Guideline Value for PUNAL RESIDENCY

Punal Residency guideline value

The current guideline value of Punal Residency, located in Maiyur village under the Chengleput Joint II SRO, is Rs 400 per sq.ft, effective from 1 July 2024. This property falls under the Residential Class I Type - I land classification.

How the guideline value of Punal Residency has changed

The guideline value for Punal Residency has seen several revisions over the years. In the 2007 revision, the value was set at Rs 288 per sq.ft. This figure increased to Rs 400 per sq.ft in the 2012 revision, marking a 39% rise. However, in the 2017 revision, the value dropped to Rs 268 per sq.ft, indicating a decrease of 33%. The subsequent revisions saw significant changes, with the 2023 revision maintaining the value at Rs 400 per sq.ft, and the current 2024 revision also at Rs 400 per sq.ft, reflecting a 0% change between these two years.

Overall, from the 2007 revision to the 2024 revision, the guideline value has increased by 39%. The 2017 to 2023 period saw a substantial increase of 49%, while the 2012 to 2017 period experienced a decrease of 33%.

Guideline values in Maiyur

In Maiyur village, there are 28 streets under the Chengleput Joint II SRO that carry a 2024 guideline value ranging from Rs 200 to Rs 700 per sq.ft. The median value among these streets is Rs 400 per sq.ft, which is equal to the guideline value of Punal Residency.

• Prakasam Avenue: Rs 500 per sq.ft (2024)
• Rajendran Nagar: Rs 400 per sq.ft (2024)
• Rmp Nagar: Rs 200 per sq.ft (2024)
• Rubi Garden: Rs 350 per sq.ft (2024)
• Ruby Garden Phase -I: Rs 401 per sq.ft (2024)
• Ruby Garden Phase -II: Rs 401 per sq.ft (2024)

Stamp duty and registration fee for property in Punal Residency

For a 1,000 sq.ft plot at the current guideline value of Rs 400 per sq.ft, the total guideline value amounts to Rs 4,00,000. The stamp duty, charged at 7%, would be Rs 28,000, and the registration fee at 2% would be Rs 8,000. Therefore, the total amount for stamp duty and registration fee would be Rs 36,000. 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 Punal Residency?

Punal Residency is covered by the Chengleput Joint II Sub Registrar Office, located at 10, Kancheepuram Main Road, Chengalpattu 603 002, in the Chengalpattu registration zone. You can find your SRO for more details.

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

The guideline value is a critical factor during the registration process when buying or selling property in Maiyur. It serves as a benchmark for determining the stamp duty and registration fees applicable to the transaction.

When a property is sold, the sale price or the guideline value, whichever is higher, is used to calculate the applicable duties and fees. This ensures that the registration process is transparent and standardized across the region.

Frequently asked questions

What is the current guideline value of Punal Residency?

The current guideline value of Punal Residency is Rs 400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen various revisions, with the most recent changes showing a 0% change from 2023 to 2024, while there was a 49% increase from 2017 to 2023.

What is the land classification for Punal Residency?

Punal Residency is classified as Residential Class I Type - I, indicating its designation for residential purposes within the area.

What are the stamp duty and registration fees for properties in Punal Residency?

For a property valued at Rs 4,00,000, the stamp duty would be Rs 28,000 and the registration fee would be Rs 8,000, totaling Rs 36,000.

Which office handles the registration for Punal Residency?

The Chengleput Joint II Sub Registrar Office handles the registration for Punal Residency, located at 10, Kancheepuram Main Road, Chengalpattu 603 002.