Guideline Value for Palla Street

Palla Street guideline value

The current guideline value of Palla Street in Malayambakkam village, under the Kunrathur SRO, is Rs 880 per sq.ft, effective from 1 July 2024. This area falls under the Residential Class I Type - II land classification.

How the guideline value of Palla Street has changed

The guideline value for Palla Street has undergone several revisions over the years. The 2007 revision set the value at Rs 250 per sq.ft, which increased significantly to Rs 600 per sq.ft in 2012. However, the value then decreased to Rs 402 per sq.ft in the 2017 revision. The 2023 revision saw a substantial increase to Rs 800 per sq.ft, followed by the latest 2024 revision, which raised it further to Rs 880 per sq.ft. Notably, the register has no figures for the years 2002 and 2003 for this street.

Overall, from 2007 to 2024, the guideline value has increased by 252%. The changes between the revisions include a 140% increase from 2007 to 2012, a 33% decrease from 2012 to 2017, and a remarkable 99% increase from 2017 to 2023, culminating in a 10% rise from 2023 to 2024.

Guideline values in Malayambakkam

In Malayambakkam, there are 82 streets under the Kunrathur SRO with a 2024 guideline value ranging from Rs 450 to Rs 2,750 per sq.ft. The median guideline value in this area is Rs 935 per sq.ft, placing Palla Street's 2024 figure below that median.

• Papa City: Rs 800 per sq.ft (2024)
• Paradise: Rs 2,310 per sq.ft (2024)
• Pari Garden: Rs 935 per sq.ft (2024)
• Om Jai Sai Avenue: Rs 935 per sq.ft (2024)
• Om Ganapathy Nagar: Rs 935 per sq.ft (2024)
• Pattammal Nagar: Rs 2,200 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 880 per sq.ft, the total 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, bringing the total to Rs 79,200. It is important to note that the duty is charged on the higher of the guideline value and the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Palla Street?

The Sub Registrar Office that covers Palla Street is the Kunrathur Sub Registrar Office, located at No.59, Road Street, Kundrathur, Chennai -600 069. You can find your SRO for more information.

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

The guideline value is a crucial factor in property transactions in Malayambakkam. It serves as a benchmark for determining the minimum value at which properties can be registered. Buyers and sellers must consider this value when negotiating sale prices to ensure compliance with local regulations.

During the registration process, the guideline value is used to calculate the applicable stamp duty and registration fees. This ensures that both parties are aware of the financial implications of the transaction based on the established guideline value.

Frequently asked questions

What is the current guideline value of Palla Street?

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

How much has the guideline value changed over the years?

Since 2007, the guideline value has increased by 252%, with notable changes such as a 140% increase from 2007 to 2012 and a 99% increase from 2017 to 2023.

What are the stamp duty and registration fees for properties on Palla Street?

For a 1,000 sq.ft plot, the total guideline value is Rs 8,80,000, leading to a stamp duty of Rs 61,600 and a registration fee of Rs 17,600, totaling Rs 79,200.

Where can I find the Kunrathur Sub Registrar Office?

The Kunrathur Sub Registrar Office is located at No.59, Road Street, Kundrathur, Chennai -600 069.

How is the guideline value determined for properties in Malayambakkam?

The guideline value is determined by the Registration Department and reflects the minimum value for property registration. It is based on various factors including location and land classification.