Guideline Value for PALMORE STREET

Palmore Street guideline value

The current guideline value of Palmore Street in Mambalam village, under the Thiyagaraya nagar SRO, is Rs 4,400 per sq.ft, effective from 1 July 2024. This street falls under the Residential Class III Type - III land classification.

How the guideline value of Palmore Street has changed

The guideline value for Palmore Street has undergone several revisions over the years. Starting from Rs 689 per sq.ft in 2002, it increased to Rs 765 per sq.ft in 2003, marking an increase of 11%. The value then rose significantly to Rs 1,000 per sq.ft in 2007, reflecting a 31% increase. By 2012, the value was Rs 4,000 per sq.ft, which was a 300% increase from the previous revision. However, it decreased to Rs 2,680 per sq.ft in 2017, showing a decline of 33%. The value then saw a substantial increase to Rs 4,000 per sq.ft in 2023, followed by a further rise to Rs 4,400 per sq.ft in 2024, which is a 10% increase.

There are no figures available for the revisions in the years not mentioned in the register. The overall increase from 2002 to 2024 is 539%, highlighting the changes in the guideline value over the years.

Guideline values in Mambalam

In Mambalam, there are 163 streets under the Thiyagaraya nagar SRO that carry a 2024 guideline value ranging from Rs 4,400 to Rs 22,000 per sq.ft, with a median value of Rs 6,600 per sq.ft. Palmore Street's 2024 figure is below this median.

• Pandian Street Northern Side Of Fifth Main Road: Rs 6,600 per sq.ft (2024)
• Panneerselavm Nagar: Rs 6,600 per sq.ft (2024)
• Padavattamman Koil Street (West): Rs 4,400 per sq.ft (2024)
• Padavattamman Koil Street: Rs 4,400 per sq.ft (2024)
• Patel Street: Rs 8,800 per sq.ft (2024)
• Ottakuthar Street: Rs 5,500 per sq.ft (2024)

Stamp duty and registration fee for property in Palmore Street

For a 1,000 sq.ft plot at the current guideline value of Rs 4,400 per sq.ft, the total guideline value would be Rs 44,00,000. The stamp duty at 7% would be Rs 3,08,000, and the registration fee at 2% would be Rs 88,000, bringing the total to Rs 3,96,000. 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 Palmore Street?

The Sub Registrar Office that covers Palmore Street is the Thiyagaraya nagar Sub Registrar Office, located at 27/14, Vetnari Hospital Road, Panpet, Nandhanam, Chennai-35. For more information, you can find your SRO.

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

The guideline value is a crucial factor when registering property transactions in Mambalam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives the appropriate stamp duty and registration fees.

When buying or selling property, the guideline value helps in assessing the financial implications of the transaction. Buyers and sellers must consider this value to ensure compliance with registration requirements and to accurately calculate the associated costs.

Frequently asked questions

What is the current guideline value of Palmore Street?

The current guideline value of Palmore Street is Rs 4,400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 689 per sq.ft in 2002 to Rs 4,400 per sq.ft in 2024, reflecting an overall increase of 539% over these years.

What is the land classification for Palmore Street?

Palmore Street is classified as Residential Class III Type - III, which is relevant for determining the guideline value.

Where can I find the Sub Registrar Office for Palmore Street?

The Sub Registrar Office for Palmore Street is the Thiyagaraya nagar Sub Registrar Office, located at 27/14, Vetnari Hospital Road, Panpet, Nandhanam, Chennai-35.

How is stamp duty calculated for property in Palmore Street?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, on a property valued at Rs 44,00,000, the stamp duty would be Rs 3,08,000 at 7%.