Guideline Value for Palani Street

Palani Street guideline value

The current guideline value of Palani Street in Kovilpathagai village, under the Ambattur SRO, is Rs 880 per sq.ft, effective from 1 July 2024. This area is classified as Residential Class II Type - I.

How the guideline value of Palani Street has changed

The guideline value of Palani Street has undergone several revisions over the years. The 2012 revision set the value at Rs 800 per sq.ft, which was then reduced to Rs 536 per sq.ft in the 2017 revision. This marked a decrease of 33%. However, from 2017 to 2023, the value increased significantly by 49%, bringing it to Rs 800 per sq.ft. The most recent revision in 2024 raised the guideline value to Rs 880 per sq.ft, reflecting a 10% increase from the previous year.

It is important to note that the register does not provide figures for the years 2002, 2003, and 2007 for Palani Street. Overall, from 2012 to 2024, the guideline value has seen a net increase of 10%.

Guideline values in Kovilpathagai

Kovilpathagai village has a total of 278 streets under the Ambattur SRO, with 2024 guideline values ranging from Rs 803 to Rs 2,900 per sq.ft. The median guideline value in the village is Rs 870 per sq.ft, placing Palani Street's 2024 figure above this median.

• Pallikondamman Koil Street: Rs 805 per sq.ft (2024)
• N.S.Mary Kallarai Street: Rs 880 per sq.ft (2024)
• North Mada Street: Rs 880 per sq.ft (2024)
• N.G.G.O. Nagar: Rs 803 per sq.ft (2024)
• New Mettu Street: Rs 805 per sq.ft (2024)
• Nethaji Street: Rs 880 per sq.ft (2024)

Stamp duty and registration fee for property in Palani Street

For a 1,000 sq.ft plot at the current rate of Rs 880 per sq.ft, the guideline value is Rs 8,80,000. The stamp duty at 7% amounts to Rs 61,600, and the registration fee at 2% is Rs 17,600, totaling Rs 79,200. 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 Palani Street?

The Sub Registrar Office that covers Palani Street is the Ambattur Sub Registrar Office, located at Villivakkam Panchayat Union Board, Office Compound, Dunlop Bus Stop, Ambattur-600 053, Chennai registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Kovilpathagai. It serves as a benchmark for determining the stamp duty and registration fees that must be paid during the transaction.

When a property is sold, the guideline value is compared to the sale price, and the higher amount is used to calculate the applicable duties and fees. This ensures that the government receives the appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Palani Street?

The current guideline value of Palani Street is Rs 880 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 800 per sq.ft in 2012 to Rs 536 per sq.ft in 2017, then to Rs 800 per sq.ft in 2023, and finally to Rs 880 per sq.ft in 2024.

What is the land classification for Palani Street?

Palani Street is classified as Residential Class II Type - I.

How is the stamp duty calculated for properties in Palani 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 8,80,000, the stamp duty would be Rs 61,600 at a rate of 7%.

Where is the Sub Registrar Office for Palani Street located?

The Sub Registrar Office for Palani Street is located at Villivakkam Panchayat Union Board, Office Compound, Dunlop Bus Stop, Ambattur-600 053, Chennai registration zone.