Guideline Value for PALLA 3RD STREET

Palla 3rd Street guideline value

The current guideline value of Palla 3rd 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 3rd Street has changed

The guideline value for Palla 3rd Street has undergone several revisions over the years. The earliest recorded figure is from 2003, which was Rs 432 per sq.ft. This increased to Rs 550 per sq.ft in 2007, marking a rise of 27%. The value then saw a significant jump to Rs 3,000 per sq.ft in 2012, a remarkable increase of 445%. However, in 2017, the guideline value decreased to Rs 2,010 per sq.ft, reflecting a decline of 33%. The most recent revision in 2024 set the guideline value at Rs 3,200 per sq.ft, which is a 59% increase from the 2017 figure.

It is important to note that there are no recorded figures for Palla 3rd Street in the years 2023 and 2002. Overall, from 2003 to 2024, the guideline value has increased by 641%.

Guideline values in Perambur

In Perambur village, 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 3rd Street's 2024 guideline value above this median.

• Palla 2nd Street: Rs 3,200 per sq.ft (2024)
• Palla 4th Street: Rs 3,200 per sq.ft (2024)
• Palla 1st Street: Rs 4,300 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 3rd 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, totaling 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 on calculating fees, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Palla 3rd Street?

Palla 3rd Street falls under the jurisdiction of 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 during the registration process when buying or selling property in Perambur. It serves as a reference point for determining the stamp duty and registration fees that need to be paid, ensuring compliance with local regulations.

When a property is sold, the guideline value helps to establish a baseline for the transaction, ensuring that the sale price is in line with government assessments. This helps maintain transparency in property transactions and protects the interests of both buyers and sellers.

Frequently asked questions

What is the current guideline value of Palla 3rd Street?

The current guideline value of Palla 3rd 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 significantly, starting from Rs 432 per sq.ft in 2003 and reaching Rs 3,200 per sq.ft in 2024, marking an overall increase of 641% over the years.

Where can I find the Sub Registrar Office for Palla 3rd Street?

The Sub Registrar Office for Palla 3rd Street is the Purasaivakkam SRO, located at 93/1, Bricklin Road, Otteri, Chennai- 600 012.

What are the stamp duty and registration fees for property transactions?

Stamp duty is charged at 7% of the guideline value or sale price, whichever is higher, while the registration fee is 2% of the guideline value. For example, a 1,000 sq.ft plot would incur a total fee of Rs 2,88,000.

How is the guideline value determined for other streets in Perambur?

The guideline value for other streets in Perambur is determined based on various factors, with values ranging from Rs 1,600 to Rs 7,100 per sq.ft as of 2024. Each street's value is assessed individually, reflecting local market conditions.