Guideline Value for PANNEERSELAVM NAGAR

Panneerselavm Nagar guideline value

The current guideline value of Panneerselavm Nagar is Rs 6,600 per sq.ft, effective from 1 July 2024. This area is located in Mambalam village and falls under the Thiyagaraya nagar SRO. The land classification for this street is Residential Class II Type - I.

How the guideline value of Panneerselavm Nagar has changed

The guideline value for Panneerselavm Nagar has seen several revisions over the years. The 2007 revision set the value at Rs 1,000 per sq.ft, which increased significantly to Rs 6,000 per sq.ft in 2012—a remarkable 500% rise. However, this value then decreased to Rs 4,020 per sq.ft in 2017, marking a 33% decline. Following this, the value rose again to Rs 6,000 per sq.ft in 2023, and most recently, it reached Rs 6,600 per sq.ft in the 2024 revision, reflecting a 10% increase from the previous year.

There are no figures available in the register for the years 2002 and 2003 for this street. Overall, from 2007 to 2024, the guideline value has increased by 560%.

Guideline values in Mambalam

Mambalam village has a total of 163 streets under the Thiyagaraya nagar SRO, with guideline values ranging from Rs 4,400 to Rs 22,000 per sq.ft. The median value among these streets is Rs 6,600 per sq.ft, which is equal to the current guideline value of Panneerselavm Nagar.

• Pandian Street Northern Side Of Fifth Main Road: Rs 6,600 per sq.ft (2024)
• Palmore Street: Rs 4,400 per sq.ft (2024)
• Patel Street: Rs 8,800 per sq.ft (2024)
• Padavattamman Koil Street (West): Rs 4,400 per sq.ft (2024)
• Padavattamman Koil Street: Rs 4,400 per sq.ft (2024)
• Ottakuthar Street: Rs 5,500 per sq.ft (2024)

Stamp duty and registration fee for property in Panneerselavm Nagar

For a 1,000 sq.ft plot at the current rate of Rs 6,600 per sq.ft, the guideline value amounts to Rs 66,00,000. The stamp duty at 7% would be Rs 4,62,000, and the registration fee at 2% would be Rs 1,32,000, bringing the total to Rs 5,94,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can use the stamp duty and registration fee calculator for further calculations.

Which Sub Registrar Office covers Panneerselavm Nagar?

The Sub Registrar Office that covers Panneerselavm Nagar is the Thiyagaraya nagar Sub Registrar Office, located at 27/14, Vetnari Hospital Road, Panpet Nandhanam, Chennai-35. You can find your SRO for more information.

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

The guideline value is a critical factor during the registration of property transactions in Mambalam. It serves as a benchmark for determining the minimum value at which property can be registered, ensuring that the transaction is recorded at an appropriate value.

When buying or selling property, the guideline value is used to calculate the stamp duty and registration fees. This ensures compliance with legal requirements and helps in the accurate documentation of property ownership.

Frequently asked questions

What is the current guideline value of Panneerselavm Nagar?

The current guideline value of Panneerselavm Nagar is Rs 6,600 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 2007 to Rs 6,600 per sq.ft in 2024, reflecting a total increase of 560% over the years.

What are the other streets in Mambalam with their guideline values?

Other streets in Mambalam include Pandian Street Northern Side Of Fifth Main Road at Rs 6,600 per sq.ft, Palmore Street at Rs 4,400 per sq.ft, and Patel Street at Rs 8,800 per sq.ft, among others.

What is the stamp duty rate applicable in Panneerselavm Nagar?

The stamp duty rate applicable in Panneerselavm Nagar is 7%, which is calculated on the higher of the guideline value or the sale price.

Where can I find the Sub Registrar Office for Panneerselavm Nagar?

The Sub Registrar Office for Panneerselavm Nagar is located at 27/14, Vetnari Hospital Road, Panpet Nandhanam, Chennai-35.