Guideline Value for PASUMPON NAGAR /STREETS/ AVENUE

Pasumpon Nagar /Streets/ Avenue guideline value

The current guideline value for Pasumpon Nagar /Streets/ Avenue is Rs 2,100 per sq.ft, effective from 1 July 2024. This street is located in Korattur village, under the Villivakkam SRO, and is classified as Residential Class III Type - I.

How the guideline value of Pasumpon Nagar /Streets/ Avenue has changed

Over the years, the guideline value for Pasumpon Nagar has seen several revisions. The 2012 revision set the value at Rs 2,000 per sq.ft, which was followed by a decrease to Rs 1,340 per sq.ft in the 2017 revision. However, from 2017 to 2023, the value increased significantly to Rs 2,000 per sq.ft, marking a 49% rise. The latest revision in 2024 has further increased the value to Rs 2,100 per sq.ft, a 5% increase from the previous year.

It is important to note that there are no figures available for the years 2002, 2003, and 2007 in the register for this street. Overall, from 2012 to 2024, the guideline value has seen a modest increase of 5%.

Guideline values in Korattur

In Korattur, there are 617 streets under the Villivakkam SRO that carry a 2024 guideline value, ranging from Rs 1,100 to Rs 8,200 per sq.ft. The median value for these streets is Rs 2,500 per sq.ft, placing Pasumpon Nagar /Streets/ Avenue's 2024 figure below that median.

• Pasumpon Nagar Extension 3,4,5 Avenue 4th Main Road: Rs 2,100 per sq.ft (2024)
• Pasumpon Nagar Extension: Rs 2,100 per sq.ft (2024)
• Pasumpon Nagar 1st Main Road: Rs 2,100 per sq.ft (2024)
• Pattammal Nagar: Rs 2,100 per sq.ft (2024)
• Pattaravakkam Service Road: Rs 2,900 per sq.ft (2024)
• P.D.R Nagar: Rs 2,700 per sq.ft (2024)

Stamp duty and registration fee for property in Pasumpon Nagar /Streets/ Avenue

For a 1,000 sq.ft plot at the current guideline value of Rs 2,100 per sq.ft, the total guideline value would be Rs 21,00,000. The stamp duty, charged at 7%, would amount to Rs 1,47,000, while the registration fee at 2% would be Rs 42,000. Together, the total cost for stamp duty and registration would be Rs 1,89,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Pasumpon Nagar /Streets/ Avenue?

The Sub Registrar Office that covers Pasumpon Nagar /Streets/ Avenue is the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office. You can find your SRO for more details.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Korattur. It is used to determine the stamp duty and registration fees that need to be paid during the transaction. Buyers and sellers must consider the guideline value to ensure compliance with local regulations.

When a property is sold, the guideline value is compared with the sale price, and the higher of the two is used to calculate the applicable duties. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value for Pasumpon Nagar /Streets/ Avenue?

The current guideline value for Pasumpon Nagar /Streets/ Avenue is Rs 2,100 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,000 per sq.ft in 2012 to Rs 1,340 per sq.ft in 2017, then increased to Rs 2,000 per sq.ft in 2023, and finally to Rs 2,100 per sq.ft in 2024.

What are the other streets in Korattur with similar guideline values?

Other streets in Korattur with a guideline value of Rs 2,100 per sq.ft in 2024 include Pasumpon Nagar Extension 3,4,5 Avenue 4th Main Road, Pasumpon Nagar Extension, and Pasumpon Nagar 1st Main Road.

What are the stamp duty and registration fees for properties in Pasumpon Nagar?

The stamp duty for a property valued at Rs 21,00,000 would be Rs 1,47,000, and the registration fee would be Rs 42,000, totaling Rs 1,89,000.

Where is the Sub Registrar Office for Pasumpon Nagar located?

The Villivakkam Sub Registrar Office is located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office.