Guideline Value for Panneer Nagar Part II

Panneer Nagar Part II guideline value

The current guideline value of Panneer Nagar Part II is Rs 7,100 per sq.ft, effective from 1 July 2024. This area is located in Mugappair village, under the Konnur SRO, and is classified as Residential Special Type - I.

How the guideline value of Panneer Nagar Part II has changed

The guideline value for Panneer Nagar Part II has seen several revisions over the years. In 2003, the guideline value was Rs 828 per sq.ft, which increased significantly to Rs 2,000 per sq.ft in 2007, marking a rise of 142%. Following this, the value surged to Rs 6,500 per sq.ft in 2012, representing a remarkable increase of 225%. However, the value dropped to Rs 4,355 per sq.ft in 2017, a decrease of 33%. The value then rose sharply to Rs 6,500 per sq.ft in 2023, which was a 49% increase. The latest revision in 2024 has set the guideline value at Rs 7,100 per sq.ft, reflecting a 9% increase from the previous year.

The register has no figure for the year 2002 for this street. Overall, from 2003 to 2024, the guideline value has increased by 757%.

Guideline values in Mugappair

Mugappair village has a total of 224 streets under the Konnur SRO, with guideline values ranging from Rs 3,300 to Rs 8,800 per sq.ft. The median guideline value in this area is Rs 7,100 per sq.ft, which is the same as the guideline value for Panneer Nagar Part II.

• Panneer Nagar: Rs 7,100 per sq.ft (2024)
• Panner Nagar Thilak Street: Rs 7,100 per sq.ft (2024)
• Panjamuga Sivan Koil Street: Rs 7,100 per sq.ft (2024)
• Parimallazhagar Street: Rs 7,100 per sq.ft (2024)
• Parri Salai (Mugappair East Block 5): Rs 7,100 per sq.ft (2024)
• Patchaiappan Salai: Rs 7,100 per sq.ft (2024)

Stamp duty and registration fee for property in Panneer Nagar Part II

For a 1,000 sq.ft plot at the current rate of Rs 7,100 per sq.ft, the guideline value amounts to Rs 71,00,000. The stamp duty at 7% would be Rs 4,97,000, and the registration fee at 2% would be Rs 1,42,000, totaling Rs 6,39,000. It is important to note that duty is charged on the higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for further calculations.

Which Sub Registrar Office covers Panneer Nagar Part II?

The Sub Registrar Office that covers Panneer Nagar Part II is the Konnur Sub Registrar Office, located at Villivakkam Panchayat, Union Office Complex, Dunlop Bus Stop, Ambattur, Chennai. You can find your SRO for more information.

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

The guideline value is a crucial factor during property transactions in Mugappair, as it determines the minimum value at which properties can be registered. Buyers and sellers must consider this value to ensure compliance with local regulations and to calculate applicable fees.

When registering a property, the stamp duty and registration fees are based on the guideline value or the sale price, whichever is higher. This ensures that the government receives appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Panneer Nagar Part II?

The current guideline value of Panneer Nagar Part II is Rs 7,100 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 828 per sq.ft in 2003 to Rs 7,100 per sq.ft in 2024, representing an overall increase of 757% over the years.

What is the land classification of Panneer Nagar Part II?

Panneer Nagar Part II is classified as Residential Special Type - I, indicating its suitability for residential development.

Where can I find the Sub Registrar Office for Panneer Nagar Part II?

The Konnur Sub Registrar Office covers Panneer Nagar Part II and is located at Villivakkam Panchayat, Union Office Complex, Dunlop Bus Stop, Ambattur, Chennai.

How is stamp duty calculated for property transactions in Panneer Nagar Part II?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, for a property valued at Rs 71,00,000, the stamp duty would be calculated at 7% of that amount.