Guideline Value for PALLA COLONY

Palla Colony guideline value

The current guideline value of Palla Colony, located in Manapakkam village, is Rs 1,100 per sq.ft, effective from 1 July 2024. This area falls under the Chennai South Joint I SRO and is classified as Residential Class V Type - III.

How the guideline value of Palla Colony has changed

The guideline value for Palla Colony has undergone several revisions over the years. In 2002, the guideline value was Rs 92 per sq.ft, which increased to Rs 103 per sq.ft in 2003, marking a 12% rise. The value then saw a substantial increase of 288% to reach Rs 400 per sq.ft in 2007. Following this, the value rose by 150% to Rs 1,000 per sq.ft in 2012. However, it then decreased by 33% to Rs 670 per sq.ft in 2017. The guideline value increased significantly to Rs 1,000 per sq.ft in 2023, and the latest revision in 2024 has set the value at Rs 1,100 per sq.ft, reflecting a 10% increase from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 1,096%. There are no figures available for the revisions between 2012 and 2017 for this street.

Guideline values in Manapakkam

In Manapakkam, there are 368 streets under the Chennai South Joint I SRO with a 2024 guideline value ranging from Rs 1,100 to Rs 12,800 per sq.ft. The median value for these streets is Rs 2,530 per sq.ft, positioning Palla Colony's 2024 figure below this median.

• Panchayat Office Road: Rs 1,980 per sq.ft (2024)
• Parthasarathy Nagar: Rs 3,300 per sq.ft (2024)
• Parthasarathy Nagar Extn Part Street: Rs 3,300 per sq.ft (2024)
• Parthasarathy Nagar Street Main Road: Rs 3,300 per sq.ft (2024)
• Pazhindi Amman Koil Street: Rs 1,100 per sq.ft (2024)
• North Manicka Perumal Kovil Street: Rs 1,650 per sq.ft (2024)

Stamp duty and registration fee for property in Palla Colony

For a 1,000 sq.ft plot at the current guideline value of Rs 1,100 per sq.ft, the total guideline value amounts to Rs 11,00,000. The stamp duty at 7% would be Rs 77,000, and the registration fee at 2% would be Rs 22,000, totaling Rs 99,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price. For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Palla Colony?

Palla Colony is covered by 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 details.

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

The guideline value is a critical factor in the registration process when buying or selling property in Manapakkam. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the transaction.

When a property is sold, the sale price or the guideline value, whichever is higher, is used to calculate the applicable duties and fees. This ensures that the government receives the appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Palla Colony?

The current guideline value of Palla Colony is Rs 1,100 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen several revisions, increasing from Rs 92 per sq.ft in 2002 to Rs 1,100 per sq.ft in 2024, which is an overall increase of 1,096% since 2002.

What are the stamp duty rates for property in Palla Colony?

The stamp duty for property transactions in Palla Colony is charged at 7% of the guideline value or sale price, whichever is higher.

Which office handles registrations for Palla Colony?

The Chennai South Joint I Sub Registrar Office handles registrations for Palla Colony, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035.

What is the land classification of Palla Colony?

Palla Colony is classified as Residential Class V Type - III, indicating its designated use for residential purposes.