Guideline Value for Pelican Nagar

Pelican Nagar guideline value

The current guideline value of Pelican Nagar, located in Alamathi village under the Redhills SRO, is Rs 550 per sq.ft, effective from 1 July 2024. This area falls under the Residential Class II Type - I land classification.

How the guideline value of Pelican Nagar has changed

The guideline value for Pelican Nagar has undergone several revisions over the years. Starting from the 2003 revision, the value was set at Rs 21 per sq.ft. In the subsequent years, the value increased significantly, reaching Rs 200 per sq.ft in 2007, Rs 500 per sq.ft in 2012, and then decreased to Rs 335 per sq.ft in 2017. The 2023 revision saw a rise to Rs 500 per sq.ft, and the latest revision in 2024 has increased it to Rs 550 per sq.ft.

Notably, the changes between these revisions show a substantial increase overall. From 2003 to 2007, the value jumped by 852%. The value then decreased by 33% from 2012 to 2017. However, it increased by 49% from 2017 to 2023 and by 10% from 2023 to 2024. Overall, the guideline value has increased by 2519% from 2003 to 2024.

Guideline values in Alamathi

In Alamathi, there are 54 streets under the Redhills SRO that carry a 2024 guideline value ranging from Rs 440 to Rs 1,100 per sq.ft. Pelican Nagar's 2024 guideline value of Rs 550 per sq.ft is equal to the median value of the area.

• Parthiban Nagar: Rs 550 per sq.ft (2024)
• Perumal Koil Street: Rs 990 per sq.ft (2024)
• Padavattamman Street: Rs 770 per sq.ft (2024)
• N.R.V. Nagar: Rs 550 per sq.ft (2024)
• New Star City Annex: Rs 660 per sq.ft (2024)
• New Star City: Rs 550 per sq.ft (2024)

Stamp duty and registration fee for property in Pelican Nagar

For a 1,000 sq.ft plot at the current rate of Rs 550 per sq.ft, the guideline value amounts to Rs 5,50,000. The stamp duty at 7% would be Rs 38,500, and the registration fee at 2% would be Rs 11,000, totaling Rs 49,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Pelican Nagar?

The Sub Registrar Office that covers Pelican Nagar is the Redhills Sub Registrar Office, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052. You can find your SRO for more information.

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

The guideline value is a crucial factor during property transactions in Alamathi. It serves as a benchmark for determining the minimum value at which properties can be registered, ensuring that the property is not sold for less than this value.

When buyers and sellers engage in a transaction, the guideline value helps in calculating the stamp duty and registration fees, which are mandatory for completing the sale. This ensures transparency and fairness in property dealings within the region.

Frequently asked questions

What is the current guideline value of Pelican Nagar?

The current guideline value of Pelican Nagar is Rs 550 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 21 per sq.ft in 2003 to Rs 550 per sq.ft in 2024, with several revisions in between, including Rs 200 in 2007 and Rs 500 in 2012 and 2023.

What is the land classification of Pelican Nagar?

Pelican Nagar falls under the Residential Class II Type - I land classification.

Where is the Redhills Sub Registrar Office located?

The Redhills Sub Registrar Office is located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052.

How is stamp duty calculated for properties in Pelican Nagar?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property with a guideline value of Rs 5,50,000, the stamp duty at 7% would be Rs 38,500.