Guideline Value for PALACE ESTATE CITY PHASE-II

Palace Estate City Phase-II guideline value

The current guideline value for Palace Estate City Phase-II is Rs 600 per sq.ft. This property is located in Kolathur village, under the Chengleput Joint II SRO, and is classified as Residential Special Type - I.

How the guideline value of Palace Estate City Phase-II has changed

The guideline value for Palace Estate City Phase-II has undergone several revisions over the years. The 2012 revision set the value at Rs 600 per sq.ft, which remained unchanged in the 2017 revision. However, the 2017 revision saw a decrease to Rs 402 per sq.ft, before returning to Rs 600 per sq.ft in both the 2023 and 2024 revisions. Notably, the register has no figures for the years 2002, 2003, and 2007 for this street.

From 2017 to 2023, there was a significant increase of 49%, bringing the value back to Rs 600 per sq.ft. Overall, from 2012 to 2024, the guideline value has remained stable, with no percentage change. The 2023 to 2024 revision saw no change, maintaining the guideline value at Rs 600 per sq.ft.

Guideline values in Kolathur

In Kolathur, there are 58 streets under the Chengleput Joint II SRO that carry a 2024 guideline value ranging from Rs 500 to Rs 1,600 per sq.ft. The median value is Rs 600 per sq.ft, which is equal to the guideline value for Palace Estate City Phase-II.

• Palace Estate City -V: Rs 600 per sq.ft (2024)
• Ponni Amman Nagar: Rs 600 per sq.ft (2024)
• Murugan Syndicate: Rs 600 per sq.ft (2024)
• Mountain View Avenue: Rs 600 per sq.ft (2024)
• Rainbow Garden: Rs 1,344 per sq.ft (2024)
• Raj Nagar: Rs 700 per sq.ft (2024)

Stamp duty and registration fee for property in Palace Estate City Phase-II

For a 1,000 sq.ft plot at the current guideline value of Rs 600 per sq.ft, the total guideline value amounts to Rs 6,00,000. The stamp duty at 7% would be Rs 42,000, and the registration fee at 2% would be Rs 12,000, bringing the total fees to Rs 54,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Palace Estate City Phase-II?

The Sub Registrar Office that covers Palace Estate City Phase-II is the Chengleput Joint II Sub Registrar Office, located at 10, Kancheepuram Main Road, Chengalpattu 603 002, in the Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Kolathur. It determines the minimum value at which the property can be registered, ensuring that the transaction is legally documented and taxed appropriately.

When a property is sold, the stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. This ensures that the state receives the appropriate revenue from property transactions, reflecting the value of real estate in the area.

Frequently asked questions

What is the current guideline value for Palace Estate City Phase-II?

The current guideline value for Palace Estate City Phase-II is Rs 600 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 revisions in 2023 and 2024 maintaining the value at Rs 600 per sq.ft, while it was Rs 402 per sq.ft in 2017.

What are the other streets in Kolathur with similar guideline values?

Other streets in Kolathur under the Chengleput Joint II SRO, such as Palace Estate City -V, Ponni Amman Nagar, Murugan Syndicate, and Mountain View Avenue, also have a guideline value of Rs 600 per sq.ft in 2024.

How is stamp duty calculated for properties in Palace Estate City Phase-II?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 6,00,000, the stamp duty would be Rs 42,000.

Where can I find my Sub Registrar Office?

The Chengleput Joint II Sub Registrar Office covers Palace Estate City Phase-II, located at 10, Kancheepuram Main Road, Chengalpattu 603 002. You can find your SRO online for more details.