Guideline Value for Paneer Selvam Street

Paneer Selvam Street guideline value

The current guideline value of Paneer Selvam Street is Rs 1,650 per sq.ft, effective from 1 July 2024. This street is located in Naravarikuppam village under the Redhills SRO, classified as Residential Class II Type - I.

How the guideline value of Paneer Selvam Street has changed

The guideline value for Paneer Selvam Street has undergone several revisions over the years. In 2002, the guideline value was Rs 3,471 per sq.ft, which then dropped to Rs 353 per sq.ft in 2003. The value saw a modest increase to Rs 400 per sq.ft in 2007, followed by a significant rise to Rs 1,500 per sq.ft in 2012. However, it decreased to Rs 1,005 per sq.ft in 2017, before increasing again to Rs 1,500 per sq.ft in 2023, and finally reaching Rs 1,650 per sq.ft in the 2024 revision.

The changes between these revisions are notable. From 2002 to 2003, there was a decrease of 90%. The value increased by 13% from 2003 to 2007, followed by a remarkable 275% rise from 2007 to 2012. The value then decreased by 33% from 2012 to 2017. After that, there was a 49% increase from 2017 to 2023, and a further 10% increase from 2023 to 2024. Overall, from 2002 to 2024, the guideline value has decreased by 52%.

Guideline values in Naravarikuppam

Naravarikuppam village has a total of 112 streets under the Redhills SRO that carry a 2024 guideline value ranging from Rs 1,320 to Rs 3,300 per sq.ft. The median guideline value for these streets is Rs 1,650 per sq.ft, which is the same as the current value for Paneer Selvam Street.

• Panayathamman Kovil Street: Rs 1,650 per sq.ft (2024)
• Palavoyal Road: Rs 1,320 per sq.ft (2024)
• Periyar Street: Rs 1,650 per sq.ft (2024)
• Perumal Reddy Street: Rs 1,320 per sq.ft (2024)
• Pillayar Kovil Street: Rs 1,650 per sq.ft (2024)
• Nethaji Street Lane: Rs 1,870 per sq.ft (2024)

Stamp duty and registration fee for property in Paneer Selvam Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,650 per sq.ft, the total guideline value would be Rs 16,50,000. The stamp duty at 7% would amount to Rs 1,15,500, while the registration fee at 2% would be Rs 33,000. Together, these fees would total Rs 1,48,500. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

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

Which Sub Registrar Office covers Paneer Selvam Street?

The Sub Registrar Office that covers Paneer Selvam Street 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 more information.

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

The guideline value is a crucial factor when registering property transactions in Naravarikuppam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue from stamp duties and registration fees.

When buying or selling property, both the buyer and seller must consider the guideline value to calculate the applicable stamp duty and registration fees. This ensures transparency in property transactions and helps in maintaining standard pricing across the region.

Frequently asked questions

What is the current guideline value of Paneer Selvam Street?

The current guideline value of Paneer Selvam Street is Rs 1,650 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 3,471 per sq.ft in 2002 to Rs 1,650 per sq.ft in 2024, with various increases and decreases in between. The most recent increase was a 10% rise from 2023 to 2024.

What is the classification of Paneer Selvam Street?

Paneer Selvam Street is classified as Residential Class II Type - I under the Redhills SRO.

What are the stamp duty and registration fees for property in Paneer Selvam Street?

For a 1,000 sq.ft plot, the total guideline value is Rs 16,50,000. The stamp duty would be Rs 1,15,500, and the registration fee would be Rs 33,000, totaling Rs 1,48,500.

Where is the Sub Registrar Office for Paneer Selvam Street located?

The Sub Registrar Office for Paneer Selvam Street is the Redhills Sub Registrar Office, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052.