Guideline Value for Palla Street

Palla Street guideline value

The current guideline value of Palla Street is Rs 700 per sq.ft, effective from 1 July 2024. This street is located in Thirumangalam village under the Sunguvarchattram SRO and is classified as Residential Special Type - II.

How the guideline value of Palla Street has changed

The guideline value for Palla Street has seen several revisions over the years. In 2012, the value was set at Rs 700 per sq.ft, which remained unchanged until the 2017 revision when it dropped to Rs 469 per sq.ft. However, this value increased significantly to Rs 700 per sq.ft in the 2023 revision and has remained the same in the 2024 revision, showing a 49% increase from 2017 to 2023. Overall, from 2012 to 2024, the value has not changed.

There are no figures available for the revisions in 2002, 2003, and 2007 for Palla Street. Therefore, the only relevant revisions are from 2012, 2017, 2023, and 2024.

Guideline values in Thirumangalam

In Thirumangalam village, there are 42 streets under the Sunguvarchattram SRO that carry a 2024 guideline value ranging from Rs 250 to Rs 2,000 per sq.ft. The median value for these streets is Rs 605 per sq.ft, making Palla Street's 2024 figure of Rs 700 per sq.ft above the median.

• Palkarar Street: Rs 600 per sq.ft (2024)
• Padmavathi Nagar: Rs 605 per sq.ft (2024)
• Om Nagar: Rs 605 per sq.ft (2024)
• Pillaiayar Kovil Street: Rs 605 per sq.ft (2024)
• Ponniamman Kovil Street: Rs 600 per sq.ft (2024)
• Ponniamman Kovil Street(Thirumangalam Madura Kandigai): Rs 250 per sq.ft (2024)

Stamp duty and registration fee for property in Palla Street

For a 1,000 sq.ft plot at the current guideline value of Rs 700 per sq.ft, the total guideline value amounts to Rs 7,00,000. The stamp duty at 7% would be Rs 49,000, and the registration fee at 2% would be Rs 14,000, resulting in a total of Rs 63,000 for both fees. Please note that the duty is charged on the higher of the guideline value or the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Palla Street?

Palla Street falls under the jurisdiction of the Sunguvarchattram Sub Registrar Office, located at Vadivamal Nagar Kandigai Road, Opposite Caparo Company, Sunguvarchatram, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor when registering property transactions in Thirumangalam. It serves as a benchmark for determining the stamp duty and registration fees, which are calculated based on the higher of the guideline value or the sale price of the property.

When you buy or sell property, the guideline value ensures that the transaction is recorded at a fair value, preventing undervaluation. This helps maintain transparency in property dealings and ensures that the government receives the appropriate revenue from stamp duties.

Frequently asked questions

What is the current guideline value of Palla Street?

The current guideline value of Palla Street is Rs 700 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has remained at Rs 700 per sq.ft since 2012, dropped to Rs 469 per sq.ft in 2017, and then returned to Rs 700 per sq.ft in 2023 and 2024.

What is the median guideline value in Thirumangalam?

The median guideline value for streets in Thirumangalam is Rs 605 per sq.ft, with Palla Street's value above this median at Rs 700 per sq.ft.

What fees are associated with property transactions in Palla Street?

For a 1,000 sq.ft plot at the current guideline value, the total fees would include a stamp duty of Rs 49,000 and a registration fee of Rs 14,000, totaling Rs 63,000.

Where is the Sub Registrar Office for Palla Street located?

The Sunguvarchattram Sub Registrar Office is located at Vadivamal Nagar Kandigai Road, Opposite Caparo Company, Sunguvarchatram, Chengalpattu registration zone.