Guideline Value for Chetti street

Chetti street guideline value

The current guideline value of Chetti street in Poonthamallee village, under the Poonamallee SRO, is Rs 3,250 per sq.ft, effective from 1 July 2024. This street is classified as Commercial Class I Type - II.

How the guideline value of Chetti street has changed

The guideline value for Chetti street has undergone several revisions over the years. The earliest recorded figure is from 2007, which was Rs 500 per sq.ft. This increased significantly to Rs 3,000 per sq.ft in 2012, marking a 500% rise. However, it then decreased to Rs 2,010 per sq.ft in 2017, a drop of 33%. The value saw a substantial increase to Rs 3,000 per sq.ft in 2023, followed by another rise to Rs 3,250 per sq.ft in 2024, reflecting an 8% increase.

From 2017 to 2023, the value increased by 49%. Overall, from 2007 to 2024, the guideline value has risen by 550%. It is important to note that the register has no figures for Chetti street for the years 2002 and 2003.

Guideline values in Poonthamallee

In Poonthamallee, there are 257 streets under the Poonamallee SRO that carry a 2024 guideline value ranging from Rs 1,980 to Rs 4,950 per sq.ft, with a median value of Rs 2,200 per sq.ft. Chetti street's 2024 figure of Rs 3,250 per sq.ft is above this median.

• Chinnamasudhi street: Rs 2,740 per sq.ft (2024)
• Chinnappa Nagar: Rs 2,740 per sq.ft (2024)
• Chinnaraj Nagar: Rs 2,740 per sq.ft (2024)
• Chakramangala Nagar: Rs 2,740 per sq.ft (2024)
• Churchcross Street: Rs 2,200 per sq.ft (2024)
• Bye pass road: Rs 3,520 per sq.ft (2024)

Stamp duty and registration fee for property in Chetti street

For a 1,000 sq.ft plot at the current rate of Rs 3,250 per sq.ft, the guideline value amounts to Rs 32,50,000. The stamp duty at 7% would be Rs 2,27,500, and the registration fee at 2% would be Rs 65,000, bringing the total to Rs 2,92,500. 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 Chetti street?

The Sub Registrar Office that covers Chetti street is the Poonamallee Sub Registrar Office, located at No.332 U + 9cc Malma Nagar Poonamallee Chennai - 600056. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process of property transactions in Poonthamallee. It serves as a benchmark for determining the stamp duty and registration fees applicable during the sale or purchase of property.

When a property is bought or sold, the guideline value is compared to the sale price. The higher of the two values is used to calculate the stamp duty and registration fees, ensuring that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Chetti street?

The current guideline value of Chetti street is Rs 3,250 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 500 per sq.ft in 2007 to Rs 3,250 per sq.ft in 2024, reflecting a total increase of 550% over the years.

What is the land classification for Chetti street?

Chetti street is classified as Commercial Class I Type - II, indicating its commercial usage and potential.

Where can I find the Sub Registrar Office for Chetti street?

The Sub Registrar Office for Chetti street is the Poonamallee Sub Registrar Office, located at No.332 U + 9cc Malma Nagar Poonamallee Chennai - 600056.

How is the stamp duty calculated for properties in Chetti street?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, a property valued at Rs 32,50,000 would incur a stamp duty of Rs 2,27,500 at a rate of 7%.