Guideline Value for PANCHAYAT ROAD

Panchayat Road guideline value

The current guideline value of Panchayat Road in Enjambakkam village, under the Neelankarai SRO, is Rs 2,200 per sq.ft, effective from 1 July 2024. This road 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 seen significant changes over the years. In 2003, the value was Rs 232 per sq.ft, which increased to Rs 750 per sq.ft in 2007. The 2012 revision saw the value rise to Rs 2,000 per sq.ft, but it then dropped to Rs 1,340 per sq.ft in 2017. The value continued to increase, reaching Rs 2,000 per sq.ft in 2023 and finally arriving at the current figure of Rs 2,200 per sq.ft in 2024.

Between the revisions, the guideline value changed as follows: from 2003 to 2007, it increased by 223%; from 2007 to 2012, it rose by 167%; however, it decreased by 33% from 2012 to 2017. The value then jumped by 49% from 2017 to 2023, and finally, it increased by 10% from 2023 to 2024. The overall change from 2003 to 2024 is an increase of 848%. Notably, the register has no figure for this street in 2002.

Guideline values in Enjambakkam

In Enjambakkam, there are 253 streets under the Neelankarai SRO that carry a 2024 guideline value ranging from Rs 1,100 to Rs 7,200 per sq.ft. The median value is Rs 2,200 per sq.ft, which is the same as the guideline value for Panchayat Road.

• Pandian Nagar: Rs 3,300 per sq.ft (2024)
• PANDIAN NAGAR 1st STREET: Rs 3,300 per sq.ft (2024)
• PANDIAN NAGAR 2nd STREET: Rs 3,300 per sq.ft (2024)
• PANDIAN NAGAR 3rd STREET: Rs 3,300 per sq.ft (2024)
• PANDIAN NAGAR 4th STREET: Rs 3,300 per sq.ft (2024)
• PANDIAN NAGAR 5th STREET: Rs 3,300 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 2,200 per sq.ft, the total guideline value would be Rs 22,00,000. The stamp duty at 7% would amount to Rs 1,54,000, and the registration fee at 2% would be Rs 44,000. Together, the total cost would be Rs 1,98,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Panchayat Road?

The Sub Registrar Office that covers Panchayat Road 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 Enjambakkam

The guideline value is a crucial factor during property transactions in Enjambakkam. It serves as a benchmark for determining the minimum price at which a property can be registered. When buying or selling property, the guideline value helps ensure that the transaction is recorded at a fair price in accordance with local regulations.

During registration, the buyer is required to pay stamp duty and registration fees 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 region.

Frequently asked questions

What is the current guideline value of Panchayat Road?

The current guideline value of Panchayat Road is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 232 per sq.ft in 2003 to Rs 2,200 per sq.ft in 2024, marking an overall increase of 848% over this period.

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

For a property valued at Rs 22,00,000, the stamp duty would be Rs 1,54,000 and the registration fee would be Rs 44,000, totaling Rs 1,98,000.

Which office handles property registrations for Panchayat Road?

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

What is the land classification for Panchayat Road?

Panchayat Road is classified under Residential Class III Type - I, indicating its suitability for residential development.