Guideline Value for Palayakkara Cross Street

Palayakkara Cross Street guideline value

The current guideline value of Palayakkara Cross Street is Rs 6,600 per sq.ft, effective from 1 July 2024. This street is located in Kodambakkam village under the Ashok Nagar SRO, classified as Residential Class II Type - II.

How the guideline value of Palayakkara Cross Street has changed

In the 2007 revision, the guideline value was Rs 1,860 per sq.ft. This increased significantly to Rs 6,000 per sq.ft in the 2012 revision, marking a substantial rise of 223%. However, in the 2017 revision, the value dropped to Rs 4,020 per sq.ft, a decrease of 33%. The most recent revision in 2024 set the guideline value at Rs 6,600 per sq.ft, reflecting an increase of 64% from 2017.

There are no figures available for the years 2023, 2003, and 2002 for this street. Overall, from the 2007 revision to the 2024 revision, the guideline value has increased by 255%.

Guideline values in Kodambakkam

In Kodambakkam, there are 1,031 streets under the Ashok Nagar SRO with a 2024 guideline value ranging from Rs 2,200 to Rs 11,000 per sq.ft. The median guideline value for these streets is Rs 4,900 per sq.ft, placing Palayakkara Cross Street's 2024 figure above this median.

• Palayakkaran Lane: Rs 5,500 per sq.ft (2024)
• Palayakkaran Street: Rs 6,600 per sq.ft (2024)
• Palaniappa Street (Meenakshi Nagar): Rs 5,500 per sq.ft (2024)
• Palaniappan Street: Rs 4,100 per sq.ft (2024)
• Palai Street: Rs 3,300 per sq.ft (2024)
• Pallavan Salai (Street): Rs 4,900 per sq.ft (2024)

Stamp duty and registration fee for property in Palayakkara Cross Street

For a 1,000 sq.ft plot at the current guideline value of Rs 6,600 per sq.ft, the total guideline value would be Rs 66,00,000. The stamp duty at 7% would amount to Rs 4,62,000, and the registration fee at 2% would be Rs 1,32,000, resulting in a total of Rs 5,94,000. It is important to note that 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 details.

Which Sub Registrar Office covers Palayakkara Cross Street?

The Sub Registrar Office covering Palayakkara Cross Street is the Ashok Nagar Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office. You can find your SRO for more information.

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

The guideline value is a crucial factor in property transactions in Kodambakkam. It serves as a benchmark for determining the minimum value at which properties can be registered. When you buy or sell a property, the guideline value helps calculate the applicable stamp duty and registration fees.

During the registration process, the guideline value is used to ensure that the transaction is recorded at a fair value. This means that the registration fees are based on the guideline value or the sale price, whichever is higher, ensuring compliance with local regulations.

Frequently asked questions

What is the current guideline value of Palayakkara Cross Street?

The current guideline value of Palayakkara Cross Street is Rs 6,600 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,860 per sq.ft in 2007 to Rs 6,600 per sq.ft in 2024, showing an overall increase of 255% over this period.

What are the stamp duty and registration fees for properties in this area?

For a property valued at Rs 66,00,000, the stamp duty would be Rs 4,62,000 and the registration fee would be Rs 1,32,000, totaling Rs 5,94,000.

Which Sub Registrar Office covers this street?

The Ashok Nagar Sub Registrar Office covers Palayakkara Cross Street, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037.

Are there other streets with guideline values in Kodambakkam?

Yes, there are several other streets in Kodambakkam with varying guideline values. For example, Palayakkaran Lane has a guideline value of Rs 5,500 per sq.ft, while Palaniappan Street is valued at Rs 4,100 per sq.ft.