Guideline Value for North mada street

North mada street guideline value

The current guideline value of North mada street in Poonthamallee village, under the Poonamallee SRO, is Rs 2,200 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 North mada street has changed

The guideline value for North mada street has seen several revisions over the years. In 2007, the value was set at Rs 300 per sq.ft. This figure increased significantly to Rs 2,000 per sq.ft in 2012, marking a rise of 567%. However, from 2012 to 2017, the value decreased to Rs 1,340 per sq.ft, a drop of 33%. The value then rose again to Rs 2,000 per sq.ft in 2023, reflecting a 49% increase. The latest revision in 2024 has set the value at Rs 2,200 per sq.ft, which is a 10% increase from the previous year.

It is important to note that there are no figures available for the years 2002 and 2003 in the register for this street. Overall, from 2007 to 2024, the guideline value has increased by 633%.

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. The median value is Rs 2,200 per sq.ft, which is equal to the current guideline value of North mada street.

• New street: Rs 2,200 per sq.ft (2024)
• Om Mahalakshmi nagar: Rs 2,200 per sq.ft (2024)
• Om Mahalakshmi Nagar Residency Layout Phase II: Rs 2,760 per sq.ft (2024)
• Othandeeswarar Nagar: Rs 2,200 per sq.ft (2024)
• Palani nagar: Rs 2,200 per sq.ft (2024)
• Palankottai street: Rs 3,250 per sq.ft (2024)

Stamp duty and registration fee for property in North mada 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, totaling Rs 1,98,000. It is essential to note that 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 North mada street?

The Sub Registrar Office that covers North mada street is the Poonamallee Sub Registrar Office, located at No.332 U + 9cc Malma Nagar Poonallee 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 for property transactions in Poonthamallee. It serves as a benchmark for calculating the stamp duty and registration fees that buyers must pay when purchasing property.

When a property is registered, the guideline value is used to determine the applicable fees, ensuring that the transaction is documented accurately. This helps maintain transparency and compliance with local regulations during the buying and selling process.

Frequently asked questions

What is the current guideline value of North mada street?

The current guideline value of North mada street is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

Since 2007, the guideline value has increased from Rs 300 per sq.ft to Rs 2,200 per sq.ft in 2024, reflecting an overall increase of 633%.

What are the stamp duty and registration fees for property in North mada street?

For a property valued at Rs 22,00,000, the stamp duty would be Rs 1,54,000 and the registration fee would be Rs 44,000, totaling Rs 1,98,000.

Which office handles registrations for North mada street?

The Poonamallee Sub Registrar Office handles registrations for North mada street, located at No.332 U + 9cc Malma Nagar Poonallee Chennai - 600056.

What is the land classification of North mada street?

North mada street is classified under Residential Class II Type - I, which indicates its intended use for residential purposes.