Guideline Value for PANCHAYAT ROAD

Panchayat Road guideline value

The current guideline value of Panchayat Road in Madurabakkam village, under the Selaiyur SRO, is Rs 1,100 per sq.ft, effective from 1 July 2024. This street falls under the Residential Class III Type - I land classification.

How the guideline value of Panchayat Road has changed

The guideline value for Panchayat Road has undergone several revisions over the years. The 2012 revision set the value at Rs 1,000 per sq.ft, which remained unchanged until the 2017 revision, where it decreased to Rs 670 per sq.ft. The value then increased significantly to Rs 1,000 per sq.ft in the 2023 revision, and currently stands at Rs 1,100 per sq.ft from the 2024 revision. Notably, there are no figures available for the years 2002, 2003, and 2007 in the register for this street.

From the 2012 revision to the 2024 revision, the overall change is an increase of 10%. The most significant change occurred from 2017 to 2023, with a rise of 49%. The increase from 2023 to 2024 is 10%, indicating a steady upward trend in the guideline value.

Guideline values in Madurabakkam

In Madurabakkam, there are 23 streets under the Selaiyur SRO that carry a 2024 guideline value, ranging from Rs 1,100 to Rs 2,700 per sq.ft. The median guideline value for these streets is Rs 1,600 per sq.ft, placing Panchayat Road's 2024 figure below this median.

• Periya Street: Rs 1,300 per sq.ft (2024)
• Rajkham Siver Crest (Lo): Rs 1,300 per sq.ft (2024)
• Madurapakkam Main Road: Rs 2,200 per sq.ft (2024)
• Sarojini Nagar: Rs 2,500 per sq.ft (2024)
• Shankar Nagar: Rs 1,300 per sq.ft (2024)
• Silver Crest: Rs 1,700 per sq.ft (2024)

Stamp duty and registration fee for property in Panchayat Road

For a 1,000 sq.ft plot at the current guideline value of Rs 1,100 per sq.ft, the total guideline value amounts to Rs 11,00,000. The stamp duty at 7% would be Rs 77,000, while the registration fee at 2% would be Rs 22,000, bringing the total to Rs 99,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more details on calculating these fees, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Panchayat Road?

The Sub Registrar Office that covers Panchayat Road is the Selaiyur Sub Registrar Office, located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073, in the Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor in property transactions in Madurabakkam, as it determines the minimum price at which a property can be registered. Buyers and sellers must consider this value when negotiating sale prices, as the registration process will rely on the guideline value for calculating applicable fees.

When registering a property, 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 in the area.

Frequently asked questions

What is the current guideline value of Panchayat Road?

The current guideline value of Panchayat Road is Rs 1,100 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,000 per sq.ft in 2012 to Rs 670 per sq.ft in 2017, then back to Rs 1,000 per sq.ft in 2023, and currently stands at Rs 1,100 per sq.ft in 2024.

What are the stamp duty and registration fees for properties on Panchayat Road?

For a property valued at Rs 11,00,000, the stamp duty would be Rs 77,000 and the registration fee would be Rs 22,000, totaling Rs 99,000.

Which Sub Registrar Office covers Panchayat Road?

The Selaiyur Sub Registrar Office covers Panchayat Road, located at No.36, Bharathmatha Salai, Ruby Mansion, East Tambaram, Chennai - 600 073.

What is the land classification for Panchayat Road?

Panchayat Road falls under the Residential Class III Type - I land classification, indicating its suitability for residential purposes.