Guideline Value for P.NAGAR 1ST AVENUE

P.Nagar 1st Avenue guideline value

The current guideline value of P.Nagar 1st Avenue is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is located in the village of Sholinganallur - 1 and falls under the Neelankarai SRO. The land classification for this area is Residential Class II Type - III.

How the guideline value of P.Nagar 1st Avenue has changed

The guideline value for P.Nagar 1st Avenue has seen significant changes over the years. In the 2017 revision, the value was Rs 1,340 per sq.ft, which increased to Rs 2,000 per sq.ft in the 2023 revision, reflecting a 49% increase. The most recent revision in 2024 set the value at Rs 2,200 per sq.ft, marking a 10% increase from the previous year.

Overall, from the 2017 revision to the 2024 revision, the guideline value has increased by 64%. The register has no figures for the years 2002, 2003, 2007, and 2012 for this street.

Guideline values in Sholinganallur - 1

In Sholinganallur - 1, there are 754 streets under the Neelankarai SRO, with the 2024 guideline values ranging from Rs 1,000 to Rs 8,800 per sq.ft. The median guideline value for these streets is Rs 2,200 per sq.ft, which is the same as the current value for P.Nagar 1st Avenue.

• P.Nagar 1st Street: Rs 2,200 per sq.ft (2024)
• P.Nagar & Streets: Rs 2,200 per sq.ft (2024)
• Pilliyar Koil Steet (Akkarai): Rs 2,200 per sq.ft (2024)
• Pillaiyar Koil Street (Near Ponniyamman Koil Street/Bharathi Nagar): Rs 2,200 per sq.ft (2024)
• Pillaiyar Koil Street: Rs 2,800 per sq.ft (2024)
• Pillaiyar Koil 2nd Street: Rs 2,800 per sq.ft (2024)

Stamp duty and registration fee for property in P.Nagar 1st Avenue

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value would be Rs 22,00,000. The stamp duty at 7% would be Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, together amounting to Rs 1,98,000. 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 detailed calculations.

Which Sub Registrar Office covers P.Nagar 1st Avenue?

The Sub Registrar Office that covers P.Nagar 1st Avenue 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 Sholinganallur - 1

The guideline value plays a crucial role in the registration process when buying or selling property in Sholinganallur - 1. It is used to determine the stamp duty and registration fees that need to be paid, ensuring that the transaction is documented correctly.

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

Frequently asked questions

What is the current guideline value of P.Nagar 1st Avenue?

The current guideline value of P.Nagar 1st Avenue is Rs 2,200 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed from 2017 to 2024?

From the 2017 revision to the 2024 revision, the guideline value has increased by 64%, rising from Rs 1,340 per sq.ft to Rs 2,200 per sq.ft.

What is the land classification for P.Nagar 1st Avenue?

P.Nagar 1st Avenue is classified as Residential Class II Type - III according to the land classification guidelines.

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.

How is the stamp duty calculated for properties in Sholinganallur - 1?

The stamp duty for properties in Sholinganallur - 1 is calculated based on the higher of the guideline value and the sale price. The current rate is 7% for stamp duty and 2% for the registration fee.