Guideline Value for QUEEN STREET

Queen Street guideline value

The current guideline value of Queen Street in Cantonment Pallavaram village is Rs 2,700 per sq.ft, effective from 1 July 2024. This street falls under the Pallavaram SRO and is classified as Residential Class II Type - I.

How the guideline value of Queen Street has changed

The guideline value for Queen Street has undergone several revisions over the years. In 2012, the guideline value was set at Rs 2,500 per sq.ft. This figure remained unchanged until the 2017 revision, which saw a decrease to Rs 1,675 per sq.ft, marking a decline of 33%. The next revision occurred in 2023, where the value increased to Rs 2,500 per sq.ft, and subsequently rose to Rs 2,700 per sq.ft in 2024, reflecting an 8% increase from the previous year. Overall, from 2012 to 2024, the guideline value has increased by 8%.

There are no figures available for the revisions in 2002, 2003, and 2007 for this street, indicating a gap in the recorded data during those years. The changes from 2017 to 2023 represent a significant increase of 49%, highlighting the fluctuations in the guideline value over time.

Guideline values in Cantonment Pallavaram

Cantonment Pallavaram features a range of guideline values across its 81 streets, with figures for 2024 ranging from Rs 1,650 to Rs 11,000 per sq.ft. The median guideline value for the area is Rs 2,700 per sq.ft, which aligns with the current guideline value of Queen Street.

• Puviamman Koil Street: Rs 2,750 per sq.ft (2024)
• Prince Street: Rs 2,700 per sq.ft (2024)
• Rajendra Prasad Road: Rs 2,700 per sq.ft (2024)
• Poniyamman Koil Street: Rs 2,700 per sq.ft (2024)
• Police Lane: Rs 2,700 per sq.ft (2024)
• Pillaiyar Koil Street: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Queen Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,700 per sq.ft, the total guideline value amounts to Rs 27,00,000. The stamp duty, charged at 7%, would be Rs 1,89,000, while the registration fee at 2% would be Rs 54,000, bringing the total cost for these fees to Rs 2,43,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more detailed calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Queen Street?

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

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

The guideline value plays a crucial role in the registration process for property transactions in Cantonment Pallavaram. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees.

When buying or selling property, the guideline value is used to calculate the applicable stamp duty and registration fees. Buyers should be aware that these fees are based on the guideline value or the sale price, whichever is higher, thus impacting the overall cost of the transaction.

Frequently asked questions

What is the current guideline value of Queen Street?

The current guideline value of Queen Street is Rs 2,700 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,500 per sq.ft in 2012 to Rs 1,675 per sq.ft in 2017, then back to Rs 2,500 in 2023, and finally to Rs 2,700 in 2024.

What is the land classification of Queen Street?

Queen Street is classified as Residential Class II Type - I, indicating its designation for residential use.

Where can I find the Sub Registrar Office for Queen Street?

The Sub Registrar Office for Queen Street is located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044.

How is stamp duty calculated for properties in Queen Street?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 27,00,000, the stamp duty would be Rs 1,89,000 at a rate of 7%.