Guideline Value for Iyer Thottam 2nd Street (Ponniamman Medu)

Iyer Thottam 2nd Street (Ponniamman Medu) guideline value

The current guideline value of Iyer Thottam 2nd Street (Ponniamman Medu) is Rs 1,300 per sq.ft, effective from 1 July 2024. This street is located in Madhavaram village and falls under the Madhavaram SRO. The land classification for this area is Residential Class III Type - I.

How the guideline value of Iyer Thottam 2nd Street (Ponniamman Medu) has changed

In the 2012 revision, the guideline value for Iyer Thottam 2nd Street was Rs 1,200 per sq.ft. This figure remained unchanged in the 2023 revision, which also recorded a guideline value of Rs 1,200 per sq.ft. However, in the 2024 revision, the value increased by 8% to Rs 1,300 per sq.ft.

Overall, from 2012 to 2024, there has been an increase of 8% in the guideline value. It is important to note that the register has no figures for the years 2002, 2003, 2007, and 2017 for this street.

Guideline values in Madhavaram

In Madhavaram, there are 1,946 streets under the Madhavaram SRO with a 2024 guideline value ranging from Rs 1,300 to Rs 7,500 per sq.ft. The median guideline value in this area is Rs 1,600 per sq.ft, which means that the guideline value of Iyer Thottam 2nd Street is below the median.

• Iyer Thottam 1st st (Ward No.22 & 23): Rs 1,300 per sq.ft (2024)
• Iyer Thottam 2nd st (Ward No.22 & 23): Rs 1,300 per sq.ft (2024)
• Iyer Thottam 1st Street (Ponniamman Medu): Rs 1,300 per sq.ft (2024)
• Iyer Thottam Cross St Connecting (Ward No.22): Rs 1,300 per sq.ft (2024)
• Iyer Thottam Cross Streets (Ward No.22 & 23): Rs 1,300 per sq.ft (2024)
• Iyyappa Nagar 1st Cross Street (Ward 24): Rs 1,300 per sq.ft (2024)

Stamp duty and registration fee for property in Iyer Thottam 2nd Street (Ponniamman Medu)

For a 1,000 sq.ft plot at the current guideline value of Rs 1,300 per sq.ft, the total guideline value would be Rs 13,00,000. The stamp duty at 7% would amount to Rs 91,000, and the registration fee at 2% would be Rs 26,000, totaling Rs 1,17,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

You can use the stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Iyer Thottam 2nd Street (Ponniamman Medu)?

The Sub Registrar Office that covers Iyer Thottam 2nd Street (Ponniamman Medu) is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. To find your SRO, you can visit find your SRO.

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

The guideline value is a crucial factor during the registration of property transactions in Madhavaram. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring transparency and fairness in property dealings.

When buying or selling property, the guideline value helps in calculating the applicable stamp duty and registration fees. Buyers must be aware that these fees are based on the higher of the guideline value or the sale price, which ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Iyer Thottam 2nd Street?

The current guideline value of Iyer Thottam 2nd Street (Ponniamman Medu) is Rs 1,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has remained at Rs 1,200 per sq.ft from 2012 to 2023, and then increased by 8% to Rs 1,300 per sq.ft in 2024.

What is the land classification for Iyer Thottam 2nd Street?

The land classification for Iyer Thottam 2nd Street (Ponniamman Medu) is Residential Class III Type - I.

What is the stamp duty rate for property transactions?

The stamp duty rate for property transactions in Chennai is 7%, and it is calculated based on the higher of the guideline value or the sale price.

Where is the Sub Registrar Office located for Iyer Thottam 2nd Street?

The Madhavaram Sub Registrar Office is located at No.7, Roja Nagar, Madhavaram, Chennai-600060, and it covers Iyer Thottam 2nd Street (Ponniamman Medu).