Guideline Value for Penko Colony 4th Street

Penko Colony 4th Street guideline value

The current guideline value of Penko Colony 4th 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 4th Street has changed

The guideline value for Penko Colony 4th Street has seen several revisions over the years. In 2003, the value was Rs 729 per sq.ft. This increased significantly to Rs 3,300 per sq.ft in 2007, marking a change of +353%. The value then rose to Rs 6,000 per sq.ft in 2012, representing an increase of +82%. However, it decreased to Rs 4,020 per sq.ft in 2017, which was a decline of -33%. The 2023 revision set the value at Rs 6,000 per sq.ft, which then increased to the current rate of Rs 6,600 per sq.ft in 2024, reflecting a change of +10%.

It is important to note that there is no figure available for the year 2002 in the register for this street. Overall, from 2003 to 2024, the guideline value has increased by +805%.

Guideline values in Urur

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

• Penko Colony 1st Cross Street: Rs 6,600 per sq.ft (2024)
• Penko Colony 1st 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 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 4th 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, while the registration fee at 2% would be Rs 1,32,000. Therefore, the total amount for stamp duty and registration fee together would be Rs 5,94,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price. You can also use the stamp duty and registration fee calculator for further calculations.

Which Sub Registrar Office covers Penko Colony 4th Street?

The Sub Registrar Office that covers Penko Colony 4th Street is the Adayar Sub Registrar Office, located at 51, Kamaraj Avenue, Second Street, Adyar, Chennai-20. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Urur. It serves as a benchmark for determining the minimum value at which the property can be registered, ensuring that the transaction is recorded accurately in the official registry.

When a property is sold, 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 in the area.

Frequently asked questions

What is the current guideline value of Penko Colony 4th Street?

The current guideline value of Penko Colony 4th 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 changed from Rs 729 per sq.ft in 2003 to Rs 6,600 per sq.ft in 2024, reflecting an overall increase of +805% over the years.

What is the classification of land in Penko Colony 4th Street?

Penko Colony 4th Street is classified as Residential Class II Type - I.

Where can I find the Sub Registrar Office for Penko Colony 4th Street?

The Adayar Sub Registrar Office, which covers Penko Colony 4th Street, is located at 51, Kamaraj Avenue, Second Street, Adyar, Chennai-20.

How are stamp duty and registration fees calculated?

Stamp duty and registration fees are calculated based on the higher of the guideline value or the sale price. For example, for a 1,000 sq.ft plot at the current rate, the total guideline value would be Rs 66,00,000, with the stamp duty and registration fees amounting to Rs 5,94,000.