Guideline Value for Purusothaman Nagar 1st Cross Street

Purusothaman Nagar 1st Cross Street guideline value

The current guideline value of Purusothaman Nagar 1st Cross Street is Rs 2,160 per sq.ft, effective from 1 July 2024. This street is located in Kilkattalai village under the Pallavaram SRO, classified as Residential Class III Type - I.

How the guideline value of Purusothaman Nagar 1st Cross Street has changed

The guideline value for Purusothaman Nagar 1st Cross Street has seen significant changes over the years. The earliest recorded revision is from 2003, with a guideline value of Rs 297 per sq.ft. This increased to Rs 400 per sq.ft in 2007, followed by a substantial jump to Rs 2,000 per sq.ft in 2012. However, in 2017, the value decreased to Rs 1,340 per sq.ft. The most recent revisions show an increase to Rs 2,000 per sq.ft in 2023 and a further rise to Rs 2,160 per sq.ft in 2024, marking an 8% increase from the previous year.

Overall, from 2003 to 2024, the guideline value has increased by 627%. Notably, there is no recorded figure for this street in the 2002 revision.

Guideline values in Kilkattalai

Kilkattalai village has a total of 194 streets under the Pallavaram SRO, with guideline values ranging from Rs 1,080 to Rs 5,500 per sq.ft as of 2024. The median guideline value for these streets is Rs 2,530 per sq.ft, placing the 2024 figure for Purusothaman Nagar 1st Cross Street below this median.

• Purusothaman Nagar 2nd Cross Street: Rs 2,160 per sq.ft (2024)
• Purusothaman Nagar 3rd Cross Street: Rs 2,160 per sq.ft (2024)
• Pudu Street: Rs 2,200 per sq.ft (2024)
• Ragavan Street: Rs 2,200 per sq.ft (2024)
• Rajamanickam Nagar: Rs 5,500 per sq.ft (2024)
• Rajendra Nagar: Rs 5,500 per sq.ft (2024)

Stamp duty and registration fee for property in Purusothaman Nagar 1st Cross Street

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 amount to Rs 1,51,200, while the registration fee at 2% would be Rs 43,200. Together, the total fees would be 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 the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Purusothaman Nagar 1st Cross Street?

The Sub Registrar Office that covers Purusothaman Nagar 1st Cross Street 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 Kilkattalai

The guideline value plays a crucial role in property transactions in Kilkattalai. When a property is bought or sold, the guideline value is used to determine the applicable stamp duty and registration fees. This ensures that the government receives the appropriate revenue based on the established value of the property.

During the registration process, the buyer must pay the stamp duty and registration fees based on the higher of the guideline value or the sale price. This practice helps maintain transparency and fairness in property transactions.

Frequently asked questions

What is the current guideline value of Purusothaman Nagar 1st Cross Street?

The current guideline value of Purusothaman Nagar 1st Cross Street 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 changed significantly, increasing from Rs 297 per sq.ft in 2003 to Rs 2,160 per sq.ft in 2024. The most notable changes include a drop to Rs 1,340 per sq.ft in 2017 and a rise to Rs 2,000 per sq.ft in 2023.

What is the land classification for this street?

Purusothaman Nagar 1st Cross Street is classified as Residential Class III Type - I, indicating its suitability for residential purposes.

Where can I find the Sub Registrar Office for this area?

The Sub Registrar Office for Purusothaman Nagar 1st Cross Street is located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, in the Chengalpattu registration zone.

How is the stamp duty calculated for properties in this area?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, a 1,000 sq.ft plot at the current guideline value would incur a total fee of Rs 1,94,400, including both stamp duty and registration fees.