Guideline Value for PALACE ESTATE AVENUE

Palace Estate Avenue guideline value

The current guideline value of Palace Estate Avenue is Rs 103 per sq.ft, effective from 1 July 2024. This street is located in Kattankulam village under the Salavakkam SRO, classified as Residential Special Type - I.

How the guideline value of Palace Estate Avenue has changed

The guideline value for Palace Estate Avenue has undergone several revisions over the years. In 2012, the guideline value was Rs 100 per sq.ft, which then decreased to Rs 67 per sq.ft in 2017. Following this, the value increased significantly to Rs 100 per sq.ft in 2023, and the most recent revision in 2024 set the value at Rs 103 per sq.ft. There are no figures available for the revisions in 2002, 2003, and 2007.

From 2012 to 2017, the guideline value decreased by 33%. However, from 2017 to 2023, there was a notable increase of 49%. The overall change from 2012 to 2024 shows a slight increase of 3%.

Guideline values in Kattankulam

In Kattankulam, there are 8 streets under the Salavakkam SRO that carry a 2024 guideline value ranging from Rs 100 to Rs 103 per sq.ft. The median value for these streets is Rs 103 per sq.ft, which is the same as the 2024 figure for Palace Estate Avenue.

• Mgr Nagar Phase-II: Rs 103 per sq.ft (2024)
• Mgr Nagar Phase-I: Rs 103 per sq.ft (2024)
• Sri Sairam Nagar: Rs 100 per sq.ft (2024)
• Gilli Garden Phase-II: Rs 103 per sq.ft (2024)
• Gilli Garden Phase-I: Rs 103 per sq.ft (2024)
• Gandhi Nagar: Rs 102 per sq.ft (2024)

Stamp duty and registration fee for property in Palace Estate Avenue

For a 1,000 sq.ft plot at the current guideline value of Rs 103 per sq.ft, the total guideline value would be Rs 1,03,000. The stamp duty at 7% would be Rs 7,210, and the registration fee at 2% would be Rs 2,060, bringing the total cost to Rs 9,270. It is important to note that 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 detailed calculations.

Which Sub Registrar Office covers Palace Estate Avenue?

The Palace Estate Avenue falls under the Salavakkam Sub Registrar Office located at 2/1a, Thottakkara Street, Salavakkam, 603 107, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor in property transactions in Kattankulam, as it determines the minimum value at which a property can be registered. When buying or selling a property, the guideline value is used to calculate stamp duty and registration fees, ensuring that the transaction is legally compliant.

During the registration process, the buyer must pay the applicable stamp duty based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Palace Estate Avenue?

The current guideline value of Palace Estate Avenue is Rs 103 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 100 per sq.ft in 2012 to Rs 67 per sq.ft in 2017, then to Rs 100 per sq.ft in 2023, and finally to Rs 103 per sq.ft in 2024.

What is the median guideline value for streets in Kattankulam?

The median guideline value for streets in Kattankulam is Rs 103 per sq.ft, which is the same as the 2024 figure for Palace Estate Avenue.

What are the stamp duty rates for properties in Kattankulam?

The stamp duty rate for properties in Kattankulam is 7%, which is applied to the higher of the guideline value or the sale price during registration.

Where is the Salavakkam Sub Registrar Office located?

The Salavakkam Sub Registrar Office is located at 2/1a, Thottakkara Street, Salavakkam, 603 107, Chengalpattu registration zone.