Guideline Value for Panchayat Colony Main Road

Panchayat Colony Main Road guideline value

The current guideline value of Panchayat Colony Main Road is Rs 1,300 per sq.ft, effective from 1 July 2024. This road is located in Madambakkam village, under the Selaiyur SRO, and falls under the Residential Class II Type - II land classification.

How the guideline value of Panchayat Colony Main Road has changed

The guideline value for Panchayat Colony Main Road has seen 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 raised it further to Rs 1,300 per sq.ft, marking an 8% increase from the previous year.

Between the revisions, the changes were significant. From 2017 to 2023, there was a 49% increase, while the 2012 to 2017 revision saw a decrease of 33%. Overall, from 2012 to 2024, the guideline value has increased by 8%. It is important to note that the register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Madambakkam

In Madambakkam, there are 1,151 streets under the Selaiyur SRO with a guideline value for 2024 ranging from Rs 1,100 to Rs 6,000 per sq.ft, with a median value of Rs 2,400 per sq.ft. The guideline value for Panchayat Colony Main Road is below this median.

• Panchayat Colony: Rs 1,300 per sq.ft (2024)
• Park Street: Rs 1,300 per sq.ft (2024)
• Parsuvanath Avenue: Rs 2,200 per sq.ft (2024)
• Parsuvanath Avenue 1st Cross Street: Rs 2,200 per sq.ft (2024)
• Parsuvanath Avenue 1st Street: Rs 2,200 per sq.ft (2024)
• Parsuvanath Avenue 2nd Cross Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Panchayat Colony Main Road

For a 1,000 sq.ft plot at the current guideline value of Rs 1,300 per sq.ft, the total 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, bringing the total fees to Rs 1,17,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Panchayat Colony Main Road?

The Panchayat Colony Main Road is covered by the Selaiyur Sub Registrar Office, located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073, within the Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Madambakkam. It is used to determine the stamp duty and registration fees, which are mandatory for property transactions. Buyers should be aware that these fees are calculated based on the guideline value or the sale price, whichever is higher.

When a property is registered, the guideline value ensures that the transaction is documented at a recognized value, which helps in maintaining transparency in real estate transactions. This value is periodically revised to reflect changes in local property markets.

Frequently asked questions

What is the current guideline value of Panchayat Colony Main Road?

The current guideline value of Panchayat Colony Main Road 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 2012 to Rs 804 per sq.ft in 2017, then to Rs 1,200 per sq.ft in 2023, and finally to Rs 1,300 per sq.ft in 2024.

What is the stamp duty for property in Panchayat Colony Main Road?

The stamp duty for property in Panchayat Colony Main Road is 7% of the guideline value or sale price, whichever is higher. For example, for a property valued at Rs 13,00,000, the stamp duty would be Rs 91,000.

Where is the Selaiyur Sub Registrar Office located?

The Selaiyur Sub Registrar Office is located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073.

What is the land classification for Panchayat Colony Main Road?

Panchayat Colony Main Road falls under the Residential Class II Type - II land classification.