Guideline Value for Penko Colony 1st Street

Penko Colony 1st Street guideline value

The current guideline value of Penko Colony 1st Street is Rs 6,600 per sq.ft, effective from 1 July 2024. This street is located in Urur village under the Adayar SRO and is classified as Residential Class II Type - I.

How the guideline value of Penko Colony 1st Street has changed

The guideline value for Penko Colony 1st Street has seen several revisions over the years. In 2002, the guideline value was Rs 616 per sq.ft, which increased significantly to Rs 729 per sq.ft in 2003. Following this, the value surged to Rs 3,300 per sq.ft in 2007, marking a 353% increase. The next revision in 2012 saw a decrease to Rs 6,000 per sq.ft, a drop of 82% from the previous value. However, the value rose again to Rs 4,020 per sq.ft in 2017, reflecting a 49% increase. The most recent revision in 2023 set the value at Rs 6,000 per sq.ft, which then increased by 10% to the current value of Rs 6,600 per sq.ft in 2024.

There are no figures available for the revisions in years other than those mentioned. Overall, from 2002 to 2024, the guideline value has increased by 971%.

Guideline values in Urur

In Urur village, there are 176 streets under the Adayar SRO that carry a guideline value for 2024, ranging from Rs 4,400 to Rs 15,400 per sq.ft. The median guideline value is Rs 6,600 per sq.ft, which is equal to the current value of Penko Colony 1st Street.

• Penko Colony 1st Cross Street: Rs 6,600 per sq.ft (2024)
• Penko Colony 2nd Street: Rs 6,600 per sq.ft (2024)
• Penko Colony 3rd Street: Rs 6,600 per sq.ft (2024)
• Penko Colony 4th Street: Rs 6,600 per sq.ft (2024)
• Penko Colony 5th Street: Rs 6,600 per sq.ft (2024)
• Penko Colony 6th Street: Rs 6,600 per sq.ft (2024)

Stamp duty and registration fee for property in Penko Colony 1st Street

For a 1,000 sq.ft plot at the current guideline value of Rs 6,600 per sq.ft, the total guideline value amounts to Rs 66,00,000. The stamp duty at 7% would be Rs 4,62,000, and the registration fee at 2% would be Rs 1,32,000, bringing the total fees together to Rs 5,94,000. It is important to note that duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Penko Colony 1st Street?

The Sub Registrar Office that covers Penko Colony 1st Street is the Adayar Sub Registrar Office, located at 51, Kamaraj Avenue, Second Street, Adyar, Chennai-20, Chennai registration zone. You can find your SRO for additional details.

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

The guideline value is a crucial factor when registering property in Urur. It serves as a benchmark for calculating stamp duty and registration fees, ensuring that these costs are based on an official valuation of the property rather than the sale price alone.

When buying or selling property, it is essential to be aware of the current guideline value, as it directly impacts the financial obligations during the registration process. This helps in maintaining transparency and standardization in property transactions.

Frequently asked questions

What is the current guideline value for Penko Colony 1st Street?

The current guideline value for Penko Colony 1st Street is Rs 6,600 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 616 per sq.ft in 2002 to Rs 6,600 per sq.ft in 2024, reflecting a total increase of 971% over the years.

What is the stamp duty rate for properties in Penko Colony 1st Street?

The stamp duty rate for properties in Penko Colony 1st Street is 7% of the guideline value or the sale price, whichever is higher.

Where is the Adayar Sub Registrar Office located?

The Adayar Sub Registrar Office is located at 51, Kamaraj Avenue, Second Street, Adyar, Chennai-20, Chennai registration zone.

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

Other streets in Urur with the same guideline value of Rs 6,600 per sq.ft include Penko Colony 1st Cross Street, Penko Colony 2nd Street, Penko Colony 3rd Street, Penko Colony 4th Street, Penko Colony 5th Street, and Penko Colony 6th Street.