Guideline Value for Palwells Street

Palwells Street guideline value

The current guideline value of Palwells Street is Rs 3,850 per sq.ft, effective from 1 July 2024. This street is located in Parangimalai village, under the Chennai South Joint II SRO, and is classified as Residential Class II Type - I.

How the guideline value of Palwells Street has changed

The guideline value for Palwells Street has seen several revisions over the years. In 2002, the value was Rs 475 per sq.ft, which increased to Rs 594 per sq.ft in 2003, marking a 25% rise. The value continued to grow significantly, reaching Rs 1,100 per sq.ft in 2007, which was an increase of 85%. By 2012, the value remained at Rs 3,500 per sq.ft, showing no figure for this street in the 2012 revision. The 2017 revision marked a notable increase to Rs 2,345 per sq.ft, a 33% decrease from the previous figure, followed by a substantial increase to Rs 3,500 per sq.ft in 2023, and finally reaching Rs 3,850 per sq.ft in 2024, which is a 10% increase from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 711%. The revisions have shown a mix of increases and decreases, with the most significant growth occurring between 2007 and 2012, where the value surged by 218% before experiencing a decline in the following years.

Guideline values in Parangimalai

In Parangimalai, there are 233 streets under the Chennai South Joint II SRO that have a 2024 guideline value ranging from Rs 2,750 to Rs 11,000 per sq.ft. The median value for these streets is Rs 3,850 per sq.ft, which is equal to the current guideline value of Palwells Street.

• Pallavaram Road: Rs 4,400 per sq.ft (2024)
• Pandu Beeman Lane: Rs 2,750 per sq.ft (2024)
• Parade Road: Rs 4,400 per sq.ft (2024)
• Parracks Road: Rs 2,750 per sq.ft (2024)
• Pattai Street: Rs 2,750 per sq.ft (2024)
• Otthavadai Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Palwells Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,850 per sq.ft, the total guideline value would be Rs 38,50,000. The stamp duty at 7% would amount to Rs 2,69,500, and the registration fee at 2% would be Rs 77,000, bringing the total costs together to Rs 3,46,500. It is important to note that the 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 more details.

Which Sub Registrar Office covers Palwells Street?

The Sub Registrar Office that covers Palwells Street is the Chennai South Joint II Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process of property transactions in Parangimalai. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid when buying or selling property. Buyers and sellers must consider this value to ensure compliance with local regulations.

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

Frequently asked questions

What is the current guideline value of Palwells Street?

The current guideline value of Palwells Street is Rs 3,850 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 475 per sq.ft in 2002 to Rs 3,850 per sq.ft in 2024, reflecting an overall increase of 711% over this period.

What is the land classification for Palwells Street?

Palwells Street is classified as Residential Class II Type - I, indicating its suitability for residential development.

Where can I find the registration office for Palwells Street?

The registration office for Palwells Street is the Chennai South Joint II Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035.

How is stamp duty calculated for properties in Palwells Street?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, a property valued at Rs 38,50,000 would incur a stamp duty of Rs 2,69,500 at a rate of 7%.