Guideline Value for Singaravel Nagar (Pallavan Nagar Cross Street Near)

Singaravel Nagar (Pallavan Nagar Cross Street Near) guideline value

The current guideline value for Singaravel Nagar (Pallavan Nagar Cross Street Near) is Rs 3,050 per sq.ft, effective from 1 July 2024. This area is located in Maduravoyal village and falls under the Virugambakkam SRO. The land classification is Residential Class III Type - I.

How the guideline value of Singaravel Nagar (Pallavan Nagar Cross Street Near) has changed

The guideline value for Singaravel Nagar has seen several revisions over the years. Starting from Rs 172 per sq.ft in 2002, it increased to Rs 425 per sq.ft in 2003. By 2007, the value rose significantly to Rs 500 per sq.ft, and then jumped to Rs 2,750 per sq.ft in 2012. However, there was a decrease to Rs 1,842 per sq.ft in 2017. The value then increased to Rs 2,750 per sq.ft in 2023, before reaching the current figure of Rs 3,050 per sq.ft in 2024.

Between the revisions, notable changes include an increase of 147% from 2002 to 2003, followed by an 18% rise from 2003 to 2007. The value surged by 450% from 2007 to 2012, but then saw a decline of 33% from 2012 to 2017. The value increased by 49% from 2017 to 2023, and there was an 11% rise from 2023 to 2024. Overall, from 2002 to 2024, the guideline value has increased by 1,673%.

Guideline values in Maduravoyal

In Maduravoyal, there are 636 streets under the Virugambakkam SRO, with the 2024 guideline values ranging from Rs 2,200 to Rs 6,050 per sq.ft. The median value is Rs 3,050 per sq.ft, which matches the current guideline value for Singaravel Nagar.

• Simathamman Colony: Rs 2,200 per sq.ft (2024)
• SHRI KRISHNA NAGAR Annexe: Rs 3,850 per sq.ft (2024)
• SHRI KRISHNA NAGAR 9th Street: Rs 3,850 per sq.ft (2024)
• SHRI KRISHNA NAGAR 8th Street: Rs 3,850 per sq.ft (2024)
• SHRI KRISHNA NAGAR 7th Street: Rs 3,850 per sq.ft (2024)
• SHRI KRISHNA NAGAR 6th Street: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Singaravel Nagar (Pallavan Nagar Cross Street Near)

For a 1,000 sq.ft plot at the current guideline value of Rs 3,050 per sq.ft, the total guideline value amounts to Rs 30,50,000. The stamp duty at 7% would be Rs 2,13,500, and the registration fee at 2% would be Rs 61,000, bringing the total to Rs 2,74,500. It is important to note that duty is charged on the higher of the guideline value or the sale price. You can also use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Singaravel Nagar (Pallavan Nagar Cross Street Near)?

The Sub Registrar Office that covers Singaravel Nagar 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 Maduravoyal

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

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

Frequently asked questions

What is the current guideline value for Singaravel Nagar?

The current guideline value for Singaravel Nagar (Pallavan Nagar Cross Street Near) is Rs 3,050 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 172 per sq.ft in 2002 to Rs 3,050 per sq.ft in 2024, reflecting an overall increase of 1,673% over this period.

What are the stamp duty rates for property transactions?

The stamp duty rate is currently set at 7% of the guideline value or the sale price, whichever is higher. This is applicable during property registration.

Where can I find my Sub Registrar Office?

The Sub Registrar Office for Singaravel Nagar is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

What is the significance of the guideline value in property transactions?

The guideline value is used to determine the stamp duty and registration fees during property transactions. It serves as a benchmark for calculating the financial obligations involved in buying or selling property.