Guideline Value for PALLA 1ST STREET

Palla 1st Street guideline value

The current guideline value of Palla 1st Street is Rs 4,300 per sq.ft, effective from 1 July 2024. This street is located in Perambur village under the Purasaivakkam SRO, and it is classified as Residential Class II Type - I.

How the guideline value of Palla 1st Street has changed

The guideline value for Palla 1st Street has undergone several revisions over the years. In 2003, the value was Rs 419 per sq.ft, which increased to Rs 700 per sq.ft in 2007. By 2012, it rose significantly to Rs 4,000 per sq.ft, but then decreased to Rs 2,680 per sq.ft in 2017. The most recent revision in 2024 shows a substantial increase to Rs 4,300 per sq.ft.

From 2017 to 2024, the guideline value increased by 60%. However, between 2012 and 2017, there was a decrease of 33%. The jump from 2007 to 2012 was remarkable at 471%, and from 2003 to 2007, there was an increase of 67%. Overall, the guideline value has increased by 926% from 2003 to 2024. The register has no figures for the years 2023 and 2002 for this street.

Guideline values in Perambur

In Perambur, there are 1,114 streets under the Purasaivakkam SRO that have a 2024 guideline value ranging from Rs 1,600 to Rs 7,100 per sq.ft, with a median value of Rs 2,700 per sq.ft. Palla 1st Street's guideline value of Rs 4,300 per sq.ft is above this median.

• Palla 2nd Street: Rs 3,200 per sq.ft (2024)
• Palla 3rd Street: Rs 3,200 per sq.ft (2024)
• Palla 4th Street: Rs 3,200 per sq.ft (2024)
• Palla 4th Street Extension: Rs 3,200 per sq.ft (2024)
• Palla 5th Street: Rs 3,200 per sq.ft (2024)
• Palla 6th Street: Rs 3,200 per sq.ft (2024)

Stamp duty and registration fee for property in Palla 1st Street

For a 1,000 sq.ft plot at the current guideline value of Rs 4,300 per sq.ft, the total guideline value would be Rs 43,00,000. The stamp duty at 7% would amount to Rs 3,01,000, and the registration fee at 2% would be Rs 86,000, making the total cost Rs 3,87,000. Please note that the duty is charged on the higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for more information.

Which Sub Registrar Office covers Palla 1st Street?

The Sub Registrar Office that covers Palla 1st Street is the Purasaivakkam Sub Registrar Office, located at 93/1, Bricklin Road, Otteri, Chennai- 600 012. You can find your SRO for more details.

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

The guideline value is a critical factor in the registration process when buying or selling property in Perambur. It serves as a benchmark for determining the stamp duty and registration fees applicable to the transaction.

When a property is sold, the guideline value is compared to the sale price, and the higher amount is used to calculate the stamp duty. This ensures that the government receives appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Palla 1st Street?

The current guideline value of Palla 1st Street is Rs 4,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 419 per sq.ft in 2003 to Rs 4,300 per sq.ft in 2024, showing an overall increase of 926% over this period.

What are the stamp duty and registration fees for properties in Palla 1st Street?

The stamp duty is 7% of the guideline value, and the registration fee is 2%. For a 1,000 sq.ft plot, the total stamp duty and registration fees would amount to Rs 3,87,000.

Which office handles registrations for Palla 1st Street?

The Purasaivakkam Sub Registrar Office handles registrations for Palla 1st Street, located at 93/1, Bricklin Road, Otteri, Chennai- 600 012.

What is the land classification of Palla 1st Street?

Palla 1st Street is classified as Residential Class II Type - I, indicating its suitability for residential development.