Guideline Value for Palayakkaran Street

Palayakkaran Street guideline value

The current guideline value of Palayakkaran 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 Palayakkaran Street has changed

Looking at the historical revisions, the guideline value for Palayakkaran Street has seen several changes. In 2007, the guideline value was Rs 3,170 per sq.ft. This increased to Rs 6,000 per sq.ft in 2012, marking an increase of 89%. However, from 2012 to 2017, the value decreased to Rs 4,020 per sq.ft, a decline of 33%. The most recent revision in 2024 set the value at Rs 6,600 per sq.ft, reflecting an increase of 64% from 2017.

Overall, from 2007 to 2024, the guideline value has increased by 108%. It is worth noting that the register has no figures for the years 2002, 2003, and 2023 for this street.

Guideline values in Kodambakkam

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

• Palayakkaran Lane: Rs 5,500 per sq.ft (2024)
• Palayakkara Cross 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 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, while the registration fee at 2% would be Rs 1,32,000, bringing the total to Rs 5,94,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Palayakkaran Street?

The Sub Registrar Office that covers Palayakkaran Street is the Ashok Nagar Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office. For more information, you can find your SRO.

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 stamp duty and registration fees. These fees are calculated based on the guideline value or the sale price, whichever is higher, ensuring that the government receives the appropriate revenue from property transactions.

It is essential for buyers and sellers to be aware of the current guideline value, as it directly affects the overall cost of purchasing or selling property. Understanding these values can help in making informed decisions during real estate transactions in the area.

Frequently asked questions

What is the current guideline value of Palayakkaran Street?

The current guideline value of Palayakkaran 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 3,170 per sq.ft in 2007 to Rs 6,600 per sq.ft in 2024, an overall increase of 108%. There were fluctuations, including a decrease from Rs 6,000 per sq.ft in 2012 to Rs 4,020 per sq.ft in 2017.

What is the stamp duty for property in Palayakkaran Street?

The stamp duty for property in Palayakkaran Street is 7% of the guideline value or the sale price, whichever is higher. For a property valued at Rs 66,00,000, the stamp duty would be Rs 4,62,000.

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

The Sub Registrar Office for Palayakkaran Street is the Ashok Nagar Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037.

What is the land classification for Palayakkaran Street?

Palayakkaran Street is classified as Residential Class II Type - II, which indicates its designation for residential use within the area.