Guideline Value for PALAYAKARA FIRST STREET

Palayakara First Street guideline value

The current guideline value of Palayakara First Street is Rs 750 per sq.ft, effective from 1 July 2024. This street is located in Walajabad village under the Walajabad SRO, classified as Residential Class IV Type - I.

How the guideline value of Palayakara First Street has changed

The guideline value for Palayakara First Street has undergone several revisions over the years. The earliest recorded figure is from 2007, where it was Rs 60 per sq.ft. This increased significantly to Rs 750 per sq.ft in 2012, marking a substantial rise of 1150%. However, in 2017, the value decreased to Rs 502 per sq.ft, reflecting a decline of 33%. The value remained at Rs 750 per sq.ft in both 2023 and the latest revision in 2024, indicating no change between these two years.

It is important to note that the register has no figures for the years 2002 and 2003 for this street. Overall, from 2007 to 2024, the guideline value has increased by 1150%, reaching the current rate of Rs 750 per sq.ft.

Guideline values in Walajabad

In Walajabad, there are 196 streets under the Walajabad SRO that carry a 2024 guideline value ranging from Rs 400 to Rs 2,000 per sq.ft, with the median value being Rs 750 per sq.ft. Palayakara First Street's 2024 guideline value aligns with this median.

• Palayakara Forth Street: Rs 750 per sq.ft (2024)
• Palayakara Third Srteet: Rs 750 per sq.ft (2024)
• Palakara Second Street: Rs 750 per sq.ft (2024)
• Pallavaram Arumugam St: Rs 750 per sq.ft (2024)
• Pallikuda St: Rs 750 per sq.ft (2024)
• Paramashivam Nagar: Rs 500 per sq.ft (2024)

Stamp duty and registration fee for property in Palayakara First Street

For a 1,000 sq.ft plot at the current rate of Rs 750 per sq.ft, the guideline value amounts to Rs 7,50,000. The stamp duty at 7% would be Rs 52,500, and the registration fee at 2% would be Rs 15,000, resulting in a total of Rs 67,500. It is essential to note that the 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 accurate calculations.

Which Sub Registrar Office covers Palayakara First Street?

The Sub Registrar Office that covers Palayakara First Street is the Walajabad Sub Registrar Office, located at Sriperumbudur Road, Walajabad-631 605, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value plays a crucial role during the registration of property transactions in Walajabad. It serves as a benchmark for determining the stamp duty and registration fees applicable to the property being bought or sold.

When registering a property, the buyer must pay the 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 Palayakara First Street?

The current guideline value of Palayakara First Street is Rs 750 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen various changes, with the most significant increase occurring from Rs 60 per sq.ft in 2007 to Rs 750 per sq.ft in 2012. The value remained stable at Rs 750 per sq.ft in 2023 and 2024.

What is the median guideline value in Walajabad?

The median guideline value in Walajabad is Rs 750 per sq.ft, which is the same as the current guideline value for Palayakara First Street.

What are the stamp duty rates for property transactions?

The stamp duty rate for property transactions in this area is 7%. This is calculated based on the higher of the guideline value or the sale price of the property.

Where can I find the Sub Registrar Office for Palayakara First Street?

The Sub Registrar Office for Palayakara First Street is located at Sriperumbudur Road, Walajabad-631 605, Chengalpattu registration zone. You can find more information by visiting the provided link.