Guideline Value for PALLA 2ND STREET

Palla 2nd Street guideline value

The current guideline value of Palla 2nd Street is Rs 3,200 per sq.ft, effective from 1 July 2024. This street is located in Perambur village, under the Purasaivakkam SRO, and is classified as Residential Class III Type - I.

How the guideline value of Palla 2nd Street has changed

The guideline value for Palla 2nd Street has undergone several revisions over the years. In 2003, the value was Rs 419 per sq.ft, which increased to Rs 550 per sq.ft in 2007, marking a change of +31%. The value then saw a significant rise to Rs 3,000 per sq.ft in 2012, an increase of +445%. However, from 2012 to 2017, the value decreased to Rs 2,010 per sq.ft, reflecting a drop of -33%. The most recent revision in 2024 saw the guideline value rise to Rs 3,200 per sq.ft, an increase of +59% from 2017.

It is important to note that the register does not have figures for the years 2023 and 2002 for this street. Overall, from 2003 to 2024, the guideline value has increased by +664%.

Guideline values in Perambur

In Perambur, there are 1,114 streets under the Purasaivakkam SRO that carry a 2024 guideline value ranging from Rs 1,600 to Rs 7,100 per sq.ft. The median value for these streets is Rs 2,700 per sq.ft, placing Palla 2nd Street's 2024 figure above this median.

• Palla 1st Street: Rs 4,300 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 2nd Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,200 per sq.ft, the total guideline value would be Rs 32,00,000. The stamp duty at 7% would amount to Rs 2,24,000, and the registration fee at 2% would be Rs 64,000, bringing the total to Rs 2,88,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Palla 2nd Street?

The Sub Registrar Office that covers Palla 2nd 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

When buying or selling property in Perambur, the guideline value plays a crucial role in determining the stamp duty and registration fees. The guideline value is established by the Registration Department and serves as a benchmark for property transactions in the area.

At the time of registration, the stamp duty is calculated 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 Palla 2nd Street?

The current guideline value of Palla 2nd Street is Rs 3,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 419 per sq.ft in 2003 to Rs 3,200 per sq.ft in 2024, reflecting an overall increase of +664% over the years.

What is the land classification of Palla 2nd Street?

Palla 2nd Street is classified as Residential Class III Type - I, indicating its suitability for residential purposes.

Where can I find the Sub Registrar Office for Palla 2nd Street?

The Purasaivakkam Sub Registrar Office covers Palla 2nd Street and is located at 93/1, Bricklin Road, Otteri, Chennai- 600 012.

How is stamp duty calculated for properties in Palla 2nd Street?

Stamp duty for properties in Palla 2nd Street is calculated at 7% of the guideline value or the sale price, whichever is higher. Additionally, there is a registration fee of 2% on the guideline value.