Guideline Value for PALM SPRINGS GARDEN

Palm Springs Garden guideline value

The current guideline value of Palm Springs Garden, located in Uthandi village under the Neelankarai SRO, is Rs 2,200 per sq.ft, effective from 1 July 2024. This area is classified as Residential Class II Type - I.

How the guideline value of Palm Springs Garden has changed

In the 2012 revision, the guideline value was set at Rs 2,000 per sq.ft. This value remained until the 2017 revision, where it decreased to Rs 1,340 per sq.ft, marking a decline of 33%. The subsequent revision in 2023 saw a significant increase to Rs 2,000 per sq.ft, followed by another increase to Rs 2,200 per sq.ft in 2024, reflecting a rise of 10% from the previous year.

From 2017 to 2023, there was a notable increase of 49%. Overall, comparing the 2012 figure to the 2024 figure, there has been a modest increase of 10% over the years. For the years 2002, 2003, and 2007, the register has no figure for this street.

Guideline values in Uthandi

In Uthandi, there are 197 streets under the Neelankarai SRO, with guideline values ranging from Rs 1,100 to Rs 14,700 per sq.ft. The median value for these streets is Rs 1,700 per sq.ft, placing Palm Springs Garden's 2024 figure above that median.

• Palm Springs: Rs 2,200 per sq.ft (2024)
• Pari Garden: Rs 1,100 per sq.ft (2024)
• Parthasarathi Garden: Rs 1,100 per sq.ft (2024)
• Parvathi Garden: Rs 1,100 per sq.ft (2024)
• Pathijal Garden: Rs 1,100 per sq.ft (2024)
• Pattabiraman Garden: Rs 1,100 per sq.ft (2024)

Stamp duty and registration fee for property in Palm Springs Garden

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the guideline value amounts to Rs 22,00,000. The stamp duty at 7% would be Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, totaling Rs 1,98,000. 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 Springs Garden?

The Palm Springs Garden area is covered by the Neelankarai Sub Registrar Office, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor during the registration of property transactions in Uthandi. It serves as a benchmark for determining the stamp duty and registration fees applicable to the property being bought or sold.

When a property is registered, the guideline value is compared to the sale price, and the higher of the two values is used to calculate the stamp duty. This ensures that the fees collected are reflective of the property's worth as per the government's valuation.

Frequently asked questions

What is the current guideline value of Palm Springs Garden?

The current guideline value of Palm Springs Garden is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

Over the years, the guideline value of Palm Springs Garden has seen several revisions, with the most recent increase of 10% from Rs 2,000 per sq.ft in 2023 to Rs 2,200 per sq.ft in 2024.

What is the land classification for Palm Springs Garden?

Palm Springs Garden is classified as Residential Class II Type - I, indicating its suitability for residential developments.

What are the stamp duty rates applicable in Uthandi?

Stamp duty in Uthandi is charged at 7% of the guideline value or the sale price, whichever is higher. Registration fees are charged at 2% of the guideline value.

Where can I find the Neelankarai Sub Registrar Office?

The Neelankarai Sub Registrar Office is located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone.