Guideline Value for Palavoyal Street

Palavoyal Street guideline value

The current guideline value of Palavoyal Street is Rs 1,900 per sq.ft, effective from 1 July 2024. This street is located in Siruvallur village, under the Sembiam SRO, and is classified as Residential Class III Type - I.

How the guideline value of Palavoyal Street has changed

The guideline value for Palavoyal Street has undergone several revisions over the years. In the 2007 revision, the value was set at Rs 1,000 per sq.ft. This increased significantly to Rs 1,800 per sq.ft in the 2012 revision, marking an 80% rise. However, in the 2017 revision, the value decreased to Rs 1,206 per sq.ft, a decline of 33%. The value then rose to Rs 1,800 per sq.ft in 2023, and currently stands at Rs 1,900 per sq.ft from the 2024 revision, reflecting a 6% increase.

There are no figures available for the revisions in 2002 and 2003 for Palavoyal Street. Overall, from the 2007 revision to the current 2024 revision, there has been a total increase of 90% in the guideline value.

Guideline values in Siruvallur

In Siruvallur village, there are 86 streets under the Sembiam SRO that carry a 2024 guideline value, ranging from Rs 1,600 to Rs 6,600 per sq.ft. The median value for these streets is Rs 1,900 per sq.ft, which is equal to the current guideline value of Palavoyal Street.

• Pananthoppu Railway Colony: Rs 1,900 per sq.ft (2024)
• Paper Mills Road: Rs 6,600 per sq.ft (2024)
• Paper Mills Road 1nd Lane: Rs 3,300 per sq.ft (2024)
• Paper Mills Road 2nd Lane: Rs 3,300 per sq.ft (2024)
• Park Lane Street: Rs 1,900 per sq.ft (2024)
• Park Street: Rs 2,700 per sq.ft (2024)

Stamp duty and registration fee for property in Palavoyal Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,900 per sq.ft, the total guideline value would be Rs 19,00,000. The stamp duty at 7% would amount to Rs 1,33,000, and the registration fee at 2% would be Rs 38,000, bringing the total fees together to Rs 1,71,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Palavoyal Street?

The Sub Registrar Office that covers Palavoyal Street is the Sembiam Sub Registrar Office, located at 5, Papermills Road, Sembiam, Chennai - 600011. You can find your SRO for more information.

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

The guideline value is a crucial factor during the registration of property transactions in Siruvallur. It serves as a benchmark for determining the minimum price at which a property can be registered, ensuring transparency and consistency in property dealings.

When buying or selling property, the guideline value impacts the stamp duty and registration fees that need to be paid. Buyers should be aware that these fees are calculated based on the higher of the guideline value or the actual sale price of the property.

Frequently asked questions

What is the current guideline value of Palavoyal Street?

The current guideline value of Palavoyal Street is Rs 1,900 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 1,000 per sq.ft in 2007 to Rs 1,900 per sq.ft in 2024, marking an overall increase of 90% over the years.

What is the land classification for Palavoyal Street?

Palavoyal Street is classified as Residential Class III Type - I, which indicates the type of residential development permissible in this area.

What are the stamp duty rates for properties in Palavoyal Street?

The stamp duty for properties in Palavoyal Street is charged at 7% of the guideline value or the sale price, whichever is higher. Additionally, a registration fee of 2% is applicable.

Where is the Sembiam Sub Registrar Office located?

The Sembiam Sub Registrar Office is located at 5, Papermills Road, Sembiam, Chennai - 600011. This office handles the registration of properties in the area.