Guideline Value for Palla Colony Street (Old Edapalayam)

Palla Colony Street (Old Edapalayam) guideline value

The current guideline value of Palla Colony Street (Old Edapalayam) is Rs 110 per sq.ft, effective from 1 July 2024. This street is located in Pazhaya Erumai Vettipalayam village, under the Redhills SRO. The land classification for this area is Residential Class II Type - I.

How the guideline value of Palla Colony Street (Old Edapalayam) has changed

Over the years, the guideline value of Palla Colony Street (Old Edapalayam) has seen several revisions. The 2007 revision set the value at Rs 50 per sq.ft, which increased to Rs 100 per sq.ft in 2012. However, there was a significant drop to Rs 67 per sq.ft in the 2017 revision. The 2023 revision saw a rise to Rs 100 per sq.ft, followed by the latest revision in 2024, which increased it to Rs 110 per sq.ft. The register has no figure for this street for the years 2002 and 2003.

From 2017 to 2023, the guideline value increased by 49%, and from 2012 to 2017, it decreased by 33%. The value saw a substantial increase of 100% from 2007 to 2012. Overall, from 2007 to 2024, the guideline value has risen by 120%.

Guideline values in Pazhaya Erumai Vettipalayam

In Pazhaya Erumai Vettipalayam, there are 14 streets under the Redhills SRO that carry a 2024 guideline value ranging from Rs 110 to Rs 220 per sq.ft. The median value for these streets is Rs 220 per sq.ft, placing Palla Colony Street (Old Edapalayam) below that median.

• Perumal Koil Street (Mettu Colony): Rs 110 per sq.ft (2024)
• Perumal Koil Street (Old Edapalayam): Rs 220 per sq.ft (2024)
• Perumal Koil Street (Pudhu Edapalayam): Rs 220 per sq.ft (2024)
• Pillaiyar Koil Street (Old Edapalayam): Rs 220 per sq.ft (2024)
• Pillaiyar Koil Street (Pudhu Edapalayam): Rs 220 per sq.ft (2024)
• Mettu Colony Street (Old Edapalayam): Rs 110 per sq.ft (2024)

Stamp duty and registration fee for property in Palla Colony Street (Old Edapalayam)

For a 1,000 sq.ft plot at the current rate of Rs 110 per sq.ft, the guideline value would be Rs 1,10,000. The stamp duty at 7% would amount to Rs 7,700, and the registration fee at 2% would be Rs 2,200, bringing the total to Rs 9,900. 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 accurate calculations.

Which Sub Registrar Office covers Palla Colony Street (Old Edapalayam)?

Palla Colony Street (Old Edapalayam) falls under the jurisdiction of the Redhills Sub Registrar Office, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052. You can find your SRO for more information.

How the guideline value is used when you buy or sell in Pazhaya Erumai Vettipalayam

The guideline value is a crucial factor during property transactions in Pazhaya Erumai Vettipalayam. It serves as a benchmark for determining the minimum value at which a property can be registered. Buyers and sellers must consider this value to ensure compliance with registration requirements.

When a property is sold, the guideline value helps in calculating the applicable stamp duty and registration fees. These fees are based on the higher of the guideline value or the sale price, ensuring that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Palla Colony Street (Old Edapalayam)?

The current guideline value of Palla Colony Street (Old Edapalayam) is Rs 110 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 50 per sq.ft in 2007 to Rs 110 per sq.ft in 2024, reflecting an overall increase of 120% over this period.

What is the registration office for Palla Colony Street (Old Edapalayam)?

The registration office for Palla Colony Street (Old Edapalayam) is the Redhills Sub Registrar Office, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052.

How is stamp duty calculated for properties in this area?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, for a property with a guideline value of Rs 1,10,000, the stamp duty at 7% would be Rs 7,700.

What are the other streets in Pazhaya Erumai Vettipalayam with guideline values?

Other streets in Pazhaya Erumai Vettipalayam include Perumal Koil Street (Mettu Colony) at Rs 110 per sq.ft, and several others at Rs 220 per sq.ft.