Guideline Value for TAGORE STREET

Tagore Street guideline value

The current guideline value of Tagore Street is Rs 3,300 per sq.ft, effective from 1 July 2024. This street is located in Palavakkam village under the Neelankarai SRO, classified as Residential Class II Type - II.

How the guideline value of Tagore Street has changed

Over the years, the guideline value of Tagore Street has seen significant changes. In 2002, the guideline value was Rs 246 per sq.ft, which increased to Rs 275 per sq.ft in 2003, marking a 12% rise. The value then experienced a substantial increase to Rs 700 per sq.ft in 2007, representing a 155% change. Following this, in 2012, the value saw a major jump to Rs 3,000 per sq.ft, reflecting a 329% increase. However, it decreased to Rs 2,010 per sq.ft in 2017, which was a decline of 33%. The value rose again to Rs 3,000 per sq.ft in 2023 and finally reached Rs 3,300 per sq.ft in 2024, showing a 10% increase from the previous year.

There are no figures available for the revisions in the years not mentioned in the register. The overall change from 2002 to 2024 amounts to an increase of 1241% in the guideline value per sq.ft.

Guideline values in Palavakkam

In Palavakkam, there are 349 streets under the Neelankarai SRO that carry a 2024 guideline value ranging from Rs 1,000 to Rs 8,800 per sq.ft, with the median value being Rs 3,300 per sq.ft. Tagore Street's 2024 guideline value is equal to this median.

• Sundaramurthy Street: Rs 2,800 per sq.ft (2024)
• Subarayan Street: Rs 3,300 per sq.ft (2024)
• St.Thomas Street: Rs 3,300 per sq.ft (2024)
• Thiruvalluvar Nagar: Rs 4,400 per sq.ft (2024)
• Thiruvalluvar Nagar 10th Cross Street: Rs 4,400 per sq.ft (2024)
• Thiruvalluvar Nagar 1st Street: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in Tagore Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value amounts to Rs 33,00,000. The stamp duty at 7% would be Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, bringing the total to Rs 2,97,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Tagore Street?

The Sub Registrar Office that covers Tagore Street is the Neelankarai Sub Registrar Office, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor when registering property transactions in Palavakkam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives the appropriate stamp duty and registration fees.

When buying or selling property, the guideline value helps both parties understand the financial implications of the transaction. Buyers should be aware that the stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher.

Frequently asked questions

What is the current guideline value of Tagore Street?

The current guideline value of Tagore Street is Rs 3,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 246 per sq.ft in 2002 to Rs 3,300 per sq.ft in 2024, reflecting an overall increase of 1241% over this period.

What is the stamp duty rate for properties in Tagore Street?

The stamp duty rate for properties in Tagore Street is 7% of the guideline value or the sale price, whichever is higher.

Where is the Neelankarai Sub Registrar Office located?

The Neelankarai Sub Registrar Office is located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone.

What are the other streets in Palavakkam with guideline values?

Other streets in Palavakkam include Sundaramurthy Street at Rs 2,800 per sq.ft, Subarayan Street at Rs 3,300 per sq.ft, and St.Thomas Street at Rs 3,300 per sq.ft, among others.