in Pazhaniyappa Street?

For a 1,000 sq.ft plot, the total guideline value is Rs 38,50,000. The stamp duty would be Rs 2,69,500, and the registration fee would be Rs 77,000, totaling Rs 3,46,500.

Which office handles registrations for Pazhaniyappa Street?

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

Are there other streets in Velachery with the same guideline value?

Yes, there are several other streets in Velachery with the same guideline value of Rs 3,850 per sq.ft, including Pazhaniyappa Street in MGR Nagar and Pattukottai Muthukumaraswamy Salai.