Guideline Value for Penko Colony 5th Street

Penko Colony 5th Street guideline value

The current guideline value of Penko Colony 5th Street is Rs 6,600 per sq.ft. 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 5th Street has changed

The guideline value for Penko Colony 5th Street has seen several revisions over the years. Starting from the 2003 revision, the value was Rs 729 per sq.ft. This increased significantly to Rs 3,300 per sq.ft in 2007, marking a rise of 353%. The value then jumped to Rs 6,000 per sq.ft in 2012, reflecting an 82% increase. However, it decreased to Rs 4,020 per sq.ft in 2017, a decline of 33%. The 2023 revision saw the value rise to Rs 6,000 per sq.ft, and the latest revision in 2024 set it at Rs 6,600 per sq.ft, a 10% increase from the previous year.

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

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 is Rs 6,600 per sq.ft, which is equal to the guideline value of Penko Colony 5th Street.

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

Stamp duty and registration fee for property in Penko Colony 5th 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 to Rs 5,94,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Penko Colony 5th Street?

The Sub Registrar Office that covers Penko Colony 5th 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 plays a crucial role in the registration process when buying or selling property in Urur. It serves as a benchmark for determining the stamp duty and registration fees applicable to the transaction. Buyers must be aware that the guideline value is used to calculate these fees, ensuring that the transaction is recorded accurately.

When a property is sold, the guideline value is assessed to ensure that the sale price is not undervalued. This helps maintain transparency in property transactions and prevents tax evasion. It is essential for both buyers and sellers to understand how the guideline value impacts their financial obligations during the registration process.

Frequently asked questions

What is the current guideline value of Penko Colony 5th Street?

The current guideline value of Penko Colony 5th 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 significantly from Rs 729 per sq.ft in 2003 to Rs 6,600 per sq.ft in 2024, marking an overall increase of 805%.

What is the land classification for Penko Colony 5th Street?

Penko Colony 5th Street is classified as Residential Class II Type - I, indicating its suitability for residential development.

What are the stamp duty and registration fees for property in this area?

For a 1,000 sq.ft plot at the current guideline value, the total stamp duty and registration fees would amount to Rs 5,94,000, based on the applicable rates.

Which office handles registrations for Penko Colony 5th Street?

The Adayar Sub Registrar Office at 51, Kamaraj Avenue, Second Street, Adyar, Chennai-20, handles registrations for Penko Colony 5th Street.