Guideline Value for PASUMPON NAGAR EXTENSION

Pasumpon Nagar Extension guideline value

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

How the guideline value of Pasumpon Nagar Extension has changed

The guideline value for Pasumpon Nagar Extension has undergone several revisions over the years. In 2002, the guideline value was Rs 106 per sq.ft, which increased significantly to Rs 250 per sq.ft in 2007, marking a 136% rise. The value then saw a substantial increase of 700% to reach Rs 2,000 per sq.ft in 2012. However, it decreased by 33% to Rs 1,340 per sq.ft in 2017. Following this, the value rose by 49% to Rs 2,000 per sq.ft in 2023, and the latest revision in 2024 set the value at Rs 2,100 per sq.ft, reflecting a 5% increase.

It is important to note that the register has no figure for this street in 2003. Overall, from 2002 to 2024, the guideline value has increased by 1881%.

Guideline values in Korattur

In Korattur, there are 617 streets under the Villivakkam SRO, with guideline values ranging from Rs 1,100 to Rs 8,200 per sq.ft. The median guideline value for the area is Rs 2,500 per sq.ft, placing Pasumpon Nagar Extension's 2024 figure below this median.

• Pasumpon Nagar 1st Main Road: 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 Extension

For a 1,000 sq.ft plot at the current guideline value of Rs 2,100 per sq.ft, the total guideline value amounts to 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, bringing the total to 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 use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Pasumpon Nagar Extension?

The Sub Registrar Office that covers Pasumpon Nagar Extension 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 online for more information.

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 should be aware that the guideline value is the minimum value considered for these calculations.

When a property is sold, the registration office will assess the guideline value to ensure that the appropriate fees are collected. This ensures transparency and compliance with local regulations in property transactions.

Frequently asked questions

What is the current guideline value of Pasumpon Nagar Extension?

The current guideline value of Pasumpon Nagar Extension 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 increased significantly from Rs 106 per sq.ft in 2002 to Rs 2,100 per sq.ft in 2024, marking an overall increase of 1881% over this period.

What is the role of the Villivakkam SRO?

The Villivakkam SRO is responsible for the registration of property transactions in Korattur, including the assessment of guideline values for properties in the area.

How is the stamp duty calculated for properties in Pasumpon Nagar Extension?

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

Where can I find more information about guideline values?

More information about guideline values can be found on the Registration Department's guideline value register (TNReginet) or by visiting the Villivakkam Sub Registrar Office.