Guideline Value for PALLA STREET S.NO.70/1A1

Palla Street S.No.70/1a1 guideline value

The current guideline value for Palla Street S.No.70/1a1 is Rs 2,500 per sq.ft, effective from 1 July 2024. This property is located in Korattur village under the Villivakkam SRO and is classified as Residential Class II Type - III.

How the guideline value of Palla Street S.No.70/1a1 has changed

The guideline value for Palla Street has seen several revisions over the years. In 2012, the guideline value was Rs 2,300 per sq.ft, which then decreased to Rs 1,541 per sq.ft in 2017. Following this, the value increased significantly to Rs 2,300 per sq.ft in 2023, and further rose to Rs 2,500 per sq.ft in 2024, marking a 9% increase from the previous year.

From 2017 to 2023, the guideline value increased by 49%. Overall, from 2012 to 2024, there has been a 9% increase in the guideline value. The register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Korattur

In Korattur, there are 617 streets listed under the Villivakkam SRO, with guideline values ranging from Rs 1,100 to Rs 8,200 per sq.ft. The median guideline value is Rs 2,500 per sq.ft, which is equal to the current value of Palla Street S.No.70/1a1.

• Palla Street: Rs 2,500 per sq.ft (2024)
• Palanimalai Nagar: Rs 2,700 per sq.ft (2024)
• Palaniappa Nagar: Rs 2,100 per sq.ft (2024)
• Padmavathi Nagar (Kallikuppam): Rs 1,600 per sq.ft (2024)
• Padmavathi Nagar: Rs 2,500 per sq.ft (2024)
• Padavattamman Nagar: Rs 1,600 per sq.ft (2024)

Stamp duty and registration fee for property in Palla Street S.No.70/1a1

For a 1,000 sq.ft plot at the current guideline value of Rs 2,500 per sq.ft, the total guideline value amounts to Rs 25,00,000. The stamp duty at 7% would be Rs 1,75,000, and the registration fee at 2% would be Rs 50,000, totaling Rs 2,25,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Palla Street S.No.70/1a1?

The Sub Registrar Office that covers Palla Street S.No.70/1a1 is the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Korattur. It serves as a benchmark for determining the stamp duty and registration fees, which are calculated based on the guideline value or the sale price, whichever is higher.

When registering a property, the guideline value ensures that the transaction is recorded at a fair value, which helps in maintaining transparency in property transactions. Buyers and sellers should be aware of the current guideline value to understand the financial implications involved in the registration process.

Frequently asked questions

What is the current guideline value of Palla Street S.No.70/1a1?

The current guideline value of Palla Street S.No.70/1a1 is Rs 2,500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,300 per sq.ft in 2012 to Rs 1,541 per sq.ft in 2017, then to Rs 2,300 per sq.ft in 2023, and finally to Rs 2,500 per sq.ft in 2024.

What is the land classification for Palla Street S.No.70/1a1?

Palla Street S.No.70/1a1 is classified as Residential Class II Type - III.

Where can I find the Sub Registrar Office for Palla Street S.No.70/1a1?

The Villivakkam Sub Registrar Office covers Palla Street S.No.70/1a1, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037.

How is the stamp duty calculated for properties in Korattur?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, for a property valued at Rs 25,00,000, the stamp duty would be Rs 1,75,000 at 7%.