Guideline Value for UNION ROAD

Union Road guideline value

The current guideline value of Union Road in Palavakkam village, under the Neelankarai SRO, is Rs 3,900 per sq.ft, effective from 1 July 2024. This area is classified as Residential Class II Type - I.

How the guideline value of Union Road has changed

The guideline value for Union Road has seen several revisions over the years. In 2012, the value was Rs 3,500 per sq.ft, which then decreased to Rs 2,345 per sq.ft in 2017. Following this, the value increased significantly to Rs 3,500 per sq.ft in 2023, and then further rose to Rs 3,900 per sq.ft in the 2024 revision, marking an 11% increase from the previous year.

From 2017 to 2023, there was a notable increase of 49%. Overall, from 2012 to 2024, the guideline value has increased by 11%. The register has no figures for the years 2002, 2003, and 2007 for this street.

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 a median value of Rs 3,300 per sq.ft. Union Road's 2024 guideline value is above this median.

• Vaiko Salai: Rs 4,400 per sq.ft (2024)
• Vaithiyar Street: Rs 2,200 per sq.ft (2024)
• Vanjeenathan Street: Rs 1,700 per sq.ft (2024)
• Va.Vo.Cee. Street(Near Ecr): Rs 2,800 per sq.ft (2024)
• Veeramani Main Road 1st Cross Street: Rs 3,300 per sq.ft (2024)
• Veeramani Main Road 2nd Cross Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Union Road

For a 1,000 sq.ft plot at the current guideline value of Rs 3,900 per sq.ft, the total guideline value would be Rs 39,00,000. The stamp duty at 7% would amount to Rs 2,73,000, and the registration fee at 2% would be Rs 78,000, bringing the total to Rs 3,51,000. It's important to note that the duty is charged on the higher of the guideline value or the sale price.

You can use the stamp duty and registration fee calculator for more precise calculations.

Which Sub Registrar Office covers Union Road?

The Sub Registrar Office covering Union Road 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 plays a crucial role when buying or selling property in Palavakkam. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the transaction. Buyers should be aware that these fees are calculated based on the guideline value or the sale price, whichever is higher.

When registering a property, it is essential to ensure that the guideline value is accurately reflected in the documentation to avoid any legal complications. This helps maintain transparency and compliance with local regulations.

Frequently asked questions

What is the current guideline value of Union Road?

The current guideline value of Union Road is Rs 3,900 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

Over the years, the guideline value has changed from Rs 3,500 per sq.ft in 2012 to Rs 2,345 per sq.ft in 2017, then to Rs 3,500 per sq.ft in 2023, and finally to Rs 3,900 per sq.ft in 2024.

What are the other streets in Palavakkam and their guideline values?

Other streets in Palavakkam include Vaiko Salai at Rs 4,400 per sq.ft, Vaithiyar Street at Rs 2,200 per sq.ft, and Vanjeenathan Street at Rs 1,700 per sq.ft, among others.

What fees are associated with property transactions on Union Road?

The fees associated with property transactions on Union Road include a stamp duty of 7% and a registration fee of 2% based on the guideline value or sale price, whichever is higher.

Where is the Sub Registrar Office for Union Road located?

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