Guideline Value for Palayakkaran Lane

Palayakkaran Lane guideline value

The current guideline value of Palayakkaran Lane is Rs 5,500 per sq.ft, effective from 1 July 2024. This street is located in Kodambakkam village, under the Ashok Nagar SRO, and is classified as Residential Class III Type - I.

How the guideline value of Palayakkaran Lane has changed

The guideline value for Palayakkaran Lane has seen several revisions over the years. In the 2007 revision, the value was set at Rs 1,210 per sq.ft. This increased significantly to Rs 5,000 per sq.ft in the 2012 revision, marking a rise of 313%. However, the 2017 revision saw a decrease to Rs 3,350 per sq.ft, a drop of 33%. The most recent revision in 2024 has set the guideline value at Rs 5,500 per sq.ft, reflecting a substantial increase of 64% from 2017.

It is important to note that there are no figures available for the years 2023, 2003, and 2002 for this street. Overall, from 2007 to 2024, the guideline value has increased by 355%.

Guideline values in Kodambakkam

Kodambakkam village has a total of 1,031 streets under the Ashok Nagar SRO, with 2024 guideline values ranging from Rs 2,200 to Rs 11,000 per sq.ft. The median value is Rs 4,900 per sq.ft, placing Palayakkaran Lane's 2024 value above this median.

• Palayakkara Cross Street: Rs 6,600 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 Palayakkaran Lane

For a 1,000 sq.ft plot at the current guideline value of Rs 5,500 per sq.ft, the total guideline value amounts to Rs 55,00,000. The stamp duty at 7% would be Rs 3,85,000, and the registration fee at 2% would be Rs 1,10,000, bringing the total charges to Rs 4,95,000. 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 Palayakkaran Lane?

The Ashok Nagar Sub Registrar Office covers Palayakkaran Lane. The office is located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037 (Near By Nolambur Eb Office). You can find your SRO for more information.

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

When buying or selling property in Kodambakkam, the guideline value plays a crucial role in determining the applicable stamp duty and registration fees. The guideline value is used as a benchmark to assess the value of the property, ensuring that the transaction is registered at a fair value.

It is essential for buyers and sellers to be aware of the current guideline value, as it directly impacts the financial obligations during the registration process. The guideline value serves as a reference point for both parties involved in the transaction.

Frequently asked questions

What is the current guideline value of Palayakkaran Lane?

The current guideline value of Palayakkaran Lane is Rs 5,500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,210 per sq.ft in 2007 to Rs 5,500 per sq.ft in 2024, reflecting an overall increase of 355% over the years.

What is the land classification of Palayakkaran Lane?

Palayakkaran Lane is classified as Residential Class III Type - I.

Where can I find the Ashok Nagar Sub Registrar Office?

The Ashok Nagar Sub Registrar Office is located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037 (Near By Nolambur Eb Office).

How is stamp duty calculated for properties in Palayakkaran Lane?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 55,00,000, the stamp duty would be Rs 3,85,000.