Guideline Value for PAINTHAMIL NAGAR

Painthamil Nagar guideline value

The current guideline value of Painthamil Nagar is Rs 1,320 per sq.ft, effective from 1 July 2024. This area is located in Vanagaram village and falls under the Chennai South Joint I SRO. The land classification for this street is Residential Class IV Type - II.

How the guideline value of Painthamil Nagar has changed

The guideline value for Painthamil Nagar has seen several revisions over the years. In 2002, the value was Rs 80 per sq.ft, which increased to Rs 92 per sq.ft in 2003, marking a 15% rise. By 2007, the value jumped significantly to Rs 500 per sq.ft, reflecting a 443% increase. The value then rose to Rs 1,200 per sq.ft in 2012, which was a 140% increase from the previous revision. However, it decreased to Rs 804 per sq.ft in 2017, showing a decline of 33%. The value increased again to Rs 1,200 per sq.ft in 2023, and the most recent revision in 2024 set it at Rs 1,320 per sq.ft, a 10% increase from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 1550%. The register has no figures for the years not mentioned in the revisions.

Guideline values in Vanagaram

In Vanagaram, there are 287 streets under the Chennai South Joint I SRO, with guideline values ranging from Rs 770 to Rs 5,500 per sq.ft. The median guideline value for these streets is Rs 1,660 per sq.ft, placing Painthamil Nagar's 2024 figure below that median.

• Palaniappa Nagar: Rs 1,650 per sq.ft (2024)
• Palaniyappa Nagar 1st Cross Street: Rs 1,650 per sq.ft (2024)
• Palaniyappa Nagar 2nd Cross Street: Rs 1,650 per sq.ft (2024)
• Palaniyappa Nagar 3rd Cross Street: Rs 1,650 per sq.ft (2024)
• Palaniyappa Nagar 4th Cross Street: Rs 1,650 per sq.ft (2024)
• Palaniyappa Nagar 5th Cross Street: Rs 1,650 per sq.ft (2024)

Stamp duty and registration fee for property in Painthamil Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 1,320 per sq.ft, the total guideline value would be Rs 13,20,000. The stamp duty at 7% would amount to Rs 92,400, and the registration fee at 2% would be Rs 26,400, making the total fees together Rs 1,18,800. 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 information.

Which Sub Registrar Office covers Painthamil Nagar?

The Sub Registrar Office that covers Painthamil Nagar is the Chennai South Joint I 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 additional details.

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

The guideline value is a crucial factor when buying or selling property in Vanagaram. It serves as a benchmark for determining the minimum value at which property transactions can be registered. Buyers and sellers must be aware of the guideline value to ensure compliance with registration norms.

When a property is sold, the transaction must be registered at the Sub Registrar Office, and the stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Painthamil Nagar?

The current guideline value of Painthamil Nagar is Rs 1,320 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 80 per sq.ft in 2002 to Rs 1,320 per sq.ft in 2024, reflecting a significant increase over the years.

What is the land classification for Painthamil Nagar?

The land classification for Painthamil Nagar is Residential Class IV Type - II.

Where can I find the Sub Registrar Office for Painthamil Nagar?

The Sub Registrar Office for Painthamil Nagar is the Chennai South Joint I Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035.

How is the stamp duty calculated for properties in Painthamil Nagar?

The stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 13,20,000, the stamp duty would be Rs 92,400.