Guideline Value for PALAIYAKARA STREET

Palaiyakara Street guideline value

The current guideline value of Palaiyakara Street is Rs 1,950 per sq.ft. It is located in Ramapuram village, under the Chennai South Joint II SRO, classified as Residential Class III Type - I.

How the guideline value of Palaiyakara Street has changed

In the 2007 revision, the guideline value was Rs 1,100 per sq.ft. This increased to Rs 1,750 per sq.ft in the 2012 revision, marking a 59% rise. However, in the 2017 revision, the value decreased to Rs 1,172 per sq.ft, reflecting a 33% drop. The value then rose significantly to Rs 1,750 per sq.ft in the 2023 revision, which was a 49% increase from the previous figure.

The current guideline value, effective from 1 July 2024, is Rs 1,950 per sq.ft, representing an 11% increase from the 2023 revision. Overall, from the 2007 revision to the 2024 revision, the guideline value has increased by 77%.

Guideline values in Ramapuram

In Ramapuram, there are 394 streets under the Chennai South Joint II SRO with a 2024 guideline value ranging from Rs 1,950 to Rs 6,600 per sq.ft. The median guideline value for these streets is Rs 3,100 per sq.ft, placing Palaiyakara Street's current value below that median.

• Palani Naicker Street: Rs 1,950 per sq.ft (2024)
• Padmavathi Street: Rs 1,950 per sq.ft (2024)
• Pachaiappan Street: Rs 1,950 per sq.ft (2024)
• Ottrai Vadai Street: Rs 1,950 per sq.ft (2024)
• Om Eswari Street: Rs 1,950 per sq.ft (2024)
• Ohm Eswaran Street: Rs 1,950 per sq.ft (2024)

Stamp duty and registration fee for property in Palaiyakara Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,950 per sq.ft, the total guideline value would be Rs 19,50,000. The stamp duty at 7% would amount to Rs 1,36,500, while the registration fee at 2% would be Rs 39,000, together totaling Rs 1,75,500. 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 details.

Which Sub Registrar Office covers Palaiyakara Street?

The Sub Registrar Office that covers Palaiyakara Street is the Chennai South Joint II Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035. You can find your SRO for more information.

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

The guideline value is a crucial factor during the registration of property transactions in Ramapuram. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid when a property is bought or sold.

When a buyer or seller approaches the registration office, the guideline value helps in assessing the official value of the property, ensuring that the transaction is recorded accurately and legally. This process is essential for maintaining transparency in real estate dealings.

Frequently asked questions

What is the current guideline value of Palaiyakara Street?

The current guideline value of Palaiyakara Street is Rs 1,950 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen various changes, starting from Rs 1,100 per sq.ft in 2007 to Rs 1,950 per sq.ft in 2024, which is an overall increase of 77% over the years.

What is the registration office for Palaiyakara Street?

The registration office for Palaiyakara Street is the Chennai South Joint II Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035.

What are the stamp duty and registration fees for a property in Palaiyakara Street?

For a property valued at Rs 19,50,000, the stamp duty would be Rs 1,36,500 and the registration fee would be Rs 39,000, totaling Rs 1,75,500.

Are there other streets in Ramapuram with the same guideline value?

Yes, there are several other streets in Ramapuram with the same guideline value of Rs 1,950 per sq.ft for 2024, including Palani Naicker Street, Padmavathi Street, Pachaiappan Street, Ottrai Vadai Street, Om Eswari Street, and Ohm Eswaran Street.