Guideline Value for 2nd Cross Street

2nd Cross Street guideline value

The current guideline value of 2nd Cross Street in Pungathur village is Rs 550 per sq.ft, effective from 1 July 2024. This street falls under the Tiruvallur Joint 1 SRO and is classified as Residential Class II Type - III.

How the guideline value of 2nd Cross Street has changed

The guideline value for 2nd Cross Street has seen several revisions over the years. In 2007, the value was Rs 150 per sq.ft, which increased significantly to Rs 500 per sq.ft in 2012, marking a rise of 233%. However, from 2012 to 2017, the value decreased to Rs 335 per sq.ft, a drop of 33%. The value then rose again to Rs 500 per sq.ft in 2023, followed by a further increase to Rs 550 per sq.ft in 2024, reflecting a 10% increase.

There are no recorded figures for the years 2002 and 2003 for this street. Overall, from 2007 to 2024, the guideline value has increased by 267%.

Guideline values in Pungathur

In Pungathur village, there are 32 streets under the Tiruvallur Joint 1 SRO that carry a 2024 guideline value ranging from Rs 550 to Rs 2,500 per sq.ft, with a median value of Rs 1,485 per sq.ft. The 2nd Cross Street's 2024 figure is below this median.

• 3rd cross Street: Rs 550 per sq.ft (2024)
• 3rd Street: Rs 550 per sq.ft (2024)
• 1st Crossroad: Rs 1,099 per sq.ft (2024)
• Vasumathi Nagar: Rs 2,000 per sq.ft (2024)
• Vadavandai Vada Veedi: Rs 550 per sq.ft (2024)
• Thendadaivada veedhi: Rs 770 per sq.ft (2024)

Stamp duty and registration fee for property in 2nd Cross Street

For a 1,000 sq.ft plot at the current guideline value of Rs 550 per sq.ft, the total guideline value would be Rs 5,50,000. The stamp duty at 7% would amount to Rs 38,500, and the registration fee at 2% would be Rs 11,000, bringing the total cost for these fees to Rs 49,500. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers 2nd Cross Street?

The 2nd Cross Street is covered by the Tiruvallur Joint 1 Sub Registrar Office, located at No.201, J.n.road, Taluk Office Compound, Thiruvallur-602001. You can find your SRO for more information.

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

The guideline value plays a crucial role during property transactions in Pungathur. It is used to determine the stamp duty and registration fees that need to be paid when registering a property. Buyers and sellers should be aware that the guideline value is set by the government and can vary from street to street.

When purchasing property, the buyer must ensure that the sale price is at least equal to the guideline value to avoid any legal complications. This value is essential for calculating the taxes associated with the transaction.

Frequently asked questions

What is the current guideline value of 2nd Cross Street?

The current guideline value of 2nd Cross Street is Rs 550 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 150 per sq.ft in 2007 to Rs 550 per sq.ft in 2024, representing an overall increase of 267%.

What is the land classification for 2nd Cross Street?

2nd Cross Street is classified as Residential Class II Type - III under the Tiruvallur Joint 1 SRO.

Where can I find the registration office for 2nd Cross Street?

The registration office covering 2nd Cross Street is the Tiruvallur Joint 1 Sub Registrar Office, located at No.201, J.n.road, Taluk Office Compound, Thiruvallur-602001.

How is stamp duty calculated for property transactions?

Stamp duty is calculated based on the guideline value or the sale price of the property, whichever is higher. For example, for a property valued at Rs 5,50,000, the stamp duty would be Rs 38,500 at 7%.