Guideline Value for PALM AVENUE EXTENSION

Palm Avenue Extension guideline value

The current guideline value of Palm Avenue Extension in Chitthalapakkam village, under the Selaiyur SRO, is Rs 3,300 per sq.ft, effective from 1 July 2024. The land classification for this area is Residential Special Type - III.

How the guideline value of Palm Avenue Extension has changed

The guideline value for Palm Avenue Extension has seen several revisions over the years. The oldest recorded revision is from 2017, where the guideline value was Rs 2,010 per sq.ft. This increased to Rs 3,000 per sq.ft in 2023, marking a significant increase of 49%. The most recent revision in 2024 has set the value at Rs 3,300 per sq.ft, reflecting a 10% increase from the previous year.

Overall, from 2017 to 2024, the guideline value has risen by 64%. It is important to note that there are no recorded figures for this street in the years 2002, 2003, 2007, and 2012.

Guideline values in Chitthalapakkam

In Chitthalapakkam, there are 107 streets under the Selaiyur SRO that carry a 2024 guideline value ranging from Rs 1,300 to Rs 5,000 per sq.ft. The median guideline value for these streets is Rs 2,900 per sq.ft, making the current value of Palm Avenue Extension above this median.

• Palm Avenue: Rs 3,300 per sq.ft (2024)
• Ottiambakkam Sithalapakkam Main Road: Rs 3,300 per sq.ft (2024)
• Perumal Koil Street: Rs 1,950 per sq.ft (2024)
• N.S.K. Street: Rs 2,900 per sq.ft (2024)
• Nethaji Street: Rs 2,400 per sq.ft (2024)
• Pranav Boomi: Rs 2,700 per sq.ft (2024)

Stamp duty and registration fee for property in Palm Avenue Extension

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value amounts to Rs 33,00,000. The stamp duty at 7% would be Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, bringing the total cost to Rs 2,97,000. 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 Palm Avenue Extension?

The Sub Registrar Office that covers Palm Avenue Extension is the Selaiyur Sub Registrar Office, located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073, in the Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process for property transactions in Chitthalapakkam. It serves as a benchmark for determining the minimum value at which properties can be registered, ensuring that the government receives appropriate stamp duty and registration fees.

When buying or selling property, the guideline value is used to calculate the applicable stamp duty and registration fees. Buyers should be aware that these fees are based on the guideline value or the sale price, whichever is higher, to ensure compliance with local regulations.

Frequently asked questions

What is the current guideline value of Palm Avenue Extension?

The current guideline value of Palm Avenue Extension is Rs 3,300 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

The guideline value has increased from Rs 2,010 per sq.ft in 2017 to Rs 3,300 per sq.ft in 2024, representing a total increase of 64% over this period.

What is the land classification for Palm Avenue Extension?

The land classification for Palm Avenue Extension is Residential Special Type - III.

What are the stamp duty and registration fees for a property in Palm Avenue Extension?

For a property valued at Rs 33,00,000, the stamp duty would be Rs 2,31,000 and the registration fee would be Rs 66,000, totaling Rs 2,97,000.

Which office do I need to visit for property registration in Palm Avenue Extension?

The Selaiyur Sub Registrar Office is responsible for property registration in Palm Avenue Extension, located at No.36, Bharathmatha Salai, East Tambaram, Chennai - 600 073.