Guideline Value for M.K. Ponnan Street

M.K. Ponnan Street guideline value

The current guideline value of M.K. Ponnan Street is Rs 1,900 per sq.ft, effective from 1 July 2024. This street is located in Erukancherry village, under the Madhavaram SRO, and is classified as Residential Class V Type - I.

How the guideline value of M.K. Ponnan Street has changed

The guideline value for M.K. Ponnan Street has undergone several revisions over the years. The 2012 revision set the value at Rs 1,800 per sq.ft, which then decreased to Rs 1,206 per sq.ft in the 2017 revision. Following this, the value increased significantly to Rs 1,800 per sq.ft in the 2023 revision, and finally reached Rs 1,900 per sq.ft in the 2024 revision, marking a 6% increase from the previous year.

From the 2017 revision to the 2023 revision, the guideline value increased by 49%. Overall, from 2012 to 2024, the guideline value has seen a net increase of 6%. The register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Erukancherry

In Erukancherry, there are 376 streets under the Madhavaram SRO, with guideline values ranging from Rs 1,900 to Rs 3,800 per sq.ft. The median guideline value in this area is Rs 2,500 per sq.ft, placing M.K. Ponnan Street's 2024 figure below that median.

• Moosa Street / Moosa Kamaludin Street: Rs 1,900 per sq.ft (2024)
• M.R. Nagar 1st Cross Street: Rs 2,500 per sq.ft (2024)
• M.R. Nagar 1st Main Road: Rs 2,500 per sq.ft (2024)
• M.R. Nagar 1st Street: Rs 2,500 per sq.ft (2024)
• M.R. Nagar 2nd Cross Street: Rs 2,500 per sq.ft (2024)
• M.R. Nagar 2nd Main Road: Rs 2,500 per sq.ft (2024)

Stamp duty and registration fee for property in M.K. Ponnan Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,900 per sq.ft, the total guideline value amounts to Rs 19,00,000. The stamp duty at 7% would be Rs 1,33,000, while the registration fee at 2% would be Rs 38,000, bringing the total to Rs 1,71,000. Duty is charged on the higher of the guideline value and the sale price.

For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers M.K. Ponnan Street?

The Sub Registrar Office that covers M.K. Ponnan Street is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for more details.

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

The guideline value is a critical factor during the registration of property transactions in Erukancherry. It serves as a benchmark for determining the stamp duty and registration fees applicable to the property being bought or sold.

When registering a property, the buyer must pay the stamp duty based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of M.K. Ponnan Street?

The current guideline value of M.K. Ponnan Street is Rs 1,900 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,800 per sq.ft in 2012 to Rs 1,206 per sq.ft in 2017, then increased to Rs 1,800 per sq.ft in 2023, and finally to Rs 1,900 per sq.ft in 2024.

What is the median guideline value in Erukancherry?

The median guideline value in Erukancherry is Rs 2,500 per sq.ft, which is higher than the current value of M.K. Ponnan Street.

What are the stamp duty rates for property in M.K. Ponnan Street?

The stamp duty for property in M.K. Ponnan Street is charged at a rate of 7% on the guideline value or sale price, whichever is higher.

Which office handles property registrations for M.K. Ponnan Street?

The Madhavaram Sub Registrar Office handles property registrations for M.K. Ponnan Street, located at No.7, Roja Nagar, Madhavaram, Chennai-600060.