Guideline Value for PALM GROOVE'S RESIDENCY

Palm Groove's Residency guideline value

The current guideline value of Palm Groove's Residency is Rs 8,250 per sq.ft, effective from 1 July 2024. This property is located in Tambaram village, under the Tambaram Joint 1 SRO, and is classified as Mixed Type - I land.

How the guideline value of Palm Groove's Residency has changed

The guideline value for Palm Groove's Residency has undergone several revisions over the years. The earliest available revision is from 2002, but the register has no figure for this street in it. This pattern continues for the years 2003, 2007, 2012, and 2017, which also have no figures listed. In 2023, the guideline value was set at Rs 7,500 per sq.ft. The most recent revision in 2024 increased this figure to Rs 8,250 per sq.ft, marking a change of +10% from the previous year.

To summarize, the guideline value has risen from Rs 7,500 per sq.ft in 2023 to Rs 8,250 per sq.ft in 2024. This increase reflects the adjustments made in the guideline value register as per the latest revision.

Guideline values in Tambaram

In Tambaram, there are 360 streets under the Tambaram Joint 1 SRO that carry a 2024 guideline value ranging from Rs 880 to Rs 8,250 per sq.ft, with a median value of Rs 3,300 per sq.ft. The guideline value for Palm Groove's Residency is above this median, indicating a higher valuation compared to many other streets in the area.

• Panchayat Colony: Rs 1,320 per sq.ft (2024)
• Pappammal Nagar: Rs 2,200 per sq.ft (2024)
• Park Street: Rs 1,650 per sq.ft (2024)
• Patel Nagar 1-st Street: Rs 4,400 per sq.ft (2024)
• Patel Nagar 2nd Street: Rs 4,400 per sq.ft (2024)
• Patel Nagar 3rd Cross Street: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in Palm Groove's Residency

For a 1,000 sq.ft plot at the current guideline value of Rs 8,250 per sq.ft, the total guideline value amounts to Rs 82,50,000. The stamp duty, charged at 7%, would be Rs 5,77,500, while the registration fee at 2% would be Rs 1,65,000. Together, the total cost for stamp duty and registration fee would be Rs 7,42,500. It is important to note that the 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 Groove's Residency?

The Sub Registrar Office that covers Palm Groove's Residency is the Tambaram Joint 1 Sub Registrar Office, located at No.26, Mes Road, East Tambaram, Chennai-600059, 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 Tambaram

The guideline value is a crucial factor in the registration process when buying or selling property in Tambaram. It serves as a benchmark for determining the stamp duty and registration fees applicable to the property transaction.

When a property is registered, the guideline value is compared to the sale price. The higher of the two values is used to calculate the stamp duty, ensuring that the fees reflect the true value of the property being transferred.

Frequently asked questions

What is the current guideline value of Palm Groove's Residency?

The current guideline value of Palm Groove's Residency is Rs 8,250 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed recently?

The guideline value increased from Rs 7,500 per sq.ft in 2023 to Rs 8,250 per sq.ft in 2024, which is a change of +10%.

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

Other streets in Tambaram under the Tambaram Joint 1 SRO have varying guideline values. For instance, Panchayat Colony is Rs 1,320 per sq.ft, while Pappammal Nagar is Rs 2,200 per sq.ft, among others.

What is the stamp duty rate in Tamil Nadu?

The stamp duty rate in Tamil Nadu is typically 7% of the guideline value or sale price, whichever is higher. This applies to property transactions in the state.

Where can I find my Sub Registrar Office?

You can find your Sub Registrar Office by visiting the relevant online portal. For Palm Groove's Residency, it falls under the Tambaram Joint 1 Sub Registrar Office located at No.26, Mes Road, East Tambaram, Chennai-600059.