Guideline Value for Palaiyathan Street

Palaiyathan Street guideline value

The current guideline value of Palaiyathan Street is Rs 1,600 per sq.ft, effective from 1 July 2024. This street is located in Selaiyur village under the Selaiyur SRO, and it falls under the Residential Class II Type - II land classification.

How the guideline value of Palaiyathan Street has changed

The guideline value for Palaiyathan Street has undergone several revisions over the years. In 2007, the value was set at Rs 450 per sq.ft. This increased significantly to Rs 1,500 per sq.ft in 2012, marking a 233% rise. However, in 2017, the value decreased to Rs 1,005 per sq.ft, reflecting a drop of 33%. The upward trend resumed in 2023, with the value rising to Rs 1,500 per sq.ft, and further increased to Rs 1,600 per sq.ft in 2024, which is a 7% increase from the previous year.

There are no figures available for the revisions in 2002 and 2003 for this street. Overall, from 2007 to 2024, the guideline value has increased by 256%.

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. The median guideline value in this area is Rs 2,200 per sq.ft, making the current value of Palaiyathan Street below the median.

• Palaiyathaman Street: Rs 950 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 Palaiyathan Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,600 per sq.ft, the total guideline value amounts to Rs 16,00,000. The stamp duty at 7% would be Rs 1,12,000, and the registration fee at 2% would be Rs 32,000, together totaling Rs 1,44,000. 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 detailed calculations.

Which Sub Registrar Office covers Palaiyathan Street?

The Sub Registrar Office covering Palaiyathan 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 crucial factor when registering property transactions in Selaiyur. It serves as a benchmark for determining the minimum value at which a property can be sold or purchased, ensuring that the transaction is recorded accurately in the official register.

When you buy or sell property, the guideline value is used to calculate the stamp duty and registration fees. This ensures that both parties are aware of the financial implications of the transaction based on the established guideline value.

Frequently asked questions

What is the current guideline value of Palaiyathan Street?

The current guideline value of Palaiyathan Street is Rs 1,600 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed multiple times: from Rs 450 per sq.ft in 2007 to Rs 1,500 per sq.ft in 2012, then to Rs 1,005 per sq.ft in 2017, Rs 1,500 per sq.ft in 2023, and finally Rs 1,600 per sq.ft in 2024.

What is the land classification for Palaiyathan Street?

Palaiyathan Street falls under the Residential Class II Type - II land classification, indicating its suitability for residential purposes.

What is the median guideline value in Selaiyur?

The median guideline value in Selaiyur is Rs 2,200 per sq.ft, which is higher than the current guideline value of Palaiyathan Street.

Where is the Selaiyur Sub Registrar Office located?

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