Guideline Value for Palla Street

Palla Street guideline value

The current guideline value of Palla Street in Thirunageswaram village, under the Kunrathur SRO, is Rs 1,550 per sq.ft, effective from 1 July 2024. This street falls under the Residential Special Type - II land classification.

How the guideline value of Palla Street has changed

The guideline value for Palla Street has seen several revisions over the years. Starting from Rs 153 per sq.ft in 2003, it increased significantly to Rs 325 per sq.ft in 2007. The value then rose dramatically to Rs 1,400 per sq.ft in 2012, but saw a decrease to Rs 938 per sq.ft in 2017. The 2023 revision brought the value back up to Rs 1,400 per sq.ft, and the latest revision in 2024 set it at Rs 1,550 per sq.ft, marking an increase of 11% from the previous year.

In terms of percentage changes, the guideline value increased by 49% from 2017 to 2023, while it decreased by 33% from 2012 to 2017. The most notable increase was from 2007 to 2012, where the value surged by 331%. Overall, from 2003 to 2024, the guideline value has increased by 913%. The register has no figure for Palla Street in 2002.

Guideline values in Thirunageswaram

In Thirunageswaram village, there are 105 streets under the Kunrathur SRO that carry a 2024 guideline value ranging from Rs 800 to Rs 2,000 per sq.ft. The median guideline value for these streets is Rs 1,550 per sq.ft, which is the same as the current value for Palla Street.

• Panchayat Colony I & II Street: Rs 1,200 per sq.ft (2024)
• Periyar Nagar 1st Street: Rs 1,550 per sq.ft (2024)
• Periyar Nagar 2nd Street: Rs 1,550 per sq.ft (2024)
• Periyar Nagar 3rd Street: Rs 1,550 per sq.ft (2024)
• Periya Street: Rs 2,000 per sq.ft (2024)
• New Colony I to V Street /Lane: Rs 1,550 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 1,550 per sq.ft, the total guideline value amounts to Rs 15,50,000. The stamp duty at 7% would be Rs 1,08,500, and the registration fee at 2% would be Rs 31,000, leading to a total of Rs 1,39,500. Please note that the duty is charged on the higher of the guideline value or the sale price.

For further calculations, 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 details.

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

The guideline value is a crucial factor during the registration of property transactions in Thirunageswaram. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid when buying or selling property.

When a property is sold, the registration office uses the guideline value to calculate the applicable duties. Buyers should be aware that the stamp duty is charged based on the higher of the guideline value or the sale price, ensuring that the correct fees are collected during the transaction.

Frequently asked questions

What is the current guideline value of Palla Street?

The current guideline value of Palla Street is Rs 1,550 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased over the years, starting from Rs 153 per sq.ft in 2003 to Rs 1,550 per sq.ft in 2024. Notable increases occurred between 2007 and 2012, and again from 2023 to 2024.

What is the land classification for Palla Street?

Palla Street falls under the Residential Special Type - II land classification, which is relevant for property transactions in the area.

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

The Sub Registrar Office for Palla Street is located at No.59, Road Street, Kundrathur, Chennai -600 069. This office handles the registration of property transactions in the area.

How is the stamp duty calculated for properties in Thirunageswaram?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, for a property valued at Rs 15,50,000, the stamp duty would be calculated at 7% of this amount.