Guideline Value for WORKS ROAD

Works Road guideline value

The current guideline value of Works Road in Zaminpallavaram village is Rs 2,750 per sq.ft, effective from 1 July 2024. This street falls under the Pallavaram Sub Registrar Office (SRO) and is classified as Residential Class II Type - I.

How the guideline value of Works Road has changed

The guideline value for Works Road has undergone several revisions over the years. The 2012 revision set the value at Rs 2,500 per sq.ft, which was then reduced to Rs 1,675 per sq.ft in the 2017 revision. Following this, the 2023 revision increased the value to Rs 2,500 per sq.ft, and the most recent 2024 revision has set it at Rs 2,750 per sq.ft, marking a 10% increase from the previous year.

From the 2017 revision to the 2023 revision, there was a significant increase of 49%. However, the value saw a decrease of 33% from 2012 to 2017. Overall, comparing the 2012 and 2024 revisions, the guideline value has increased by 10%. There are no figures available for the revisions in 2002, 2003, and 2007 for this street.

Guideline values in Zaminpallavaram

Zaminpallavaram has a total of 638 streets under the Pallavaram SRO, with guideline values for 2024 ranging from Rs 2,100 to Rs 11,000 per sq.ft. The median value for these streets is Rs 3,300 per sq.ft, indicating that Works Road's current guideline value is below this median.

• Yadaval Street: Rs 2,160 per sq.ft (2024)
• Yadhaval Street: Rs 2,160 per sq.ft (2024)
• West Pudhuvai Nagar 2nd Street: Rs 3,300 per sq.ft (2024)
• West Pudhuvai Nagar 1st Street: Rs 3,300 per sq.ft (2024)
• West Pudhuvai Nagar: Rs 3,300 per sq.ft (2024)
• Zamindhar Lane: Rs 3,520 per sq.ft (2024)

Stamp duty and registration fee for property in Works Road

For a 1,000 sq.ft plot at the current guideline value of Rs 2,750 per sq.ft, the total guideline value amounts to Rs 27,50,000. The stamp duty at 7% would be Rs 1,92,500, and the registration fee at 2% would be Rs 55,000, totaling Rs 2,47,500. It’s important to note that the duty is charged on the higher of the guideline value or the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Works Road?

The Works Road falls under the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Zaminpallavaram. 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 registered, the guideline value is compared with the sale price, and the higher of the two is used to calculate the applicable fees. This ensures that the government receives appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Works Road?

The current guideline value of Works Road in Zaminpallavaram is Rs 2,750 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed several times, with the most recent increase of 10% from Rs 2,500 per sq.ft in 2023 to Rs 2,750 per sq.ft in 2024. The value was at Rs 1,675 per sq.ft in 2017 and Rs 2,500 per sq.ft in 2012.

What is the land classification for Works Road?

Works Road is classified as Residential Class II Type - I, indicating its suitability for residential development.

Where can I find the Pallavaram Sub Registrar Office?

The Pallavaram Sub Registrar Office is located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, Chengalpattu registration zone.

How is the stamp duty calculated for properties on Works Road?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, for a property valued at Rs 27,50,000, the stamp duty at 7% would be Rs 1,92,500.