Guideline Value for Panchayat Road

Panchayat Road guideline value

The current guideline value of Panchayat Road in Saligramam village, under the Virugambakkam SRO, is Rs 2,750 per sq.ft, effective from 1 July 2024. This street falls under the Residential Class III Type - II land classification.

How the guideline value of Panchayat Road has changed

Since the year 2002, the guideline value for Panchayat Road has undergone several revisions. The value started at Rs 588 per sq.ft in 2002, increasing to Rs 642 per sq.ft in 2003. It then saw a significant rise to Rs 850 per sq.ft in 2007, followed by a jump to Rs 2,500 per sq.ft in 2012. However, the value decreased to Rs 1,675 per sq.ft in 2017. The most recent revisions show an increase to Rs 2,500 per sq.ft in 2023, and the current value is Rs 2,750 per sq.ft from the 2024 revision.

The changes between revisions highlight a 10% increase from 2023 to 2024, a 49% increase from 2017 to 2023, a decrease of 33% from 2012 to 2017, a substantial increase of 194% from 2007 to 2012, a 32% increase from 2003 to 2007, and a 9% increase from 2002 to 2003. Overall, from 2002 to 2024, the guideline value has increased by 368%.

Guideline values in Saligramam

In Saligramam village, there are 333 streets under the Virugambakkam SRO that carry a 2024 guideline value ranging from Rs 2,750 to Rs 13,200 per sq.ft. The median guideline value for these streets is Rs 4,400 per sq.ft, placing Panchayat Road's 2024 figure below that median.

• Pandara Street: Rs 3,300 per sq.ft (2024)
• Pari Street: Rs 3,300 per sq.ft (2024)
• Parthasarathy Street: Rs 4,950 per sq.ft (2024)
• Palaniandavar Koil Street: Rs 5,500 per sq.ft (2024)
• Palaniandavar Koil Sannadi Street: Rs 5,500 per sq.ft (2024)
• Pasikara Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Panchayat Road

For a 1,000 sq.ft plot at the current rate of Rs 2,750 per sq.ft, the guideline value amounts to Rs 27,50,000. The stamp duty at 7% would be Rs 1,92,500, and the registration fee at 2% would be Rs 55,000, totaling Rs 2,47,500. 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 Panchayat Road?

The Panchayat Road is covered by the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Saligramam. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the transaction.

When a property is registered, the guideline value is assessed to ensure that the appropriate fees are calculated. Buyers should be aware that these fees are based on the higher of the guideline value or the sale price, ensuring that the government receives the correct revenue from property transactions.

Frequently asked questions

What is the current guideline value of Panchayat Road?

The current guideline value of Panchayat Road is Rs 2,750 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 588 per sq.ft in 2002 to Rs 2,750 per sq.ft in 2024, showing an overall increase of 368% over this period.

What is the land classification for Panchayat Road?

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

What are the stamp duty and registration fees for a property on Panchayat Road?

For a 1,000 sq.ft plot, the total guideline value is Rs 27,50,000. The stamp duty is Rs 1,92,500, and the registration fee is Rs 55,000, totaling Rs 2,47,500.

Which Sub Registrar Office handles registrations for Panchayat Road?

The Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037, handles registrations for Panchayat Road.