Guideline Value for Panchayat Colony

Panchayat Colony guideline value

The current guideline value of Panchayat Colony in Madambakkam village is Rs 1,300 per sq.ft, effective from 1 July 2024. This area falls under the Selaiyur SRO and is classified as Residential Class II Type - II.

How the guideline value of Panchayat Colony has changed

The guideline value for Panchayat Colony has undergone several revisions over the years. The 2012 revision set the value at Rs 1,200 per sq.ft, which decreased to Rs 804 per sq.ft in the 2017 revision, marking a decline of 33%. However, the latest 2024 revision has increased the value back up to Rs 1,300 per sq.ft, reflecting a significant rise of 62% from the 2017 figure.

Overall, from the 2012 revision to the 2024 revision, the guideline value has seen a slight increase of 8%. It is important to note that the register has no figures for the years 2002, 2003, 2007, and 2023 for this street.

Guideline values in Madambakkam

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

• Panchayat Colony Main Road: 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

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 charges to Rs 1,17,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

You can use the stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Panchayat Colony?

The Panchayat Colony 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, in 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 is a crucial factor during the property registration process in Madambakkam. It serves as a benchmark for determining the minimum value for which a property can be registered, ensuring transparency and fairness in property transactions.

When buying or selling property, the guideline value impacts the stamp duty and registration fees, which are calculated based on this value or the sale price, whichever is higher. This ensures that all transactions are aligned with the prevailing market standards as set by the registration department.

Frequently asked questions

What is the current guideline value of Panchayat Colony?

The current guideline value of Panchayat Colony 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, and then increased to Rs 1,300 per sq.ft in 2024. This reflects a decline from 2012 to 2017, followed by a significant rise to the current value.

What is the land classification of Panchayat Colony?

Panchayat Colony is classified as Residential Class II Type - II, indicating its suitability for residential development.

What are the stamp duty rates applicable in Panchayat Colony?

The stamp duty rate in Panchayat Colony is 7%, while the registration fee is 2%. These fees are calculated based on the higher of the guideline value or the sale price.

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, in the Chengalpattu registration zone.