Guideline Value for Panichavan lane

Panichavan lane guideline value

The current guideline value of Panichavan lane is Rs 4,900 per sq.ft, effective from 1 July 2024. This street is located in Muthialpet village, under the Chennai North Joint I SRO, and is classified as Residential Class I Type - III.

How the guideline value of Panichavan lane has changed

The guideline value for Panichavan lane has seen several revisions over the years. The earliest recorded value was Rs 905 per sq.ft in 2002, which increased to Rs 1,029 per sq.ft in 2003, marking a rise of 14%. Following this, the value increased significantly to Rs 1,500 per sq.ft in 2007, representing a 46% increase. The next revision in 2012 saw a decline to Rs 4,500 per sq.ft, a decrease of 33%. However, the value surged to Rs 3,015 per sq.ft in 2017, reflecting a 200% increase. The most recent revisions show an increase to Rs 4,500 per sq.ft in 2023, followed by a further rise to the current value of Rs 4,900 per sq.ft in 2024, which is a 9% increase.

Overall, from 2002 to 2024, the guideline value has increased by 441%. There are no figures available for the revisions in years not listed above.

Guideline values in Muthialpet

In Muthialpet, there are 160 streets under the Chennai North Joint I SRO that carry a 2024 guideline value ranging from Rs 3,800 to Rs 18,000 per sq.ft, with a median value of Rs 5,500 per sq.ft. The guideline value of Panichavan lane is below this median.

• Periannan street: Rs 11,000 per sq.ft (2024)
• Periya kutty lane: Rs 4,900 per sq.ft (2024)
• Periya kutty street: Rs 5,500 per sq.ft (2024)
• N.S.C.Bose road: Rs 15,900 per sq.ft (2024)
• North Port street*: Rs 18,000 per sq.ft (2024)
• North Beech Road(Rajaji Salai): Rs 18,000 per sq.ft (2024)

Stamp duty and registration fee for property in Panichavan lane

For a 1,000 sq.ft plot at the current guideline value of Rs 4,900 per sq.ft, the total guideline value amounts to Rs 49,00,000. The stamp duty at 7% would be Rs 3,43,000, and the registration fee at 2% would be Rs 98,000, bringing the total fees to Rs 4,41,000. It is important to note that duty is charged on the higher of the guideline value and the sale price. You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Panichavan lane?

The Sub Registrar Office that covers Panichavan lane is the Chennai North Joint I Sub Registrar Office, located at Nsc Bose Road, Kuralagam First Floor, Esplaned Street, Chennai-105. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process of property transactions in Muthialpet. It is used to determine the stamp duty and registration fees that must be paid when a property is bought or sold. Buyers should be aware that the guideline value may differ from the actual sale price of the property.

When registering a property, the buyer is required to pay the stamp duty based on the higher amount between the guideline value and the sale price. This ensures that the government receives the appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Panichavan lane?

The current guideline value of Panichavan lane is Rs 4,900 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 905 per sq.ft in 2002 to Rs 4,900 per sq.ft in 2024, reflecting an overall increase of 441% over the years.

What is the median guideline value in Muthialpet?

The median guideline value in Muthialpet is Rs 5,500 per sq.ft for the year 2024.

What are the stamp duty rates applicable in Panichavan lane?

The stamp duty rate applicable in Panichavan lane is 7%, while the registration fee is 2% of the guideline value or sale price, whichever is higher.

Where is the Sub Registrar Office located for Panichavan lane?

The Sub Registrar Office covering Panichavan lane is located at Nsc Bose Road, Kuralagam First Floor, Esplaned Street, Chennai-105.