Guideline Value for Panner Nagar Thilak Street

Panner Nagar Thilak Street guideline value

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

How the guideline value of Panner Nagar Thilak Street has changed

The guideline value for Panner Nagar Thilak Street has seen several revisions over the years. In 2007, the value was Rs 2,000 per sq.ft, which increased significantly to Rs 6,500 per sq.ft in 2012, marking a rise of 225%. However, it then decreased to Rs 4,355 per sq.ft in 2017, a drop of 33%. The value continued to rise, reaching Rs 6,500 per sq.ft in 2023, and then increased to Rs 7,100 per sq.ft in 2024, representing a 9% increase.

There are no figures available for the years 2002 and 2003 in the register for this street. Overall, from 2007 to 2024, the guideline value has increased by 255%.

Guideline values in Mugappair

Mugappair consists 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 is Rs 7,100 per sq.ft, which is equal to the current value of Panner Nagar Thilak Street.

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

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 cost for these fees 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 the stamp duty and registration fee calculator for more information on fees applicable to your property transactions.

Which Sub Registrar Office covers Panner Nagar Thilak Street?

The Sub Registrar Office that covers Panner Nagar Thilak Street is the Konnur Sub Registrar Office, located at Villivakkam Panchayat, Union Office Complex, Dunlop Bus Stop, Ambattur, Chennai. For more details, 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 in property transactions, as it determines the minimum value at which a property can be registered. Buyers and sellers must consider this value when negotiating sale prices to ensure compliance with registration requirements.

During the registration process, the stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Panner Nagar Thilak Street?

The current guideline value of Panner Nagar Thilak Street 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 from Rs 2,000 per sq.ft in 2007 to Rs 7,100 per sq.ft in 2024, reflecting an overall increase of 255% over the years.

What are the other streets in Mugappair with the same guideline value?

Other streets in Mugappair with a guideline value of Rs 7,100 per sq.ft include Panneer Nagar Part II, Panneer Nagar, Panjamuga Sivan Koil Street, Parimallazhagar Street, Parri Salai (Mugappair East Block 5), and Patchaiappan Salai.

What fees are associated with property transactions in Panner Nagar Thilak Street?

For a property in Panner Nagar Thilak Street, the stamp duty is 7% of the guideline value, and the registration fee is 2%. These fees are calculated based on the higher of the guideline value or the sale price.

Where can I find the Sub Registrar Office for Panner Nagar Thilak Street?

The Konnur Sub Registrar Office covers Panner Nagar Thilak Street, located at Villivakkam Panchayat, Union Office Complex, Dunlop Bus Stop, Ambattur, Chennai.