Guideline Value for PANCHAYAT ROAD

Panchayat Road guideline value

The current guideline value of Panchayat Road in Okkiyamthuraipakkam village, under the Neelankarai SRO, is Rs 3,300 per sq.ft, effective from 1 July 2024. This area falls under the Residential Class II 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 111 per sq.ft, which increased dramatically to Rs 800 per sq.ft in 2007, marking a 621% rise. By 2012, the value rose further to Rs 3,000 per sq.ft, reflecting a 275% increase from the previous revision. However, in 2017, it decreased to Rs 2,010 per sq.ft, a decline of 33% from 2012.

From 2017 to 2023, the guideline value increased significantly to Rs 3,000 per sq.ft, a rise of 49%. The most recent revision in 2024 has set the value at Rs 3,300 per sq.ft, marking a 10% increase from the previous year. Overall, from 2003 to 2024, the guideline value has increased by 2873%.

Guideline values in Okkiyamthuraipakkam

In Okkiyamthuraipakkam, there are 453 streets under the Neelankarai SRO, with the 2024 guideline values ranging from Rs 1,100 to Rs 8,800 per sq.ft. The median value is Rs 3,300 per sq.ft, which is equal to the current guideline value of Panchayat Road.

• Pandian Nagar: Rs 1,700 per sq.ft (2024)
• Pamban Baba Nagar: Rs 2,200 per sq.ft (2024)
• Palmera Garden: Rs 1,700 per sq.ft (2024)
• Pallavan Street: Rs 3,300 per sq.ft (2024)
• Pallavan Nagar & P.T.C.Quarters: Rs 3,900 per sq.ft (2024)
• PALLAVAN KUDI IRUPPU VIA 2nd STREET 3rd STREET: Rs 3,900 per sq.ft (2024)

Stamp duty and registration fee for property in Panchayat Road

For a 1,000 sq.ft plot at the current rate of Rs 3,300 per sq.ft, the guideline value amounts to Rs 33,00,000. The stamp duty at 7% would be Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, totaling Rs 2,97,000. Duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Panchayat Road?

The Panchayat 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. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Okkiyamthuraipakkam. It serves as a benchmark for calculating stamp duty and registration fees, ensuring that these costs are based on an official valuation rather than the sale price alone.

When a property is registered, the guideline value is compared to the sale price, and the higher of the two is used to determine the applicable fees. This ensures that the registration process reflects the current market conditions and property values.

Frequently asked questions

What is the current guideline value of Panchayat Road?

The current guideline value of Panchayat Road is Rs 3,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly, from Rs 111 per sq.ft in 2003 to Rs 3,300 per sq.ft in 2024, reflecting an overall increase of 2873%.

What is the land classification for Panchayat Road?

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

What are the stamp duty rates for properties on Panchayat Road?

The stamp duty rate for properties on Panchayat Road is 7%, calculated on the higher of the guideline value or the sale price.

Where is the Neelankarai Sub Registrar Office located?

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