Guideline Value for PANCHAYAT OFFICE ROAD

Panchayat Office Road guideline value

The current guideline value of Panchayat Office Road is Rs 2,800 per sq.ft. This road is located in Chemmancheri village, under the Neelankarai SRO, and is classified as Residential Class II Type - I.

How the guideline value of Panchayat Office Road has changed

The guideline value for Panchayat Office Road has seen significant changes over the years. In 2003, the value was Rs 86 per sq.ft, which increased to Rs 500 per sq.ft in 2007. This marked a substantial increase of 481%. The value then rose to Rs 2,500 per sq.ft in 2012, reflecting a 400% increase from the previous revision. However, there was a decrease of 33% to Rs 1,675 per sq.ft in 2017. Following this, the value increased dramatically to Rs 2,500 per sq.ft in 2023, which was a 49% rise. Most recently, the value was revised to Rs 2,800 per sq.ft in 2024, indicating an increase of 12% from the previous year.

It is important to note that there is no recorded guideline value for Panchayat Office Road in the 2002 revision.

Guideline values in Chemmancheri

In Chemmancheri, there are 195 streets under the Neelankarai SRO that have a 2024 guideline value ranging from Rs 1,000 to Rs 6,600 per sq.ft. The median value for these streets is Rs 1,700 per sq.ft, making the guideline value of Panchayat Office Road above this median.

• Panchayat Office Cross Street: Rs 2,800 per sq.ft (2024)
• Panchayat Union School Street & Road: Rs 2,800 per sq.ft (2024)
• Pallavaraja Garden: Rs 3,300 per sq.ft (2024)
• Parameswari Garden: Rs 1,100 per sq.ft (2024)
• Parthasarathi Garden: Rs 1,700 per sq.ft (2024)
• Palani Garden: Rs 1,000 per sq.ft (2024)

Stamp duty and registration fee for property in Panchayat Office Road

For a 1,000 sq.ft plot at the current guideline value of Rs 2,800 per sq.ft, the total guideline value would be Rs 28,00,000. The stamp duty, charged at 7%, would amount to Rs 1,96,000, while the registration fee at 2% would be Rs 56,000. Together, the total cost for stamp duty and registration would be Rs 2,52,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can use the stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Panchayat Office Road?

The Panchayat Office Road is covered by the Neelankarai Sub Registrar Office, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone. To find your SRO, you can visit the provided link.

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

The guideline value is an essential factor in the registration process when buying or selling property in Chemmancheri. It serves as a benchmark for determining the stamp duty and registration fees applicable to the transaction. Buyers and sellers need to be aware of the guideline value to ensure compliance with legal requirements.

When a property is registered, the guideline value is used to calculate the stamp duty and registration fees, which are mandatory costs associated with the transaction. These fees are based on the higher of the guideline value or the sale price, ensuring that the government receives appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Panchayat Office Road?

The current guideline value of Panchayat Office Road is Rs 2,800 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 86 per sq.ft in 2003 to Rs 2,800 per sq.ft in 2024, reflecting a total increase of 3156% over the years.

What is the land classification for Panchayat Office Road?

Panchayat Office Road is classified as Residential Class II Type - I, indicating its use for residential purposes.

What are the stamp duty and registration fees for properties on this road?

For a property valued at Rs 28,00,000, the stamp duty would be Rs 1,96,000 and the registration fee would be Rs 56,000, totaling Rs 2,52,000.

Which office handles the registration for Panchayat Office Road?

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