Guideline Value for Palavoyal Road

Palavoyal Road guideline value

The current guideline value of Palavoyal Road in Naravarikuppam village, under the Redhills SRO, is Rs 1,320 per sq.ft, effective from 1 July 2024. The land classification for this area is Residential Class III Type - I.

How the guideline value of Palavoyal Road has changed

The guideline value for Palavoyal Road has seen several revisions over the years. In 2002, the value was Rs 3,471 per sq.ft, which then dropped significantly to Rs 353 per sq.ft in 2003, marking a decrease of 90%. The value increased to Rs 400 per sq.ft in 2007, a rise of 13%, followed by a substantial increase to Rs 1,200 per sq.ft in 2012, reflecting a 200% growth. However, it then decreased to Rs 804 per sq.ft in 2017, a decline of 33%. The value rose again to Rs 1,200 per sq.ft in 2023, and most recently, it increased to Rs 1,320 per sq.ft in 2024, which is a 10% increase.

There are no figures available for the revisions in years not listed, and the overall change from 2002 to 2024 shows a decrease of 62% in the guideline value.

Guideline values in Naravarikuppam

Naravarikuppam has a total of 112 streets under the Redhills SRO that carry a 2024 guideline value, ranging from Rs 1,320 to Rs 3,300 per sq.ft, with a median value of Rs 1,650 per sq.ft. The guideline value for Palavoyal Road is below this median.

• Panayathamman Kovil Street: Rs 1,650 per sq.ft (2024)
• Paneer Selvam Street: Rs 1,650 per sq.ft (2024)
• Periyar Street: Rs 1,650 per sq.ft (2024)
• Nethaji Street Lane: Rs 1,870 per sq.ft (2024)
• Nethaji Street: Rs 1,870 per sq.ft (2024)
• Perumal Reddy Street: Rs 1,320 per sq.ft (2024)

Stamp duty and registration fee for property in Palavoyal Road

For a 1,000 sq.ft plot at the current guideline value of Rs 1,320 per sq.ft, the total guideline value would be Rs 13,20,000. The stamp duty at 7% would amount to Rs 92,400, and the registration fee at 2% would be Rs 26,400, bringing the total fees to Rs 1,18,800. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

You can use the stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Palavoyal Road?

The Sub Registrar Office that covers Palavoyal Road is the Redhills Sub Registrar Office, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052. You can find your SRO for further assistance.

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

The guideline value is a crucial factor in the registration process for property transactions in Naravarikuppam. It determines the minimum value at which property can be registered, ensuring that transactions are recorded at a fair value as per government standards.

When buying or selling property, the guideline value helps in calculating the stamp duty and registration fees, which are essential for the legal transfer of property ownership. Buyers should always check the latest guideline values to ensure compliance with registration requirements.

Frequently asked questions

What is the current guideline value of Palavoyal Road?

The current guideline value of Palavoyal Road is Rs 1,320 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 3,471 per sq.ft in 2002 to Rs 1,320 per sq.ft in 2024, reflecting a decrease of 62% overall.

What is the stamp duty for property on Palavoyal Road?

The stamp duty for property on Palavoyal Road is 7% of the guideline value or sale price, whichever is higher.

Where can I find the Sub Registrar Office for Palavoyal Road?

The Sub Registrar Office for Palavoyal Road is the Redhills Sub Registrar Office, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052.

What are the other streets in Naravarikuppam with guideline values?

Other streets in Naravarikuppam include Panayathamman Kovil Street, Paneer Selvam Street, Periyar Street, Nethaji Street Lane, Nethaji Street, and Perumal Reddy Street, with values ranging from Rs 1,320 to Rs 1,870 per sq.ft in 2024.