Guideline Value for PAPA CITY

Papa City guideline value

The current guideline value of Papa City, located in Malayambakkam village under the Kunrathur SRO, is Rs 800 per sq.ft, effective from 1 July 2024. The land classification for this area is Residential Special Type - IV.

How the guideline value of Papa City has changed

The guideline value of Papa City has undergone several revisions over the years. The 2017 revision set the value at Rs 737 per sq.ft, which remained unchanged in the 2023 revision. However, the 2024 revision saw an increase to Rs 800 per sq.ft, marking a 9% rise from the previous year.

From the 2017 revision to the 2024 revision, the overall change is also +9%. The register has no figures for the years 2002, 2003, 2007, and 2012 for this street.

Guideline values in Malayambakkam

In Malayambakkam, there are 82 streets under the Kunrathur SRO that carry a 2024 guideline value, ranging from Rs 450 to Rs 2,750 per sq.ft. The median value for these streets is Rs 935 per sq.ft, indicating that the guideline value of Papa City is below this median.

• Paradise: Rs 2,310 per sq.ft (2024)
• Pari Garden: Rs 935 per sq.ft (2024)
• Palla Street: Rs 880 per sq.ft (2024)
• Pattammal Nagar: Rs 2,200 per sq.ft (2024)
• Om Jai Sai Avenue: Rs 935 per sq.ft (2024)
• Om Ganapathy Nagar: Rs 935 per sq.ft (2024)

Stamp duty and registration fee for property in Papa City

For a 1,000 sq.ft plot at the current guideline value of Rs 800 per sq.ft, the total guideline value amounts to Rs 8,00,000. The stamp duty, calculated at 7%, would be Rs 56,000, and the registration fee at 2% would be Rs 16,000, bringing the total to Rs 72,000. Note that the duty is charged on the higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Papa City?

The Sub Registrar Office that covers Papa City is the Kunrathur Sub Registrar Office, located at No.59, Road Street, Kundrathur, Chennai -600 069. You can find your SRO for more information.

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

When buying or selling property in Malayambakkam, the guideline value plays a crucial role in determining the stamp duty and registration fees. The guideline value is the minimum value at which a property can be registered, ensuring that the government receives the appropriate revenue from property transactions.

It is important for buyers and sellers to be aware of the guideline value as it affects the overall cost of the transaction. The stamp duty and registration fees are calculated based on this value, making it essential to consider when planning a property deal.

Frequently asked questions

What is the current guideline value of Papa City?

The current guideline value of Papa City is Rs 800 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 737 per sq.ft in 2017 to Rs 800 per sq.ft in 2024, reflecting a 9% increase. There was no change in the value from 2017 to 2023.

What is the land classification for Papa City?

The land classification for Papa City is Residential Special Type - IV, which indicates the type of development allowed in the area.

Where can I find the Sub Registrar Office for Papa City?

The Kunrathur Sub Registrar Office, which covers Papa City, is located at No.59, Road Street, Kundrathur, Chennai -600 069.

How are stamp duty and registration fees calculated?

Stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. For example, a property valued at Rs 8,00,000 would incur a stamp duty of Rs 56,000 and a registration fee of Rs 16,000.