Guideline Value for M.K. Ponnan Street

M.K. Ponnan Street guideline value

The current guideline value of M.K. Ponnan Street is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is located in Kodungaiyur village under the Madhavaram SRO, classified as Residential Class II 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 2,000 per sq.ft, which was then decreased to Rs 1,340 per sq.ft in the 2017 revision. Following this, the 2023 revision increased the value to Rs 2,000 per sq.ft, and the latest 2024 revision further raised it to Rs 2,200 per sq.ft.

From 2012 to 2017, there was a decrease of 33%. However, from 2017 to 2023, the guideline value increased by 49%. The increase from 2023 to 2024 was 10%. Overall, the guideline value has increased by 10% from 2012 to 2024.

Guideline values in Kodungaiyur

In Kodungaiyur, there are 1,318 streets under the Madhavaram SRO with a 2024 guideline value ranging from Rs 1,900 to Rs 4,000 per sq.ft. The median guideline value for these streets is Rs 2,700 per sq.ft, making M.K. Ponnan Street's current value below that median.

• M.G.R. Nagar 9th Street: Rs 2,700 per sq.ft (2024)
• M.G.R. Nagar 8th Street: Rs 2,700 per sq.ft (2024)
• M.G.R. Nagar 7th Street: Rs 2,700 per sq.ft (2024)
• M.G.R. Nagar 6th Street: Rs 2,700 per sq.ft (2024)
• M.G.R. Nagar 5th Street: Rs 2,700 per sq.ft (2024)
• M.G.R. Nagar 4th Street: Rs 2,700 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 2,200 per sq.ft, the total guideline value would be Rs 22,00,000. The stamp duty at 7% would amount to Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, bringing the total to Rs 1,98,000. 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 details.

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 information.

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

The guideline value is a crucial factor in property transactions in Kodungaiyur. It serves as a benchmark for determining the minimum value of a property for registration purposes. Buyers and sellers must consider this value when finalizing sale prices to ensure compliance with local regulations.

At the time of registration, the guideline value is used to calculate stamp duty and registration fees, which are mandatory costs associated with property transactions. This ensures that the government receives the appropriate revenue based on the value of the property being transferred.

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 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,000 per sq.ft in 2012 to Rs 1,340 per sq.ft in 2017, then to Rs 2,000 per sq.ft in 2023, and finally to Rs 2,200 per sq.ft in 2024.

What is the land classification for M.K. Ponnan Street?

M.K. Ponnan Street is classified as Residential Class II Type - I according to the local land classification system.

Where can I find the Sub Registrar Office for M.K. Ponnan Street?

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

How is stamp duty calculated for properties in M.K. Ponnan Street?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, a 1,000 sq.ft plot at the current guideline value incurs a total stamp duty of Rs 1,54,000.