Guideline Value for Pachaiappan Colony (Ward No.29)

Pachaiappan Colony (Ward No.29) guideline value

The current guideline value of Pachaiappan Colony (Ward No.29) is Rs 1,300 per sq.ft, effective from 1 July 2024. This area is located in Madhavaram village under the Madhavaram SRO, classified as Residential Class III Type - I.

How the guideline value of Pachaiappan Colony (Ward No.29) has changed

The guideline value has undergone several revisions over the years. The 2012 revision set the value at Rs 1,200 per sq.ft, which was then reduced to Rs 804 per sq.ft in the 2017 revision. Following this, the 2023 revision increased the value to Rs 1,200 per sq.ft, and the latest 2024 revision has raised it further to Rs 1,300 per sq.ft. There are no figures available for the years 2002, 2003, and 2007 for this street.

Between the revisions, the changes are notable. From 2012 to 2017, there was a decrease of 33%. However, from 2017 to 2023, the value increased significantly by 49%. The overall change from 2012 to 2024 shows an increase of 8%.

Guideline values in Madhavaram

In Madhavaram, there are 1,946 streets under the Madhavaram SRO that carry a 2024 guideline value ranging from Rs 1,300 to Rs 7,500 per sq.ft, with a median value of Rs 1,600 per sq.ft. The guideline value of Pachaiappan Colony (Ward No.29) is below this median.

• Pachaiappan Nagar (Ward No.29): Rs 1,300 per sq.ft (2024)
• Pachaiappan Naicken Thottam (Ward-02): Rs 1,300 per sq.ft (2024)
• Pachaiammal Nagar (Ward-29): Rs 1,300 per sq.ft (2024)
• Ottravadai Street: Rs 1,600 per sq.ft (2024)
• Ottravadai Lane: Rs 1,300 per sq.ft (2024)
• Ottraivadai st ( Ward No.2 ): Rs 1,600 per sq.ft (2024)

Stamp duty and registration fee for property in Pachaiappan Colony (Ward No.29)

For a 1,000 sq.ft plot at the current rate of Rs 1,300 per sq.ft, the guideline value amounts to Rs 13,00,000. The stamp duty at 7% would be Rs 91,000, and the registration fee at 2% would be Rs 26,000, making the total Rs 1,17,000. Please 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 details.

Which Sub Registrar Office covers Pachaiappan Colony (Ward No.29)?

The Sub Registrar Office that covers Pachaiappan Colony (Ward No.29) is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Madhavaram. It serves as a benchmark for calculating stamp duty and registration fees, ensuring that all transactions are recorded at a consistent value.

When a property is sold, the guideline value is used to determine the applicable taxes, which are calculated based on the higher value between the guideline value and the actual sale price. This ensures transparency and fairness in property transactions.

Frequently asked questions

What is the current guideline value of Pachaiappan Colony (Ward No.29)?

The current guideline value of Pachaiappan Colony (Ward No.29) is Rs 1,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,200 per sq.ft in 2023 to Rs 1,300 per sq.ft in 2024. It was Rs 804 per sq.ft in 2017 and Rs 1,200 per sq.ft in 2012.

What is the land classification of Pachaiappan Colony?

Pachaiappan Colony is classified as Residential Class III Type - I under the Madhavaram SRO.

Where can I find the Madhavaram Sub Registrar Office?

The Madhavaram Sub Registrar Office is located at No.7, Roja Nagar, Madhavaram, Chennai-600060.

How is the stamp duty calculated for properties in Pachaiappan Colony?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, a 1,000 sq.ft plot at Rs 1,300 per sq.ft has a guideline value of Rs 13,00,000, leading to a total stamp duty and registration fee of Rs 1,17,000.