Guideline Value for PALLA STREET

Palla Street guideline value

The current guideline value of Palla Street in Korattur village, under the Villivakkam SRO, is Rs 2,500 per sq.ft, effective from 1 July 2024. This street falls under the Residential Class II Type - III land classification.

How the guideline value of Palla Street has changed

The guideline value for Palla Street has undergone several revisions over the years. The earliest recorded figure is from 2002, which was Rs 150 per sq.ft. This value saw a significant increase to Rs 850 per sq.ft in 2007, marking a 467% rise. The value then increased to Rs 2,300 per sq.ft in 2012, representing a 171% growth. However, it decreased to Rs 1,541 per sq.ft in 2017, a decline of 33%. The subsequent revision in 2023 set the value at Rs 2,300 per sq.ft, followed by the latest revision in 2024, which established the current rate at Rs 2,500 per sq.ft, reflecting a 9% increase from the previous year.

There is no recorded figure for Palla Street in the 2003 revision. Overall, from 2002 to 2024, the guideline value has risen by 1567%, showcasing significant fluctuations over the years.

Guideline values in Korattur

In Korattur, there are 617 streets under the Villivakkam SRO, with guideline values ranging from Rs 1,100 to Rs 8,200 per sq.ft. The median value is Rs 2,500 per sq.ft, which is equal to the current guideline value of Palla Street.

• Palla Street S.No.70/1a1: 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

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, bringing the total charges to Rs 2,25,000. Duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Palla Street?

The Sub Registrar Office that covers Palla Street 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 is a crucial factor during property transactions in Korattur. It determines the minimum value at which a property can be registered, ensuring that the government receives appropriate stamp duty and registration fees based on this value.

When buying or selling property, the guideline value serves as a reference point for both buyers and sellers. It is essential to be aware of the current guideline value to understand the financial implications of the transaction, including the costs associated with registration and stamp duty.

Frequently asked questions

What is the current guideline value of Palla Street?

The current guideline value of Palla Street 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 150 per sq.ft in 2002 to Rs 2,500 per sq.ft in 2024, showing an overall increase of 1567% over the years.

What are the other streets in Korattur with their guideline values?

Other streets in Korattur have varying guideline values, with the median being Rs 2,500 per sq.ft. Streets include Palanimalai Nagar at Rs 2,700 per sq.ft and Palaniappa Nagar at Rs 2,100 per sq.ft.

How is stamp duty calculated for properties in Palla Street?

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

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

The Sub Registrar Office for Palla Street is the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037.