Guideline Value for ST.THOMAS STREET

St.Thomas Street guideline value

The current guideline value of St.Thomas Street in Palavakkam village under the Neelankarai SRO is Rs 3,300 per sq.ft, effective from 1 July 2024. This street falls under the Residential Class II Type - II land classification.

How the guideline value of St.Thomas Street has changed

The guideline value for St.Thomas Street has seen several revisions over the years. The most recent revision in 2024 set the value at Rs 3,300 per sq.ft, which is an increase of 10% from the 2023 revision of Rs 3,000 per sq.ft. Prior to that, the 2017 revision recorded a value of Rs 2,010 per sq.ft, marking a significant increase of 49% from the previous 2023 figure. The 2012 revision also noted a value of Rs 3,000 per sq.ft, which was a decrease of 33% from the 2017 figure. Overall, from 2012 to 2024, the guideline value increased by 10%.

It is important to note that the register has no figure for St.Thomas Street for the years 2002, 2003, and 2007. This lack of data indicates that the revisions for these years did not include any guideline value for this particular street.

Guideline values in Palavakkam

In Palavakkam, there are a total of 349 streets under the Neelankarai SRO that carry a 2024 guideline value ranging from Rs 1,000 to Rs 8,800 per sq.ft, with the median value being Rs 3,300 per sq.ft. St.Thomas Street's 2024 guideline value aligns perfectly with this median.

• Subarayan Street: Rs 3,300 per sq.ft (2024)
• Sundaramurthy Street: Rs 2,800 per sq.ft (2024)
• Tagore Street: Rs 3,300 per sq.ft (2024)
• Srinivasa Nagar 4th Street: Rs 1,700 per sq.ft (2024)
• Srinivasa Nagar 3rd Street: Rs 1,700 per sq.ft (2024)
• Srinivasa Nagar 2nd Street: Rs 1,700 per sq.ft (2024)

Stamp duty and registration fee for property in St.Thomas Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value amounts to Rs 33,00,000. The stamp duty at 7% would be Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, bringing the total to Rs 2,97,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more details, you can use our stamp duty and registration fee calculator.

Which Sub Registrar Office covers St.Thomas Street?

The Sub Registrar Office that covers St.Thomas Street is the Neelankarai Sub Registrar Office, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor during the registration process of property transactions in Palavakkam. It serves as a benchmark for calculating the stamp duty and registration fees, which are mandatory for any property transfer.

When buying or selling property, the guideline value helps ensure that the transaction is recorded accurately, reflecting the government's valuation of the property. This process aids in maintaining transparency and accountability in real estate transactions.

Frequently asked questions

What is the current guideline value of St.Thomas Street?

The current guideline value of St.Thomas Street is Rs 3,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

Since 2012, the guideline value has changed from Rs 3,000 per sq.ft in 2012 to Rs 2,010 per sq.ft in 2017, then increased to Rs 3,000 per sq.ft in 2023, and finally to Rs 3,300 per sq.ft in 2024.

What is the land classification for St.Thomas Street?

St.Thomas Street is classified under Residential Class II Type - II, indicating its designation for residential use.

What are the stamp duty rates for properties in St.Thomas Street?

The stamp duty rate for properties in St.Thomas Street is 7%, calculated on the higher of the guideline value or the sale price.

Where can I find the Neelankarai Sub Registrar Office?

The Neelankarai Sub Registrar Office is located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone.