Guideline Value for Palaru Street (Bharathi Nagar)

Palaru Street (Bharathi Nagar) guideline value

The current guideline value of Palaru Street (Bharathi Nagar) is Rs 3,900 per sq.ft, effective from 1 July 2024. This street is located in Adambakkam village under the Alandur SRO, classified as Residential Class I Type - III.

How the guideline value of Palaru Street (Bharathi Nagar) has changed

The guideline value for Palaru Street has seen several revisions over the years. In 2012, the value was set at Rs 3,500 per sq.ft, which then decreased to Rs 2,345 per sq.ft in 2017. Following this, the value increased significantly to Rs 3,500 per sq.ft in 2023, and further rose to Rs 3,900 per sq.ft in 2024, marking an increase of 11% from the previous year.

Between the revisions, the guideline value changed as follows: from 2017 to 2023, there was a notable increase of 49%. However, from 2012 to 2017, the value dropped by 33%. Overall, when comparing the 2012 revision to the current 2024 figure, the guideline value has increased by 11%. The register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Adambakkam

In Adambakkam, there are 569 streets under the Alandur SRO that carry a 2024 guideline value ranging from Rs 2,800 to Rs 11,000 per sq.ft. The median guideline value for these streets is Rs 3,900 per sq.ft, which is equal to the current value of Palaru Street.

• Palaru Street: Rs 3,900 per sq.ft (2024)
• Palayathamman Street/Palayathan Street: Rs 3,900 per sq.ft (2024)
• Palli Lane: Rs 3,900 per sq.ft (2024)
• Padel Street: Rs 3,900 per sq.ft (2024)
• Pachiamman Koil Street: Rs 3,900 per sq.ft (2024)
• Parameshwara Nagar 1st Lane: Rs 2,800 per sq.ft (2024)

Stamp duty and registration fee for property in Palaru Street (Bharathi Nagar)

For a 1,000 sq.ft plot at the current guideline value of Rs 3,900 per sq.ft, the total guideline value would be Rs 39,00,000. The stamp duty at 7% would amount to Rs 2,73,000, and the registration fee at 2% would be Rs 78,000, totaling Rs 3,51,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. You can also use the stamp duty and registration fee calculator for precise calculations.

Which Sub Registrar Office covers Palaru Street (Bharathi Nagar)?

Palaru Street (Bharathi Nagar) falls under the jurisdiction of the Alandur Sub Registrar Office, located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061. You can find your SRO for more information.

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

The guideline value plays a crucial role during property registration in Adambakkam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is recorded at a fair price.

When buying or selling property, the guideline value is utilized to calculate the applicable stamp duty and registration fees. These fees are essential for the legal transfer of property ownership and are based on the guideline value or the sale price, whichever is higher.

Frequently asked questions

What is the current guideline value of Palaru Street?

The current guideline value of Palaru Street (Bharathi Nagar) is Rs 3,900 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 3,500 per sq.ft in 2012 to Rs 2,345 per sq.ft in 2017, then increased to Rs 3,500 per sq.ft in 2023, and finally to Rs 3,900 per sq.ft in 2024.

What is the classification of land on Palaru Street?

Palaru Street (Bharathi Nagar) is classified as Residential Class I Type - III.

Where can I find the registration office for Palaru Street?

The registration office for Palaru Street is the Alandur Sub Registrar Office, located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061.

How is stamp duty calculated for properties in Adambakkam?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. In the case of Palaru Street, for a plot valued at Rs 39,00,000, the stamp duty would be calculated accordingly.