Guideline Value for PALAM AVENUE

Palam Avenue guideline value

The current guideline value of Palam Avenue in Medavakkam village is Rs 2,200 per sq.ft, effective from 1 July 2024. This street falls under the Chennai South Joint I SRO and is classified as Residential Class I Type - I.

How the guideline value of Palam Avenue has changed

Over the years, the guideline value of Palam Avenue has seen several revisions. The 2012 revision set the value at Rs 2,000 per sq.ft. This was followed by a decrease to Rs 1,340 per sq.ft in the 2017 revision, a significant drop of 33%. However, from 2017 to 2023, the value increased sharply to Rs 2,000 per sq.ft, marking a 49% rise. The most recent revision in 2024 has set the guideline value at Rs 2,200 per sq.ft, which is a 10% increase from the previous year’s value of Rs 2,000 per sq.ft.

The register has no figures for the years 2002, 2003, and 2007 for this street. Overall, from 2012 to 2024, the guideline value has increased by 10%.

Guideline values in Medavakkam

In Medavakkam, there are 379 streets under the Chennai South Joint I SRO that carry a 2024 guideline value ranging from Rs 1,540 to Rs 7,500 per sq.ft. The median value for these streets is Rs 2,200 per sq.ft, which is equal to the current guideline value of Palam Avenue.

• Pallavan Street: Rs 1,870 per sq.ft (2024)
• Pandiyan Street: Rs 1,870 per sq.ft (2024)
• Panneer Street: Rs 2,200 per sq.ft (2024)
• Parasuram Avenue: Rs 2,200 per sq.ft (2024)
• Parasuram Avenue 1st Street: Rs 2,200 per sq.ft (2024)
• Parasuram Avenue 2nd Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Palam Avenue

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value amounts to Rs 22,00,000. The stamp duty at 7% would be Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, bringing the total fees together to Rs 1,98,000. It is important to note that 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 Palam Avenue?

The Sub Registrar Office that covers Palam Avenue is the Chennai South Joint I 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 Medavakkam

The guideline value is a critical factor in the registration of property transactions in Medavakkam. It serves as a benchmark for determining the minimum value at which a property can be registered. Buyers and sellers must be aware that the guideline value will influence the stamp duty and registration fees applicable during the transaction.

When purchasing property, it is essential to consider the guideline value as it reflects the official valuation set by the government. This value is used to calculate the stamp duty, which is a mandatory cost incurred during the registration process, ensuring that the transaction is legally recognized.

Frequently asked questions

What is the current guideline value of Palam Avenue?

The current guideline value of Palam Avenue is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,000 per sq.ft in 2012 to Rs 1,340 per sq.ft in 2017, then back to Rs 2,000 per sq.ft in 2023, and finally to Rs 2,200 per sq.ft in 2024.

What is the land classification of Palam Avenue?

Palam Avenue is classified as Residential Class I Type - I.

What is the stamp duty rate in Tamil Nadu?

The stamp duty rate in Tamil Nadu is 7% on the guideline value or sale price, whichever is higher.

Where can I find the Sub Registrar Office for Palam Avenue?

The Sub Registrar Office for Palam Avenue is the Chennai South Joint I Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035.