Guideline Value for Panchayat Street

Panchayat Street guideline value

The current guideline value of Panchayat Street in Erukancherry village under the Madhavaram SRO is Rs 2,200 per sq.ft, effective from 1 July 2024. The land classification for this area is Residential Class IV Type - I.

How the guideline value of Panchayat Street has changed

Over the years, the guideline value for Panchayat Street has seen several revisions. The 2012 revision set the value at Rs 2,000 per sq.ft, which decreased to Rs 1,340 per sq.ft in the 2017 revision. However, from 2017 to 2023, there was a significant increase of 49%, bringing the value to Rs 2,000 per sq.ft. The most recent revision in 2024 has further increased the guideline value to Rs 2,200 per sq.ft, marking a 10% rise from the previous year.

The register has no figure for the years 2002, 2003, and 2007 regarding this street. Overall, from 2012 to 2024, the guideline value has increased by 10%.

Guideline values in Erukancherry

In Erukancherry, there are 376 streets under the Madhavaram SRO with a 2024 guideline value ranging from Rs 1,900 to Rs 3,800 per sq.ft. The median guideline value for these streets is Rs 2,500 per sq.ft, placing Panchayat Street's 2024 figure below this median.

• Pandian Nagar: Rs 2,200 per sq.ft (2024)
• Pandit Nehru Street: Rs 1,900 per sq.ft (2024)
• Pandurangan Lane: Rs 1,900 per sq.ft (2024)
• Pandurangan Street: Rs 2,200 per sq.ft (2024)
• Palvadi Street: Rs 1,900 per sq.ft (2024)
• Pappathi Ammal Koil Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Panchayat Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value amounts to Rs 22,00,000. The stamp duty at 7% would be Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, bringing the total to Rs 1,98,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more detailed calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Panchayat Street?

The Panchayat Street falls under the jurisdiction of the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Erukancherry. It serves as the benchmark for calculating stamp duty and registration fees, ensuring that the government receives the appropriate revenue from property transactions.

When a property is sold, the sale price or the guideline value, whichever is higher, is used to determine the stamp duty payable. This helps maintain transparency and fairness in property transactions within the region.

Frequently asked questions

What is the current guideline value of Panchayat Street?

The current guideline value of Panchayat Street is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 2,000 per sq.ft in 2012 to Rs 2,200 per sq.ft in 2024, with notable changes in between, including a decrease to Rs 1,340 per sq.ft in 2017 and an increase to Rs 2,000 per sq.ft in 2023.

What is the land classification for Panchayat Street?

Panchayat Street is classified as Residential Class IV Type - I, indicating its suitability for residential purposes.

How is the stamp duty calculated for properties on Panchayat Street?

The stamp duty is calculated based on the higher of the guideline value or the sale price. For example, for a plot of 1,000 sq.ft at the current guideline value, the total stamp duty would amount to Rs 1,54,000.

Where can I find the Madhavaram Sub Registrar Office?

The Madhavaram Sub Registrar Office is located at No.7, Roja Nagar, Madhavaram, Chennai-600060. This office handles the registration of properties in the area.