Guideline Value for Palaiyathaman Street

Palaiyathaman Street guideline value

The current guideline value of Palaiyathaman Street is Rs 950 per sq.ft, effective from 1 July 2024. This street is located in Selaiyur village, under the Selaiyur SRO, and is classified as Residential Class IV Type - II.

How the guideline value of Palaiyathaman Street has changed

The guideline value of Palaiyathaman Street has undergone several revisions over the years. In the 2007 revision, the rate was Rs 450 per sq.ft, which increased to Rs 900 per sq.ft in the 2012 revision. However, there was a significant drop to Rs 603 per sq.ft in the 2017 revision. The 2023 revision saw an increase to Rs 900 per sq.ft, and the current 2024 revision has further increased it to Rs 950 per sq.ft. The register has no figures for the years 2002 and 2003 for this street.

From 2007 to 2024, the overall increase in guideline value is 111%. The change from 2017 to 2023 was 49%, while the increase from 2023 to 2024 is 6%. Notably, the guideline value decreased by 33% from 2012 to 2017, and there was a substantial increase of 100% from 2007 to 2012.

Guideline values in Selaiyur

In Selaiyur, there are 478 streets under the Selaiyur SRO that carry a 2024 guideline value, ranging from Rs 850 to Rs 6,500 per sq.ft, with a median value of Rs 2,200 per sq.ft. The guideline value of Palaiyathaman Street is below this median.

• Palaiyathan Street: Rs 1,600 per sq.ft (2024)
• Pandiyaraj Street: Rs 950 per sq.ft (2024)
• Park Street Bharathiyar Nagar: Rs 1,600 per sq.ft (2024)
• Park Street Selaiyur: Rs 1,600 per sq.ft (2024)
• Ovvai Nagar: Rs 850 per sq.ft (2024)
• Pattai Street: Rs 3,750 per sq.ft (2024)

Stamp duty and registration fee for property in Palaiyathaman Street

For a 1,000 sq.ft plot at the current guideline value of Rs 950 per sq.ft, the total guideline value would be Rs 9,50,000. The stamp duty at 7% would amount to Rs 66,500, and the registration fee at 2% would be Rs 19,000, bringing the total to Rs 85,500. Please 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 Palaiyathaman Street?

The Sub Registrar Office that covers Palaiyathaman Street is the Selaiyur Sub Registrar Office, located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073, in the Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a critical factor when registering property transactions in Selaiyur. It serves as the basis for calculating stamp duty and registration fees, ensuring that both buyers and sellers comply with the legal requirements during the sale process.

When a property is sold, the guideline value helps determine the minimum price at which the property can be registered. This ensures transparency and fairness in property transactions, as it reflects the official value set by the government for the specific location.

Frequently asked questions

What is the current guideline value of Palaiyathaman Street?

The current guideline value of Palaiyathaman Street is Rs 950 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen several revisions, starting from Rs 450 per sq.ft in 2007, increasing to Rs 900 in 2012, then dropping to Rs 603 in 2017, and rising to Rs 900 again in 2023 before reaching Rs 950 in 2024.

What is the land classification for Palaiyathaman Street?

Palaiyathaman Street is classified as Residential Class IV Type - II.

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

The Sub Registrar Office for Palaiyathaman Street is located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073.

How is the stamp duty calculated for properties in Palaiyathaman Street?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, for a property valued at Rs 9,50,000, the stamp duty at 7% would be Rs 66,500.