Guideline Value for PALM SPRINGS

Palm Springs guideline value

The current guideline value of Palm Springs 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 has changed

The guideline value for Palm Springs has undergone several revisions over the years. In 2012, the figure was Rs 2,000 per sq.ft, which then decreased to Rs 1,340 per sq.ft in 2017. Following this, the value increased significantly to Rs 2,000 per sq.ft in 2023, and currently stands at Rs 2,200 per sq.ft as of the 2024 revision. There are no figures available for the years 2002, 2003, and 2007 in the register for this street.

From 2012 to 2017, the guideline value decreased by 33%. However, from 2017 to 2023, there was a substantial increase of 49%. The latest revision from 2023 to 2024 reflects a 10% increase, resulting in an overall increase of 10% from 2012 to 2024.

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 guideline value for these streets is Rs 1,700 per sq.ft, placing the 2024 figure for Palm Springs above this median.

• Palm Springs Garden: 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

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total 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, bringing the total to Rs 1,98,000. It is important to note that 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 precise calculations.

Which Sub Registrar Office covers Palm Springs?

The Palm Springs 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 further assistance.

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

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

When a property is registered, the guideline value is used to calculate the necessary fees. Buyers should ensure they are aware of the current guideline value to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Palm Springs?

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

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,000 per sq.ft in 2012 to Rs 1,340 per sq.ft in 2017, then increased to Rs 2,000 per sq.ft in 2023, and currently stands at Rs 2,200 per sq.ft in 2024.

What is the land classification for Palm Springs?

Palm Springs is classified as Residential Class II Type - I according to the guideline value register.

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.

How is the stamp duty calculated for properties in Palm Springs?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, for a property valued at Rs 22,00,000, the stamp duty would be Rs 1,54,000 at 7%.