Guideline Value for Palliyappan Street

Palliyappan Street guideline value

The current guideline value of Palliyappan Street in Muthiyalpet village is Rs 4,400 per sq.ft, effective from 1 July 2024. This street falls under the jurisdiction of the Sowcarpet Sub Registrar Office and is classified as Residential Class I Type - I.

How the guideline value of Palliyappan Street has changed

The guideline value for Palliyappan Street has seen several revisions over the years. In 2003, the guideline value was Rs 939 per sq.ft, which increased to Rs 1,200 per sq.ft in 2007, marking a 28% rise. The value then surged significantly to Rs 4,000 per sq.ft in 2012, reflecting a 233% increase. However, it dropped to Rs 2,680 per sq.ft in 2017, representing a decrease of 33%.

From 2017 to 2023, the guideline value rose sharply by 49% to reach Rs 4,000 per sq.ft. The most recent revision in 2024 set the guideline value at Rs 4,400 per sq.ft, an increase of 10% from the previous year. It is important to note that the register has no figure for Palliyappan Street for the year 2002.

Guideline values in Muthiyalpet

In Muthiyalpet, there are 357 streets under the Sowcarpet SRO that carry a 2024 guideline value ranging from Rs 3,800 to Rs 16,500 per sq.ft. The median value for these streets is Rs 4,400 per sq.ft, which is the same as the current value for Palliyappan Street.

• Palliyappan Lane: Rs 4,400 per sq.ft (2024)
• Pannaikaran Andiappan Street: Rs 3,800 per sq.ft (2024)
• Paramanatha Mudali Street: Rs 4,900 per sq.ft (2024)
• Paramasiva Chetty Street: Rs 4,400 per sq.ft (2024)
• Palaiyappan Street: Rs 4,400 per sq.ft (2024)
• Padriya Garden Street: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in Palliyappan Street

For a 1,000 sq.ft plot at the current guideline value of Rs 4,400 per sq.ft, the total guideline value would be Rs 44,00,000. The stamp duty at 7% would amount to Rs 3,08,000, and the registration fee at 2% would be Rs 88,000, bringing the total to Rs 3,96,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Palliyappan Street?

The Sub Registrar Office that covers Palliyappan Street is the Sowcarpet Sub Registrar Office, located at No.11, Davidson Street, Sowcarpet, Chennai-01. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Muthiyalpet. It serves as a benchmark for determining the stamp duty and registration fees applicable to a property transaction.

When registering a property, the guideline value is compared to the sale price, and the higher of the two is used to calculate the applicable fees. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Palliyappan Street?

The current guideline value of Palliyappan Street is Rs 4,400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 939 per sq.ft in 2003 to Rs 4,400 per sq.ft in 2024, reflecting an overall increase of 369% over the years.

What is the land classification for Palliyappan Street?

Palliyappan Street is classified as Residential Class I Type - I under the guideline value register.

What are the stamp duty rates applicable in Palliyappan Street?

The stamp duty rate applicable in Palliyappan Street is 7% of the guideline value or sale price, whichever is higher.

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

The Sub Registrar Office for Palliyappan Street is located at No.11, Davidson Street, Sowcarpet, Chennai-01.