Guideline Value for Panneer Nagar

Panneer Nagar guideline value

The current guideline value of Panneer Nagar, located in Mugappair village under the Konnur SRO, is Rs 7,100 per sq.ft, effective from 1 July 2024. The land classification for this area is Residential Special Type - I.

How the guideline value of Panneer Nagar has changed

Over the years, the guideline value of Panneer Nagar has seen significant changes. The 2002 revision recorded a guideline value of Rs 601 per sq.ft, which increased to Rs 828 per sq.ft in 2003, marking a rise of 38%. Following this, the value surged to Rs 2,000 per sq.ft in 2007, indicating a substantial increase of 142%. The 2012 revision saw a drop to Rs 6,500 per sq.ft, representing a decrease of 225% from the previous figure. However, the value rebounded to Rs 4,355 per sq.ft in 2017, showing a 49% increase. The 2023 revision set the value at Rs 6,500 per sq.ft, and the latest 2024 revision increased it to Rs 7,100 per sq.ft, which is a rise of 9%.

In total, from 2002 to 2024, the guideline value has increased by 1,081%. The register has no figures for the years not mentioned in this overview.

Guideline values in Mugappair

Mugappair village has 224 streets under the Konnur SRO, with the 2024 guideline values ranging from Rs 3,300 to Rs 8,800 per sq.ft. The median value is Rs 7,100 per sq.ft, which is equal to the current guideline value of Panneer Nagar.

• Panneer Nagar Part II: Rs 7,100 per sq.ft (2024)
• Panjamuga Sivan Koil Street: Rs 7,100 per sq.ft (2024)
• Panner Nagar Thilak 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

For a 1,000 sq.ft plot at the current guideline value of Rs 7,100 per sq.ft, the total 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, bringing the total fees together to Rs 6,39,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can use our stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Panneer Nagar?

Panneer Nagar falls under the Konnur Sub Registrar Office, located at Villivakkam Panchayat, Union Office Complex, Dunlop Bus Stop, Ambattur, Chennai. For more information, you can find your SRO.

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

The guideline value is a crucial factor during property registration in Mugappair. It determines the minimum value at which a property can be registered, ensuring that the government receives the appropriate stamp duty and registration fees based on this value.

When buying or selling property, it is essential to be aware of the guideline value, as it affects the overall cost of the transaction. Buyers should ensure that the sale price is not lower than the guideline value to avoid issues during registration.

Frequently asked questions

What is the current guideline value of Panneer Nagar?

The current guideline value of Panneer Nagar 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, increasing from Rs 601 per sq.ft in 2002 to Rs 7,100 per sq.ft in 2024, which is an overall increase of 1,081%.

What is the land classification for Panneer Nagar?

Panneer Nagar is classified as Residential Special Type - I, which indicates its suitability for residential development.

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

The Sub Registrar Office for Panneer Nagar is located at Villivakkam Panchayat, Union Office Complex, Dunlop Bus Stop, Ambattur, Chennai.

How is the stamp duty calculated for properties in Panneer Nagar?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 71,00,000, the stamp duty would be Rs 4,97,000.