Guideline Value for PASUMPON STREET

Pasumpon Street guideline value

The current guideline value of Pasumpon Street is Rs 1,700 per sq.ft, effective from 1 July 2024. This street is located in Palavakkam village, under the Neelankarai SRO, and is classified as Residential Class IV Type - II.

How the guideline value of Pasumpon Street has changed

The guideline value for Pasumpon Street has seen several revisions over the years. In the 2002 revision, the value was Rs 283 per sq.ft, which increased to Rs 316 per sq.ft in 2003. This was followed by a significant rise to Rs 700 per sq.ft in 2007. The value then jumped to Rs 1,500 per sq.ft in 2012, before dropping to Rs 1,005 per sq.ft in 2017. The most recent revision in 2023 set the value at Rs 1,500 per sq.ft, and it has now increased to Rs 1,700 per sq.ft in 2024.

Between the revisions, the changes were as follows: from 2002 to 2003, the increase was +12%. The rise from 2003 to 2007 was +122%, while the drop from 2012 to 2017 was -33%. The value increased by +49% from 2017 to 2023, and finally, there was a +13% increase from 2023 to 2024. Overall, from 2002 to 2024, the guideline value has increased by +501%.

Guideline values in Palavakkam

In Palavakkam, there are 349 streets under the Neelankarai SRO with a 2024 guideline value ranging from Rs 1,000 to Rs 8,800 per sq.ft. The median guideline value in this area is Rs 3,300 per sq.ft, placing Pasumpon Street's 2024 figure below that median.

• Paul Raj Nagar (Balaji Nagar): Rs 2,200 per sq.ft (2024)
• Panchayat Street: Rs 3,900 per sq.ft (2024)
• Periyiar Salai: Rs 3,300 per sq.ft (2024)
• Palkalai Nagar/University Colony: Rs 4,400 per sq.ft (2024)
• Palkalai Nagar Avenue Road: Rs 4,400 per sq.ft (2024)
• Palkalai Nagar Avenue 9th Cross Street: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in Pasumpon Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,700 per sq.ft, the total guideline value would be Rs 17,00,000. The stamp duty at 7% would amount to Rs 1,19,000, and the registration fee at 2% would be Rs 34,000, bringing the total to Rs 1,53,000. 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 Street?

The Sub Registrar Office covering Pasumpon Street is the Neelankarai Sub Registrar Office, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone. You can find your SRO for more details.

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

The guideline value is a crucial factor when registering property transactions in Palavakkam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring transparency and standardization in property dealings.

When you buy or sell property, the guideline value is used to calculate the stamp duty and registration fees, which are mandatory for completing the transaction. This ensures that both the buyer and seller are aware of the financial obligations involved in the transfer of property ownership.

Frequently asked questions

What is the current guideline value of Pasumpon Street?

The current guideline value of Pasumpon Street is Rs 1,700 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 283 per sq.ft in 2002 to Rs 1,700 per sq.ft in 2024, reflecting an overall increase of +501% over the years.

What is the land classification of Pasumpon Street?

Pasumpon Street is classified as Residential Class IV Type - II under the Neelankarai SRO.

Where can I find the registration office for Pasumpon Street?

The registration office for Pasumpon Street is the Neelankarai Sub Registrar Office, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone.

How is stamp duty calculated for property in Pasumpon Street?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 17,00,000, the stamp duty would be Rs 1,19,000 at a rate of 7%.