Guideline Value for Palayakara Street

Palayakara Street guideline value

The current guideline value of Palayakara Street is Rs 4,290 per sq.ft, effective from 1 July 2024. This street is located in Porur village, under the Kunrathur SRO, and is classified as Mixed Special Type - II.

How the guideline value of Palayakara Street has changed

The guideline value for Palayakara Street has undergone several revisions over the years. Starting from the 2002 revision, the value was Rs 593 per sq.ft. This increased to Rs 657 per sq.ft in 2003, marking an 11% rise. The value saw a significant jump to Rs 1,000 per sq.ft in 2007, which was a 52% increase. By 2012, the value was Rs 3,900 per sq.ft, reflecting a 290% increase from the 2007 figure. However, it decreased by 33% to Rs 2,613 per sq.ft in 2017. The value then increased to Rs 3,900 per sq.ft in 2023, before reaching the current rate of Rs 4,290 per sq.ft in 2024, a 10% increase from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 623%. There are no figures available for the revisions in years other than those listed above.

Guideline values in Porur

In Porur, there are 530 streets under the Kunrathur SRO that carry a 2024 guideline value ranging from Rs 2,860 to Rs 6,380 per sq.ft, with a median value of Rs 3,960 per sq.ft. The guideline value for Palayakara Street is above this median.

• Palayakara Street - Lane: Rs 4,290 per sq.ft (2024)
• Padmasi Colony: Rs 2,860 per sq.ft (2024)
• Officer Colony Pillaiyar Koil Street: Rs 4,950 per sq.ft (2024)
• Officer Colony Main Road: Rs 4,950 per sq.ft (2024)
• Officer Colony Lane: Rs 4,950 per sq.ft (2024)
• Officer Colony 3rd Cross Street: Rs 4,950 per sq.ft (2024)

Stamp duty and registration fee for property in Palayakara Street

For a 1,000 sq.ft plot at the current guideline value of Rs 4,290 per sq.ft, the total guideline value would be Rs 42,90,000. The stamp duty at 7% would amount to Rs 3,00,300, while the registration fee at 2% would be Rs 85,800. Together, these would total Rs 3,86,100. Please 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 Palayakara Street?

The Sub Registrar Office that covers Palayakara Street is the Kunrathur Sub Registrar Office, located at No.59, Road Street, Kundrathur, Chennai -600 069. You can find your SRO for more information.

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

The guideline value plays a crucial role during the registration process when buying or selling property in Porur. It is the benchmark used to determine the stamp duty and registration fees applicable to the property transaction.

When a property is sold, the guideline value is compared with the sale price, and the higher of the two is used to calculate the stamp duty. This ensures that the transaction is recorded accurately and that the appropriate fees are collected by the government.

Frequently asked questions

What is the current guideline value of Palayakara Street?

The current guideline value of Palayakara Street is Rs 4,290 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 593 per sq.ft in 2002 to Rs 4,290 per sq.ft in 2024, reflecting an overall increase of 623% over this period.

What are the stamp duty and registration fees for property on Palayakara Street?

For a 1,000 sq.ft plot, the total guideline value is Rs 42,90,000. The stamp duty would be Rs 3,00,300 and the registration fee would be Rs 85,800, totaling Rs 3,86,100.

Which Sub Registrar Office covers Palayakara Street?

The Kunrathur Sub Registrar Office covers Palayakara Street, located at No.59, Road Street, Kundrathur, Chennai -600 069.

What is the land classification of Palayakara Street?

Palayakara Street is classified as Mixed Special Type - II, which is relevant for determining its guideline value.