Guideline Value for PANCHAYAT STREET

Panchayat Street guideline value

The current guideline value of Panchayat Street in Palavakkam village, under the Neelankarai SRO, is Rs 3,900 per sq.ft, effective from 1 July 2024. This street falls under the Residential Class II Type - I land classification.

How the guideline value of Panchayat Street has changed

The guideline value for Panchayat Street has seen several revisions over the years. Starting from the 2002 revision, the guideline value was Rs 178 per sq.ft. This increased significantly to Rs 305 per sq.ft in the 2003 revision, marking a change of +71%. The 2007 revision saw a further increase to Rs 2,611 per sq.ft, which was a substantial rise of +756%. However, in the 2012 revision, the value dropped to Rs 3,500 per sq.ft, reflecting a decrease of -33%.

In the following revisions, the guideline value climbed back up to Rs 2,345 per sq.ft in the 2017 revision, which was an increase of +49% from the previous figure. The 2023 revision set the value at Rs 3,500 per sq.ft, and the most recent 2024 revision has established the current value at Rs 3,900 per sq.ft, representing an increase of +11% from the previous year. There are no figures available for any other revisions for this street.

Guideline values in Palavakkam

In Palavakkam, there are 349 streets under the Neelankarai SRO that carry a 2024 guideline value, ranging from Rs 1,000 to Rs 8,800 per sq.ft. The median guideline value is Rs 3,300 per sq.ft, placing Panchayat Street's 2024 figure above this median.

• Palkalai Nagar/University Colony: Rs 4,400 per sq.ft (2024)
• Palkalai Nagar Avenue Road: Rs 4,400 per sq.ft (2024)
• Palkalai Nagar Avenue 9th Cross Street: Rs 4,400 per sq.ft (2024)
• Palkalai Nagar Avenue 8th Cross Street: Rs 4,400 per sq.ft (2024)
• Palkalai Nagar Avenue 7th Cross Street: Rs 4,400 per sq.ft (2024)
• Palkalai Nagar Avenue 6th Cross Street: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in Panchayat Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,900 per sq.ft, the total guideline value amounts to Rs 39,00,000. The stamp duty at 7% would be Rs 2,73,000, and the registration fee at 2% would be Rs 78,000, bringing the total to Rs 3,51,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Panchayat Street?

The Sub Registrar Office covering Panchayat 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 Palavakkam

The guideline value is a crucial factor when buying or selling property in Palavakkam. It serves as a benchmark for determining the stamp duty and registration fees that are applicable during the transaction. Buyers and sellers must be aware of the current guideline value to ensure compliance with local regulations.

When a property is registered, the guideline value is used to calculate the applicable fees, ensuring that the transaction reflects the official valuation set by the authorities. This value helps maintain transparency and standardization in property transactions within the region.

Frequently asked questions

What is the current guideline value of Panchayat Street?

The current guideline value of Panchayat Street is Rs 3,900 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has undergone several revisions, starting from Rs 178 per sq.ft in 2002 to the current Rs 3,900 per sq.ft in 2024, reflecting an overall increase of +2091% since 2002.

What is the land classification for Panchayat Street?

Panchayat Street is classified as Residential Class II Type - I, which indicates its designation for residential use.

What are the stamp duty and registration fees for property in Panchayat Street?

For a 1,000 sq.ft plot, the total guideline value is Rs 39,00,000. The stamp duty at 7% would be Rs 2,73,000, and the registration fee at 2% would be Rs 78,000, totaling Rs 3,51,000.

Where is the Sub Registrar Office for Panchayat Street located?

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