Guideline Value for PASUMPON NAGAR 1ST MAIN ROAD

Pasumpon Nagar 1st Main Road guideline value

The current guideline value of Pasumpon Nagar 1st Main Road is Rs 2,100 per sq.ft, effective from 1 July 2024. This street is located in Korattur village, under the Villivakkam SRO, and falls under the Residential Class III Type - I land classification.

How the guideline value of Pasumpon Nagar 1st Main Road has changed

The guideline value for Pasumpon Nagar 1st Main Road has seen several revisions over the years. In 2012, the guideline value was Rs 2,000 per sq.ft, which decreased to Rs 1,340 per sq.ft in 2017. However, from 2017 to 2023, there was a significant increase of 49%, bringing the value to Rs 2,000 per sq.ft. The latest revision in 2024 has set the guideline value at Rs 2,100 per sq.ft, marking a 5% increase from the previous year.

There are no figures available for the revisions in 2002, 2003, and 2007 for this street. Overall, comparing the figures from 2012 to 2024, the guideline value has increased by 5%.

Guideline values in Korattur

In Korattur, a total of 617 streets under the Villivakkam SRO have a guideline value for 2024, 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, indicating that Pasumpon Nagar 1st Main Road's 2024 figure is below that median.

• Pasumpon Nagar Extension: Rs 2,100 per sq.ft (2024)
• Pasumpon Nagar Extension 3,4,5 Avenue 4th Main Road: Rs 2,100 per sq.ft (2024)
• Pasumpon Nagar /Streets/ Avenue: 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)
• Parthasarathi Avenue: Rs 2,100 per sq.ft (2024)

Stamp duty and registration fee for property in Pasumpon Nagar 1st Main Road

For a 1,000 sq.ft plot at the current rate, the guideline value is Rs 21,00,000. The stamp duty at 7% would be Rs 1,47,000, and the registration fee at 2% would be Rs 42,000, totaling Rs 1,89,000. It is important to note that duty is charged on the higher of the guideline value or the sale price. You can calculate your fees using the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Pasumpon Nagar 1st Main Road?

The Sub Registrar Office that covers Pasumpon Nagar 1st Main Road is the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037 (Near By Nolambur Eb Office). You can find your SRO for more information.

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

The guideline value is a crucial factor during the registration of property transactions in Korattur. It serves as a benchmark for calculating stamp duty and registration fees, ensuring that the government receives appropriate revenue from property transactions.

When buying or selling property, the guideline value helps determine the official value of the property for registration purposes. This value is essential for both buyers and sellers to understand their financial obligations during the transaction process.

Frequently asked questions

What is the current guideline value of Pasumpon Nagar 1st Main Road?

The current guideline value of Pasumpon Nagar 1st Main Road 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 is the land classification for Pasumpon Nagar 1st Main Road?

Pasumpon Nagar 1st Main Road is classified as Residential Class III Type - I.

Where can I find the Sub Registrar Office for this area?

The Sub Registrar Office covering Pasumpon Nagar 1st Main Road is the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037.

How is the stamp duty calculated for properties in this area?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, a property with a guideline value of Rs 21,00,000 would incur a stamp duty of Rs 1,47,000 at 7%.