Guideline Value for PALM AVENUE

Palm Avenue guideline value

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

How the guideline value of Palm Avenue has changed

The guideline value for Palm Avenue has seen several revisions over the years. In 2012, the value was set at Rs 3,000 per sq.ft. However, it decreased to Rs 2,010 per sq.ft in 2017. Following this, the value increased significantly to Rs 3,000 per sq.ft in 2023, and then rose to Rs 3,300 per sq.ft in the 2024 revision, marking a 10% increase from the previous year.

Between the 2017 and 2023 revisions, there was a notable increase of 49%. Overall, from the 2012 revision to the 2024 revision, the guideline value has increased by 10%. The register has no figures for the years 2002, 2003, and 2007 for this street.

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 value for these streets is Rs 2,900 per sq.ft, making Palm Avenue's 2024 guideline value of Rs 3,300 per sq.ft above the median.

• Palm Avenue Extension: 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

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value would be Rs 33,00,000. The stamp duty at 7% would amount to Rs 2,31,000, while the registration fee at 2% would be Rs 66,000, bringing the total cost for these fees to Rs 2,97,000. It is important to note that 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 Palm Avenue?

The Sub Registrar Office that covers Palm Avenue 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 is a crucial factor in the registration process when buying or selling property in Chitthalapakkam. It serves as a benchmark for determining the stamp duty and registration fees applicable to the transaction.

When a property is registered, the guideline value is used to calculate the fees, which are charged on the higher of the guideline value or the sale price. This ensures that the government receives the appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Palm Avenue?

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

How has the guideline value changed over the years?

The guideline value has changed from Rs 3,000 per sq.ft in 2012 to Rs 2,010 per sq.ft in 2017, then increased to Rs 3,000 per sq.ft in 2023, and finally to Rs 3,300 per sq.ft in 2024.

What is the land classification of Palm Avenue?

Palm Avenue is classified as Residential Special Type - III according to the local regulations.

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

The stamp duty is 7% of the guideline value, and the registration fee is 2%. For a 1,000 sq.ft plot, the total fees would amount to Rs 2,97,000.

Which Sub Registrar Office covers Palm Avenue?

The Selaiyur Sub Registrar Office covers Palm Avenue, located at No.36, Bharathmatha Salai, East Tambaram, Chennai - 600 073.