Guideline Value for Station Road Junction to M.I.T. Gate

Station Road Junction to M.I.T. Gate guideline value

The current guideline value for the Station Road Junction to M.I.T. Gate is Rs 3,850 per sq.ft, effective from 1 July 2024. This area is located in Zaminpallavaram village, under the Pallavaram SRO, and is classified as Mixed Type - I land.

How the guideline value of Station Road Junction to M.I.T. Gate has changed

Over the years, the guideline value for the Station Road Junction to M.I.T. Gate has seen significant changes. In 2003, the value was Rs 554 per sq.ft, which rose to Rs 1,000 per sq.ft in 2007. The value then increased dramatically to Rs 3,500 per sq.ft in 2012, followed by a decrease to Rs 2,345 per sq.ft in 2017. The guideline value saw a notable rise to Rs 3,750 per sq.ft in 2023, and it currently stands at Rs 3,850 per sq.ft as of the 2024 revision, reflecting a 3% increase from the previous year.

From 2017 to 2023, the increase was 60%, while from 2012 to 2017, there was a decrease of 33%. The rise from 2007 to 2012 was substantial at 250%, and from 2003 to 2007, it increased by 81%. Overall, from 2003 to 2024, the guideline value has increased by 595%. It is important to note that the register has no figure for the year 2002 for this street.

Guideline values in Zaminpallavaram

In Zaminpallavaram, there are 638 streets under the Pallavaram SRO that carry a 2024 guideline value, ranging from Rs 2,100 to Rs 11,000 per sq.ft. The median guideline value in the village is Rs 3,300 per sq.ft, making the current figure for Station Road Junction to M.I.T. Gate above this median.

• Station Road (Chromepet): Rs 3,850 per sq.ft (2024)
• Station Line 1st Street: Rs 3,850 per sq.ft (2024)
• Station Cross Street: Rs 3,850 per sq.ft (2024)
• Station Border Street: Rs 3,850 per sq.ft (2024)
• Station Border Road: Rs 3,850 per sq.ft (2024)
• Station 2nd Cross Street: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Station Road Junction to M.I.T. Gate

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 Station Road Junction to M.I.T. Gate?

The Sub Registrar Office that covers the Station Road Junction to M.I.T. Gate is the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, Chengalpattu registration zone. To find your SRO, you can visit find your SRO.

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

When buying or selling property in Zaminpallavaram, the guideline value is a critical factor used during the registration process. It determines the stamp duty and registration fees that are applicable, which are calculated based on the guideline value or the sale price, whichever is higher.

Understanding the guideline value is essential for both buyers and sellers, as it helps in assessing the financial implications of property transactions. Accurate knowledge of the current rates ensures compliance with local regulations and helps in making informed decisions.

Frequently asked questions

What is the current guideline value for Station Road Junction to M.I.T. Gate?

The current guideline value for Station Road Junction to M.I.T. Gate 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 seen various changes, starting from Rs 554 per sq.ft in 2003 to Rs 3,850 per sq.ft in 2024, with significant fluctuations in between.

What are the stamp duty and registration fees for properties in this area?

For a property valued at Rs 38,50,000, the stamp duty at 7% is Rs 2,69,500, and the registration fee at 2% is Rs 77,000, totaling Rs 3,46,500 for these fees.

Which office handles property registrations in this area?

The Pallavaram Sub Registrar Office handles property registrations for the Station Road Junction to M.I.T. Gate area, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044.

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

The guideline value is crucial in property transactions as it determines the applicable stamp duty and registration fees. It ensures that buyers and sellers comply with local regulations during the registration process.