Guideline Value for South Pennai Street

South Pennai Street guideline value

The current guideline value of South Pennai Street is Rs 2,800 per sq.ft, effective from 1 July 2024. This street is located in Adambakkam village under the Alandur SRO, with a land classification of Residential Class II Type - II.

How the guideline value of South Pennai Street has changed

The guideline value for South Pennai Street has seen several revisions over the years. In 2002, the value was Rs 282 per sq.ft, which increased to Rs 322 per sq.ft in 2003, marking a change of +14%. By 2007, the value rose significantly to Rs 650 per sq.ft, an increase of +102%. The 2012 revision set the value at Rs 2,500 per sq.ft, which was a notable increase of +285%. However, in 2017, the value decreased to Rs 1,675 per sq.ft, reflecting a change of -33%. The value then increased to Rs 2,500 per sq.ft in 2023, followed by the current revision in 2024, which raised it to Rs 2,800 per sq.ft, a change of +12%. The register has no figure for the years that do not have a specified value.

Overall, from 2002 to 2024, the guideline value has increased by +893%. This significant rise reflects the changes in the property landscape over the years.

Guideline values in Adambakkam

In Adambakkam, there are 569 streets under the Alandur SRO, with guideline values ranging from Rs 2,800 to Rs 11,000 per sq.ft. The median guideline value for these streets is Rs 3,900 per sq.ft, placing South Pennai Street's 2024 figure below that median.

• South New Street (Vanuvampet): Rs 2,800 per sq.ft (2024)
• South Main Road 2nd Street: Rs 3,900 per sq.ft (2024)
• South Main Road 2nd Lane: Rs 2,800 per sq.ft (2024)
• South Main Road 1st Lane: Rs 2,800 per sq.ft (2024)
• South Main First Street: Rs 3,900 per sq.ft (2024)
• South Sector 1st Street: Rs 2,800 per sq.ft (2024)

Stamp duty and registration fee for property in South Pennai Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,800 per sq.ft, the total guideline value would be Rs 28,00,000. The stamp duty at 7% would amount to Rs 1,96,000, and the registration fee at 2% would be Rs 56,000, making the total cost for these fees Rs 2,52,000. 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 South Pennai Street?

The Sub Registrar Office that covers South Pennai Street is the Alandur Sub Registrar Office, located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061. You can find your SRO for further assistance.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Adambakkam. It serves as the basis for calculating stamp duty and registration fees, which are mandatory costs associated with property transactions.

When a property is sold, the guideline value helps ensure that the transaction is registered at a fair value. It is important for buyers and sellers to be aware of the current guideline value to understand the financial implications of their property transactions.

Frequently asked questions

What is the current guideline value of South Pennai Street?

The current guideline value of South Pennai Street is Rs 2,800 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 282 per sq.ft in 2002 to Rs 2,800 per sq.ft in 2024, reflecting an overall increase of +893% over the years.

What are the stamp duty and registration fees for property on South Pennai Street?

For a 1,000 sq.ft plot, the total guideline value is Rs 28,00,000, with a stamp duty of Rs 1,96,000 and a registration fee of Rs 56,000, totaling Rs 2,52,000.

Which Sub Registrar Office covers South Pennai Street?

The Alandur Sub Registrar Office covers South Pennai Street, located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061.

What is the land classification of South Pennai Street?

South Pennai Street is classified as Residential Class II Type - II, which is relevant for determining its guideline value and usage.