Guideline Value for PALLA STREET (WARD -2)

Palla Street (Ward -2) guideline value

The current guideline value of Palla Street (Ward -2) is Rs 660 per sq.ft, effective from 1 July 2024. This street is located in Ninna Karai village and falls under the Chengleput Joint II SRO. The land classification for this area is Residential Class I Type - III.

How the guideline value of Palla Street (Ward -2) has changed

Over the years, the guideline value for Palla Street (Ward -2) has undergone several revisions. The 2012 revision set the value at Rs 600 per sq.ft, which was then reduced to Rs 402 per sq.ft in the 2017 revision. Subsequently, the 2023 revision increased the value to Rs 600 per sq.ft, and the latest 2024 revision has set it at Rs 660 per sq.ft. Notably, there are no figures available for the years 2002, 2003, and 2007 in the register for this street.

In terms of percentage changes, the guideline value increased by 10% from 2023 to 2024. Between 2017 and 2023, there was a significant increase of 49%. However, the value decreased by 33% from 2012 to 2017. Overall, from 2012 to 2024, there has been a modest increase of 10% in the guideline value.

Guideline values in Ninna Karai

Ninna Karai village has a total of 449 streets under the Chengleput Joint II SRO, with guideline values ranging from Rs 440 to Rs 3,500 per sq.ft. The median guideline value for these streets is Rs 1,100 per sq.ft, placing Palla Street's 2024 figure below this median.

• Palla Street Peramanur (Ward -15): Rs 440 per sq.ft (2024)
• Pallavan Street (Ward -5): Rs 1,321 per sq.ft (2024)
• Pakthavasalam Street (Ward -8): Rs 1,760 per sq.ft (2024)
• Pambaikaal Street (Ward -15): Rs 660 per sq.ft (2024)
• Pajanai Koil Street (Ward -18): Rs 660 per sq.ft (2024)
• Pambaikal Street (Per): Rs 660 per sq.ft (2024)

Stamp duty and registration fee for property in Palla Street (Ward -2)

For a 1,000 sq.ft plot at the current guideline value of Rs 660 per sq.ft, the total guideline value would be Rs 6,60,000. The stamp duty at 7% would amount to Rs 46,200, and the registration fee at 2% would be Rs 13,200. Therefore, the total cost for duty and registration would be Rs 59,400. It is important to note that duty is charged on the higher of the guideline value or the sale price.

You can also use the stamp duty and registration fee calculator for more precise calculations.

Which Sub Registrar Office covers Palla Street (Ward -2)?

Palla Street (Ward -2) is covered by the Chengleput Joint II Sub Registrar Office, located at 10, Kancheepuram Main Road, Chengalpattu 603 002, Chengalpattu registration zone. To find your SRO, you can visit find your SRO.

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

The guideline value is a crucial factor when registering property transactions in Ninna Karai. It serves as a benchmark for determining the minimum price at which a property can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees.

When buying or selling property, the guideline value helps both parties understand the legal valuation of the property, which is essential for a transparent transaction. Buyers should be aware that the guideline value may differ from the actual sale price, but the higher of the two will be used for calculating the applicable duties and fees.

Frequently asked questions

What is the current guideline value of Palla Street (Ward -2)?

The current guideline value of Palla Street (Ward -2) is Rs 660 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 600 per sq.ft in 2012 to Rs 402 per sq.ft in 2017, then to Rs 600 per sq.ft in 2023, and finally to Rs 660 per sq.ft in 2024.

What is the land classification for Palla Street (Ward -2)?

Palla Street (Ward -2) is classified as Residential Class I Type - III, indicating its suitability for residential development.

Where can I find the Chengleput Joint II Sub Registrar Office?

The Chengleput Joint II Sub Registrar Office is located at 10, Kancheepuram Main Road, Chengalpattu 603 002, Chengalpattu registration zone.

How is stamp duty calculated for property transactions in Palla Street (Ward -2)?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, on a property valued at Rs 6,60,000, the stamp duty would be Rs 46,200.