Guideline Value for PENPET 2ND STREET

Penpet 2nd Street guideline value

The current guideline value of Penpet 2nd Street is Rs 3,850 per sq.ft, effective from 1 July 2024. This street is located in the Government farm village, under the Chennai South Joint I SRO, and is classified as Residential Class IV Type - II.

How the guideline value of Penpet 2nd Street has changed

The guideline value for Penpet 2nd Street has seen several revisions over the years. In 2002, the value was Rs 2,073 per sq.ft. This increased to Rs 2,340 per sq.ft in 2003, marking a 13% rise. The value further increased to Rs 2,500 per sq.ft in 2007, which was a 7% increase. In 2012, the value rose significantly to Rs 3,500 per sq.ft, reflecting a 40% increase. However, from 2017, the value dropped to Rs 2,345 per sq.ft, a decrease of 33%. The value rebounded to Rs 3,500 per sq.ft in 2023, and currently stands at Rs 3,850 per sq.ft in 2024, representing a 10% increase from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 86%. The register has no figures for the years between 2017 and 2023, and no figures for the years prior to 2002.

Guideline values in Government farm

In the Government farm village, there are 35 streets under the Chennai South Joint I SRO that have a 2024 guideline value ranging from Rs 3,850 to Rs 15,400 per sq.ft, with a median value of Rs 8,250 per sq.ft. The guideline value of Penpet 2nd Street is below this median.

• Penpet 1st Street: Rs 3,850 per sq.ft (2024)
• Nandhi Loop Street: Rs 4,400 per sq.ft (2024)
• Lotus Colony (Nandanam): Rs 5,830 per sq.ft (2024)
• Loop Street ( Annasalai): Rs 11,000 per sq.ft (2024)
• Link Road: Rs 4,400 per sq.ft (2024)
• Krishnapillai Thotam 2nd Street: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Penpet 2nd Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,850 per sq.ft, the total guideline value would be Rs 38,50,000. The stamp duty at 7% would amount to Rs 2,69,500, and the registration fee at 2% would be Rs 77,000, totaling Rs 3,46,500. It is important to note that the 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 information.

Which Sub Registrar Office covers Penpet 2nd Street?

The Sub Registrar Office that covers Penpet 2nd Street is the Chennai South Joint I Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035. You can find your SRO for further assistance.

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

The guideline value is a crucial factor when registering property transactions in Government farm. It serves as a base for calculating the stamp duty and registration fees, which are mandatory during the property registration process.

When buying or selling property, the guideline value ensures that the transaction is recorded at a fair value, reflecting the current market conditions. This helps maintain transparency and accountability in property transactions.

Frequently asked questions

What is the current guideline value of Penpet 2nd Street?

The current guideline value of Penpet 2nd Street is Rs 3,850 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,073 per sq.ft in 2002 to Rs 3,850 per sq.ft in 2024, reflecting an overall increase of 86% over this period.

What are the stamp duty and registration fees for properties in Penpet 2nd Street?

For a 1,000 sq.ft plot, the total guideline value is Rs 38,50,000. The stamp duty would be Rs 2,69,500, and the registration fee would be Rs 77,000, totaling Rs 3,46,500.

Which office handles registrations for Penpet 2nd Street?

The Chennai South Joint I Sub Registrar Office handles registrations for Penpet 2nd Street, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035.

How is the guideline value determined?

The guideline value is determined based on various factors, including land classification and historical revisions. It is updated periodically to reflect current trends and conditions in the real estate market.