Guideline Value for Pandiyan Street (Bhavani Nagar)

Pandiyan Street (Bhavani Nagar) guideline value

The current guideline value of Pandiyan Street (Bhavani Nagar) is Rs 770 per sq.ft, effective from 1 July 2024. This street is located in Padiyanallur village and falls under the Redhills SRO. The land classification for this area is Residential Class I Type - I.

How the guideline value of Pandiyan Street (Bhavani Nagar) has changed

The guideline value for Pandiyan Street (Bhavani Nagar) has undergone several revisions over the years. In 2007, the guideline value was Rs 400 per sq.ft, which increased to Rs 700 per sq.ft in 2012. However, there was a decrease to Rs 469 per sq.ft in 2017. Following this, the value saw a significant increase to Rs 700 per sq.ft in 2023, and it has now risen to Rs 770 per sq.ft in the 2024 revision, marking a 10% increase from the previous year.

Overall, from 2007 to 2024, the guideline value has increased by 93%. It is important to note that there are no figures available for the revisions in 2002 and 2003 for this street.

Guideline values in Padiyanallur

Padiyanallur village has a total of 132 streets under the Redhills SRO that carry a 2024 guideline value, ranging from Rs 385 to Rs 2,750 per sq.ft. The median guideline value for these streets is Rs 770 per sq.ft, which is equal to the current value of Pandiyan Street (Bhavani Nagar).

• Pannariamman Koil Street (PANNEERVAKKAM COLONY): Rs 385 per sq.ft (2024)
• Panneer Selvam Street: Rs 770 per sq.ft (2024)
• Pasumpon Street: Rs 660 per sq.ft (2024)
• Peiyar Nagar Ist Street (Bhavani Nagar): Rs 770 per sq.ft (2024)
• Oungsan Street: Rs 770 per sq.ft (2024)
• Periyar Nagar 2nd Street (Bhavani Nagar): Rs 770 per sq.ft (2024)

Stamp duty and registration fee for property in Pandiyan Street (Bhavani Nagar)

For a 1,000 sq.ft plot at the current guideline value of Rs 770 per sq.ft, the total guideline value would be Rs 7,70,000. The stamp duty at 7% would amount to Rs 53,900, and the registration fee at 2% would be Rs 15,400. Together, these fees would total Rs 69,300. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Pandiyan Street (Bhavani Nagar)?

The Sub Registrar Office that covers Pandiyan Street (Bhavani Nagar) 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 additional information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Padiyanallur. 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 used to calculate the applicable duties, ensuring that the fees reflect the official valuation of the property. This helps maintain a standard procedure for property transactions within the region.

Frequently asked questions

What is the current guideline value of Pandiyan Street (Bhavani Nagar)?

The current guideline value of Pandiyan Street (Bhavani Nagar) is Rs 770 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

Since 2007, the guideline value has increased by 93%, with significant changes occurring in various revisions, including a 10% increase from 2023 to 2024.

What are the stamp duty and registration fees for properties in this area?

For a property valued at Rs 7,70,000, the stamp duty would be Rs 53,900 and the registration fee would be Rs 15,400, totaling Rs 69,300.

Which office handles the registration for Pandiyan Street (Bhavani Nagar)?

The Redhills Sub Registrar Office manages the registration for Pandiyan Street (Bhavani Nagar), located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052.

What is the significance of the guideline value in property transactions?

The guideline value is used to determine the stamp duty and registration fees during property transactions, ensuring that the fees are based on the official valuation of the property.