Guideline Value for PALLA STREET EXTENSION

Palla Street Extension guideline value

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

How the guideline value of Palla Street Extension has changed

The guideline value for Palla Street Extension has seen several revisions over the years. The 2007 revision set the value at Rs 550 per sq.ft, which increased significantly to Rs 3,000 per sq.ft in 2012. However, the value decreased to Rs 2,010 per sq.ft in 2017, before rising again to Rs 3,000 per sq.ft in 2023. The current revision in 2024 marks an increase to Rs 3,200 per sq.ft.

From 2007 to 2024, the overall change in guideline value is an increase of 482%. The changes between the revisions include a 445% increase from 2007 to 2012, a decrease of 33% from 2012 to 2017, a 49% increase from 2017 to 2023, and a 7% increase from 2023 to 2024. The register has no figures for the years 2002 and 2003 for this street.

Guideline values in Perambur

In Perambur, the guideline values range from Rs 1,600 to Rs 7,100 per sq.ft, with a median value of Rs 2,700 per sq.ft. The guideline value for Palla Street Extension is above this median, indicating its higher valuation compared to many other streets in the area.

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

Stamp duty and registration fee for property in Palla Street Extension

For a 1,000 sq.ft plot at the current guideline value of Rs 3,200 per sq.ft, the total guideline value is Rs 32,00,000. The stamp duty at 7% would be 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 details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Palla Street Extension?

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

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

The guideline value plays a crucial role during the registration of property transactions in Perambur. When a property is bought or sold, the guideline value is used to determine the stamp duty and registration fees applicable to the transaction.

It is essential for buyers and sellers to be aware of the current guideline value, as it ensures that the correct fees are paid during the registration process. This helps in maintaining transparency and compliance with the regulations set by the Registration Department.

Frequently asked questions

What is the current guideline value of Palla Street Extension?

The current guideline value of Palla Street Extension 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 550 per sq.ft in 2007 to Rs 3,200 per sq.ft in 2024, marking an overall increase of 482% over the years.

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

For a property valued at Rs 32,00,000, the stamp duty would be Rs 2,24,000 and the registration fee would be Rs 64,000, totaling Rs 2,88,000.

Which Sub Registrar Office covers Palla Street Extension?

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

How does the guideline value affect property transactions?

The guideline value is used to determine the stamp duty and registration fees when buying or selling property. It ensures that the correct fees are paid, maintaining compliance with the regulations set by the Registration Department.