Guideline Value for Palayakkara Street

Palayakkara Street guideline value

The current guideline value of Palayakkara Street is Rs 880 per sq.ft, effective from 1 July 2024. This street is located in Manimangalam A village under the Padappai SRO and falls under the Residential Class I Type - I land classification.

How the guideline value of Palayakkara Street has changed

In the 2017 revision, the guideline value was Rs 536 per sq.ft. This increased to Rs 800 per sq.ft in the 2023 revision, marking a significant rise of 49%. The most recent 2024 revision set the guideline value at Rs 880 per sq.ft, reflecting a 10% increase from the previous year.

Overall, from the 2017 revision to the 2024 revision, the guideline value has increased by 64%. It is important to note that the register has no figures for the years 2002, 2003, 2007, and 2012 for this street.

Guideline values in Manimangalam A

In Manimangalam A, there are 112 streets under the Padappai SRO that carry a 2024 guideline value, ranging from Rs 550 to Rs 2,500 per sq.ft. The median value is Rs 880 per sq.ft, which is equal to the guideline value of Palayakkara Street.

• Palayathamman Nagar: Rs 770 per sq.ft (2024)
• Oli Mohammed Nagar: Rs 770 per sq.ft (2024)
• Pattabi Nagar: Rs 1,430 per sq.ft (2024)
• Periyar Street: Rs 880 per sq.ft (2024)
• Neo City: Rs 550 per sq.ft (2024)
• Primier Residency: Rs 2,140 per sq.ft (2024)

Stamp duty and registration fee for property in Palayakkara Street

For a 1,000 sq.ft plot at the current rate of Rs 880 per sq.ft, the guideline value amounts to Rs 8,80,000. The stamp duty at 7% would be Rs 61,600, and the registration fee at 2% would be Rs 17,600, totaling Rs 79,200. Duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Palayakkara Street?

The Sub Registrar Office covering Palayakkara Street is the Padappai Sub Registrar Office, located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor during property registration in Manimangalam A. It serves as a benchmark for calculating stamp duty and registration fees, ensuring that these costs are based on a standardized valuation.

When buying or selling property, the guideline value helps both parties understand the minimum value recognized by the government for taxation purposes. This ensures transparency and compliance with local regulations during the transaction process.

Frequently asked questions

What is the current guideline value of Palayakkara Street?

The current guideline value of Palayakkara Street is Rs 880 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 536 per sq.ft in 2017 to Rs 800 per sq.ft in 2023, and then to Rs 880 per sq.ft in 2024. This represents a total increase of 64% from 2017 to 2024.

What are the other streets in Manimangalam A?

Other streets in Manimangalam A include Palayathamman Nagar, Oli Mohammed Nagar, Pattabi Nagar, Periyar Street, Neo City, and Primier Residency, with varying guideline values for 2024.

What fees are associated with property transactions in Palayakkara Street?

When transacting property in Palayakkara Street, buyers should consider stamp duty at 7% and registration fees at 2% of the guideline value. These fees are based on the higher of the guideline value or the sale price.

Where can I find the Sub Registrar Office for Palayakkara Street?

The Sub Registrar Office for Palayakkara Street is located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone. This office handles the registration of property transactions in the area.