Guideline Value for PALMERA GARDEN

Palmera Garden guideline value

The current guideline value of Palmera Garden is Rs 1,700 per sq.ft, effective from 1 July 2024. This area is located in Okkiyamthuraipakkam village, under the Neelankarai SRO, and is classified as Residential Class III Type - I.

How the guideline value of Palmera Garden has changed

The guideline value for Palmera Garden has seen several revisions over the years. The 2012 revision set the value at Rs 1,500 per sq.ft, which was then decreased to Rs 1,005 per sq.ft in 2017. In 2023, the value increased to Rs 1,500 per sq.ft, and the most recent revision in 2024 raised it further to Rs 1,700 per sq.ft.

From the 2017 revision to the 2023 revision, there was a significant increase of 49%. The guideline value then saw a 13% rise from 2023 to 2024. Overall, comparing the 2012 revision to the 2024 revision, the guideline value has increased by 13%. The register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Okkiyamthuraipakkam

In Okkiyamthuraipakkam, there are 453 streets under the Neelankarai SRO, with a 2024 guideline value range from Rs 1,100 to Rs 8,800 per sq.ft. The median value is Rs 3,300 per sq.ft, which means Palmera Garden's current guideline value is below that median.

• Pamban Baba Nagar: Rs 2,200 per sq.ft (2024)
• Pallavan Street: Rs 3,300 per sq.ft (2024)
• Pallavan Nagar & P.T.C.Quarters: Rs 3,900 per sq.ft (2024)
• Panchayat Road: Rs 3,300 per sq.ft (2024)
• Pandian Nagar: Rs 1,700 per sq.ft (2024)
• PALLAVAN KUDI IRUPPU VIA 2nd STREET 3rd STREET: Rs 3,900 per sq.ft (2024)

Stamp duty and registration fee for property in Palmera Garden

For a 1,000 sq.ft plot at the current guideline value of Rs 1,700 per sq.ft, the total guideline value would be Rs 17,00,000. The stamp duty at 7% would be Rs 1,19,000, and the registration fee at 2% would be Rs 34,000, bringing the total to Rs 1,53,000. 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 Palmera Garden?

The Sub Registrar Office that covers Palmera Garden is 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 Okkiyamthuraipakkam

The guideline value serves as a benchmark for property transactions in Okkiyamthuraipakkam. When a property is bought or sold, the guideline value is used to calculate the stamp duty and registration fees, which are mandatory costs associated with property transactions.

It is essential for buyers and sellers to be aware of the guideline value, as it can impact the overall cost of the transaction. The registration office will use this value to determine the applicable fees, ensuring that the transaction complies with local regulations.

Frequently asked questions

What is the current guideline value of Palmera Garden?

The current guideline value of Palmera Garden is Rs 1,700 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,500 per sq.ft in 2012 to Rs 1,005 per sq.ft in 2017, then increased to Rs 1,500 per sq.ft in 2023, and finally to Rs 1,700 per sq.ft in 2024.

What are the stamp duty rates for property in Palmera Garden?

The stamp duty rate for property transactions is 7%, and the registration fee is 2% of the guideline value or the sale price, whichever is higher.

What is the land classification of Palmera Garden?

Palmera Garden is classified as Residential Class III Type - I, indicating its use for residential purposes.

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.