Guideline Value for PANCHAYAT NETUNCHALAI 1ST CROSS STREET

Panchayat Netunchalai 1st Cross Street guideline value

The current guideline value of Panchayat Netunchalai 1st Cross Street is Rs 4,400 per sq.ft, effective from 1 July 2024. This street is located in Perungudi village under the Neelankarai SRO and is classified as Residential Class I Type - II.

How the guideline value of Panchayat Netunchalai 1st Cross Street has changed

The guideline value for Panchayat Netunchalai 1st Cross Street has undergone several revisions since 2003. In 2003, the value was Rs 700 per sq.ft, which increased significantly to Rs 2,469 per sq.ft in 2007. The value then rose to Rs 4,000 per sq.ft in 2012, before dropping to Rs 2,680 per sq.ft in 2017. However, from 2017 to 2023, the value saw a substantial increase to Rs 4,000 per sq.ft, and the latest revision in 2024 has set it at Rs 4,400 per sq.ft.

Overall, the guideline value has increased by 529% from 2003 to 2024. The change from 2023 to 2024 reflects a 10% increase, while the jump from 2017 to 2023 represents a 49% rise. It is important to note that the register does not have figures for the year 2002 for this street.

Guideline values in Perungudi

In Perungudi, there are 249 streets under the Neelankarai SRO that carry a 2024 guideline value ranging from Rs 1,100 to Rs 8,800 per sq.ft. The median guideline value in this area is Rs 3,300 per sq.ft, placing Panchayat Netunchalai 1st Cross Street's 2024 figure above that median.

• Panchayat Main Road 3rd Cross Street: Rs 4,400 per sq.ft (2024)
• Panchayat Netunchalai 2nd Cross Street: Rs 4,400 per sq.ft (2024)
• Panchayat Link Road & Extension: Rs 4,400 per sq.ft (2024)
• Panchayat Netunchalai (Main Salai Perungudi): Rs 4,400 per sq.ft (2024)
• Panchayat Office Street: Rs 4,400 per sq.ft (2024)
• Padmavathy Nagar: Rs 5,500 per sq.ft (2024)

Stamp duty and registration fee for property in Panchayat Netunchalai 1st Cross Street

For a 1,000 sq.ft plot at the current guideline value of Rs 4,400 per sq.ft, the total guideline value amounts to Rs 44,00,000. The stamp duty at 7% would be Rs 3,08,000, and the registration fee at 2% would be Rs 88,000, totaling Rs 3,96,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Panchayat Netunchalai 1st Cross Street?

The Sub Registrar Office that covers Panchayat Netunchalai 1st Cross 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 Perungudi

The guideline value is an essential factor in the registration process when buying or selling property in Perungudi. It serves as a benchmark for calculating stamp duty and registration fees, ensuring that the government receives the appropriate revenue from property transactions.

When a property is sold, the buyer must pay stamp duty based on the higher of the guideline value or the actual sale price. This ensures that all transactions are fairly assessed and that the government can regulate property sales effectively.

Frequently asked questions

What is the current guideline value of Panchayat Netunchalai 1st Cross Street?

The current guideline value of Panchayat Netunchalai 1st Cross Street is Rs 4,400 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

The guideline value has increased significantly from Rs 700 per sq.ft in 2003 to Rs 4,400 per sq.ft in 2024, marking an overall increase of 529% over this period.

What are the stamp duty and registration fees for property in this area?

The stamp duty is charged at 7%, and the registration fee is charged at 2% of the guideline value or sale price, whichever is higher.

Which office handles the registration of properties in Panchayat Netunchalai 1st Cross Street?

The Neelankarai Sub Registrar Office handles the registration of properties in Panchayat Netunchalai 1st Cross Street, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone.

What is the land classification for Panchayat Netunchalai 1st Cross Street?

Panchayat Netunchalai 1st Cross Street is classified as Residential Class I Type - II, indicating its suitability for residential development.