Guideline Value for SILVER PALMS

Silver Palms guideline value

The current guideline value of Silver Palms, located in Padi village under the Villivakkam SRO, is Rs 2,500 per sq.ft, as per the 2024 revision effective from 1 July 2024. This area falls under the Residential Class V Type - I land classification.

How the guideline value of Silver Palms has changed

The guideline value for Silver Palms has undergone several revisions over the years. In 2002, the value was Rs 416 per sq.ft, which increased to Rs 470 per sq.ft in 2003. The value saw a significant rise to Rs 850 per sq.ft in 2007, followed by a sharp increase to Rs 2,300 per sq.ft in 2012. However, it dropped to Rs 1,541 per sq.ft in 2017. The most recent revisions show the value at Rs 2,300 per sq.ft in 2023, and it has now risen to Rs 2,500 per sq.ft in 2024.

Between these revisions, there have been notable changes. From 2002 to 2003, the increase was 13%. The rise from 2003 to 2007 was 81%, and from 2007 to 2012, there was a considerable increase of 171%. However, the value decreased by 33% from 2012 to 2017. The value then increased by 49% from 2017 to 2023, and the latest revision from 2023 to 2024 reflects a 9% increase. Overall, from 2002 to 2024, the guideline value has increased by 501%.

Guideline values in Padi

In Padi village, there are 354 streets under the Villivakkam SRO, with guideline values for 2024 ranging from Rs 2,200 to Rs 13,200 per sq.ft. The median value for these streets is Rs 3,800 per sq.ft, placing Silver Palms' 2024 figure below this median.

• Sivan Koil Street (Koil Land): Rs 2,500 per sq.ft (2024)
• Sheham Avenue (Park Road): Rs 9,700 per sq.ft (2024)
• Shanthinekethan Colony: Rs 9,900 per sq.ft (2024)
• Shanthi Nagar: Rs 5,400 per sq.ft (2024)
• Shankar Flats: Rs 2,800 per sq.ft (2024)
• Seventh Avenue (Jawaharlal Nehru Road Or 200feet Road): Rs 13,100 per sq.ft (2024)

Stamp duty and registration fee for property in Silver Palms

For a 1,000 sq.ft plot at the current rate of Rs 2,500 per sq.ft, the guideline value amounts to Rs 25,00,000. The stamp duty at 7% would be Rs 1,75,000, and the registration fee at 2% would be Rs 50,000, totaling Rs 2,25,000. 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 further assistance.

Which Sub Registrar Office covers Silver Palms?

The Sub Registrar Office that covers Silver Palms is the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office. You can find your SRO for more details.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Padi. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid, ensuring that the transaction is recorded accurately in the official records.

When a property is sold, the guideline value is compared to the actual sale price. The higher of the two values is used to calculate the applicable duties and fees, ensuring that the government receives the correct revenue from property transactions.

Frequently asked questions

What is the current guideline value of Silver Palms?

The current guideline value of Silver Palms is Rs 2,500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 416 per sq.ft in 2002 to Rs 2,500 per sq.ft in 2024, reflecting an overall increase of 501% over this period.

What is the land classification for Silver Palms?

Silver Palms is classified under Residential Class V Type - I, which indicates its designation for residential use.

What are the stamp duty rates for properties in Silver Palms?

The stamp duty for properties in Silver Palms is charged at 7% of the guideline value or sale price, whichever is higher, along with a registration fee of 2%.

Where can I find the Sub Registrar Office for Silver Palms?

The Sub Registrar Office for Silver Palms is located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office.