Guideline Value for Panayathamman Kovil Street

Panayathamman Kovil Street guideline value

The current guideline value of Panayathamman Kovil Street is Rs 1,650 per sq.ft. This street is located in Naravarikuppam village, under the Redhills SRO, and is classified as Residential Class II Type - I.

How the guideline value of Panayathamman Kovil Street has changed

The guideline value for Panayathamman Kovil Street has seen several revisions over the years. In 2002, the guideline value was Rs 3,471 per sq.ft, which dropped to Rs 353 per sq.ft in 2003. Following this, the value increased to Rs 400 per sq.ft in 2007, then surged to Rs 1,500 per sq.ft in 2012. However, it decreased to Rs 1,005 per sq.ft in 2017. The 2023 revision set the value at Rs 1,500 per sq.ft, and the most recent revision in 2024 has increased it to Rs 1,650 per sq.ft.

Between these revisions, there have been significant changes. From 2017 to 2023, the guideline value increased by 49%. The jump from 2007 to 2012 was substantial at 275%, while there was a decrease of 33% from 2012 to 2017. The value increased by 13% from 2003 to 2007, but saw a drastic reduction of 90% from 2002 to 2003. Overall, from 2002 to 2024, the guideline value has decreased by 52%.

Guideline values in Naravarikuppam

In Naravarikuppam, there are 112 streets under the Redhills SRO that carry a 2024 guideline value, ranging from Rs 1,320 to Rs 3,300 per sq.ft. The median value among these streets is Rs 1,650 per sq.ft, which is equal to the guideline value of Panayathamman Kovil Street for 2024.

• Paneer Selvam Street: Rs 1,650 per sq.ft (2024)
• Palavoyal Road: Rs 1,320 per sq.ft (2024)
• Periyar Street: Rs 1,650 per sq.ft (2024)
• Perumal Reddy Street: Rs 1,320 per sq.ft (2024)
• Pillayar Kovil Street: Rs 1,650 per sq.ft (2024)
• Nethaji Street Lane: Rs 1,870 per sq.ft (2024)

Stamp duty and registration fee for property in Panayathamman Kovil Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,650 per sq.ft, the total guideline value would be Rs 16,50,000. The stamp duty at 7% would amount to Rs 1,15,500, while the registration fee at 2% would be Rs 33,000. Together, the total cost for these fees would be Rs 1,48,500. 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 Panayathamman Kovil Street?

The Sub Registrar Office that covers Panayathamman Kovil Street is the Redhills Sub Registrar Office, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052. You can find your SRO for more details.

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

The guideline value is a crucial factor during the registration of property transactions in Naravarikuppam. It serves as a benchmark for determining the minimum price at which a property can be registered, ensuring that the transaction is recorded at a fair value.

When buying or selling property, the guideline value helps in calculating the stamp duty and registration fees, which are essential for completing the legal process of property transfer. Buyers should be aware that these fees are based on the guideline value or the sale price, whichever is higher.

Frequently asked questions

What is the current guideline value of Panayathamman Kovil Street?

The current guideline value of Panayathamman Kovil Street is Rs 1,650 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 3,471 per sq.ft in 2002 to Rs 1,650 per sq.ft in 2024, reflecting a decrease of 52% overall during this period.

What is the land classification of Panayathamman Kovil Street?

Panayathamman Kovil Street is classified as Residential Class II Type - I.

Where can I find the Sub Registrar Office for Panayathamman Kovil Street?

The Sub Registrar Office for Panayathamman Kovil Street is located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052.

How are stamp duty and registration fees calculated for properties in Naravarikuppam?

Stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 16,50,000, the total fees would amount to Rs 1,48,500.