Guideline Value for Palai Street

Palai Street guideline value

The current guideline value of Palai Street in Kodambakkam village is Rs 3,300 per sq.ft, effective from 1 July 2024. This street falls under the Ashok Nagar Sub Registrar Office and is classified as Residential Class IV Type - II.

How the guideline value of Palai Street has changed

The guideline value for Palai Street has undergone several revisions over the years. In the 2007 revision, the value was set at Rs 800 per sq.ft. This figure saw a significant increase in the 2012 revision, rising to Rs 3,000 per sq.ft, marking a 275% increase. However, in the 2017 revision, the value dropped to Rs 2,010 per sq.ft, which was a decrease of 33% from the previous revision.

As of the 2024 revision, the guideline value has increased to Rs 3,300 per sq.ft, representing a 64% rise from the 2017 figure. Overall, from the 2007 revision to the 2024 revision, the guideline value has increased by 313%. It is important to note that there are no figures available for the years 2023, 2003, and 2002 for this street.

Guideline values in Kodambakkam

In Kodambakkam, there are 1,031 streets under the Ashok Nagar SRO, with guideline values ranging from Rs 2,200 to Rs 11,000 per sq.ft as per the 2024 revision. The median guideline value for these streets is Rs 4,900 per sq.ft, placing Palai Street's 2024 figure below this median.

• Palaniappan Street: Rs 4,100 per sq.ft (2024)
• Palaniappa Street (Meenakshi Nagar): Rs 5,500 per sq.ft (2024)
• Palayakkara Cross Street: Rs 6,600 per sq.ft (2024)
• Palayakkaran Lane: Rs 5,500 per sq.ft (2024)
• Palayakkaran Street: Rs 6,600 per sq.ft (2024)
• Pada Salai 8th Cross Street: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in Palai Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value would be Rs 33,00,000. The stamp duty at 7% would amount to Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, bringing the total fees together to Rs 2,97,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Palai Street?

The Sub Registrar Office that covers Palai Street is the Ashok Nagar Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037 (Near By Nolambur Eb Office). You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Kodambakkam. It serves as a benchmark for determining the stamp duty and registration fees applicable to the transaction, ensuring that the government receives the correct revenue from property sales.

When a property is registered, the guideline value is compared to the sale price, and the higher of the two is used to calculate the applicable duties. This ensures that the transaction is recorded at a value that reflects the market conditions as determined by the Registration Department.

Frequently asked questions

What is the current guideline value of Palai Street?

The current guideline value of Palai Street is Rs 3,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly, increasing from Rs 800 per sq.ft in 2007 to Rs 3,300 per sq.ft in 2024, which is an overall increase of 313%.

What is the median guideline value for streets in Kodambakkam?

The median guideline value for streets in Kodambakkam is Rs 4,900 per sq.ft, which is higher than the current value of Palai Street.

What are the stamp duty and registration fees for property in Palai Street?

For a 1,000 sq.ft plot, the total guideline value would be Rs 33,00,000, with stamp duty at Rs 2,31,000 and registration fee at Rs 66,000, totaling Rs 2,97,000.

Which office handles registrations for Palai Street?

The Ashok Nagar Sub Registrar Office handles registrations for Palai Street, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037.