Guideline Value for FRIENDSHIP STREET

Friendship Street guideline value

The current guideline value of Friendship Street in Ponneri village, under the Ponneri SRO, is Rs 700 per sq.ft, effective from 1 July 2024. This street falls under the Residential Class II Type - I land classification.

How the guideline value of Friendship Street has changed

The guideline value for Friendship Street has seen significant changes over the years. The register has no figure for the years 2002, 2003, 2007, 2012, and 2017. The 2023 revision set the value at Rs 300 per sq.ft, which was then increased to Rs 700 per sq.ft in the 2024 revision, marking a change of +133%.

With the 2024 revision, Friendship Street's guideline value aligns with the median value of Rs 700 per sq.ft among the 120 streets in Ponneri under the Ponneri SRO. This is a notable increase from the previous year, reflecting the updated valuation in the area.

Guideline values in Ponneri

In Ponneri, the guideline values range from Rs 201 to Rs 1,200 per sq.ft, with the median being Rs 700 per sq.ft. Friendship Street's 2024 figure is equal to this median, indicating its position within the local market.

• Gajalakshmi Nagar: Rs 900 per sq.ft (2024)
• Ettiyamman Kovil Street: Rs 700 per sq.ft (2024)
• Ganesh Nagar: Rs 700 per sq.ft (2024)
• Durga Nagar: Rs 700 per sq.ft (2024)
• Golden Avenue: Rs 700 per sq.ft (2024)
• Dhevattamman Kovil Street: Rs 700 per sq.ft (2024)

Stamp duty and registration fee for property in Friendship Street

For a 1,000 sq.ft plot at the current rate of Rs 700 per sq.ft, the guideline value amounts to Rs 7,00,000. The stamp duty at 7% would be Rs 49,000, and the registration fee at 2% would be Rs 14,000, bringing the total to Rs 63,000. 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 further calculations.

Which Sub Registrar Office covers Friendship Street?

The Sub Registrar Office that covers Friendship Street is the Ponneri Sub Registrar Office, located at 9/5, Taluk Office Road, Ponneri, Chennai-601204. You can find your SRO for more information.

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

The guideline value is a crucial factor when registering property transactions in Ponneri. It serves as a benchmark for calculating stamp duty and registration fees, which are mandatory during the transfer of property ownership.

When buying or selling property, the guideline value will determine the minimum value on which the stamp duty is calculated. This ensures that all transactions are recorded at a fair value, as per the regulations set by the Registration Department.

Frequently asked questions

What is the current guideline value for Friendship Street?

The current guideline value for Friendship Street is Rs 700 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed recently?

The guideline value increased from Rs 300 per sq.ft in 2023 to Rs 700 per sq.ft in 2024, representing a change of +133%.

What is the land classification for Friendship Street?

Friendship Street is classified as Residential Class II Type - I, which indicates its suitability for residential development.

Where can I find the registration office for Friendship Street?

The registration office for Friendship Street is the Ponneri Sub Registrar Office, located at 9/5, Taluk Office Road, Ponneri, Chennai-601204.

How is the stamp duty calculated for property transactions?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, a property with a guideline value of Rs 7,00,000 would incur a stamp duty of Rs 49,000 at a rate of 7%.