Guideline Value for Panajsalai Street

Panajsalai Street guideline value

The current guideline value of Panajsalai Street in Adayalampattu village is Rs 2,420 per sq.ft, effective from 1 July 2024. This street falls under the Chennai South Joint II SRO and is classified as Residential Class I Type - II.

How the guideline value of Panajsalai Street has changed

The guideline value for Panajsalai Street has undergone several revisions over the years. In 2012, the value was set at Rs 2,200 per sq.ft. This figure was then revised to Rs 1,474 per sq.ft in 2017, marking a decrease of 33%. The next revision in 2023 saw a significant increase to Rs 2,200 per sq.ft, followed by the current value of Rs 2,420 per sq.ft effective from 2024, reflecting a 10% increase from the previous year.

It is important to note that there are no figures available for the years 2002, 2003, and 2007 in the register for Panajsalai Street. Overall, from 2012 to 2024, the guideline value has increased by 10%.

Guideline values in Adayalampattu

Adayalampattu village has 19 streets under the Chennai South Joint II SRO with a 2024 guideline value ranging from Rs 1,650 to Rs 3,850 per sq.ft. The median value for these streets is Rs 2,420 per sq.ft, which is equal to the current guideline value for Panajsalai Street.

• Padasalai Street (1-5 st): Rs 2,200 per sq.ft (2024)
• Perumal Koil Street: Rs 2,420 per sq.ft (2024)
• Ponniyamman Koil Street: Rs 2,420 per sq.ft (2024)
• Millinium Town Road: Rs 3,300 per sq.ft (2024)
• Metro Royal City: Rs 3,300 per sq.ft (2024)
• MCK Nagar: Rs 2,420 per sq.ft (2024)

Stamp duty and registration fee for property in Panajsalai Street

For a 1,000 sq.ft plot at the current rate of Rs 2,420 per sq.ft, the guideline value would be Rs 24,20,000. The stamp duty at 7% would amount to Rs 1,69,400, and the registration fee at 2% would be Rs 48,400, making the total Rs 2,17,800. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Panajsalai Street?

The Sub Registrar Office that covers Panajsalai Street is the Chennai South Joint II 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 more information.

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

The guideline value plays a crucial role in the registration process of property transactions in Adayalampattu. It is used to determine the stamp duty and registration fees payable, ensuring that these costs are calculated based on the official rates set by the government.

When buying or selling property, the guideline value is essential for both parties involved. It provides a standardized value that helps in assessing the financial obligations related to the transaction, ensuring transparency and compliance with legal requirements.

Frequently asked questions

What is the current guideline value of Panajsalai Street?

The current guideline value of Panajsalai Street is Rs 2,420 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,200 per sq.ft in 2012 to Rs 1,474 per sq.ft in 2017, then to Rs 2,200 per sq.ft in 2023, and finally to Rs 2,420 per sq.ft in 2024.

What is the stamp duty for property in Panajsalai Street?

The stamp duty for property in Panajsalai Street is 7% of the guideline value or sale price, whichever is higher. For a 1,000 sq.ft plot, the stamp duty would be Rs 1,69,400.

Which office handles registrations for Panajsalai Street?

The Chennai South Joint II Sub Registrar Office handles registrations for Panajsalai Street. The office is located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035.

What is the land classification for Panajsalai Street?

Panajsalai Street is classified as Residential Class I Type - II, indicating its designation for residential use within the area.