Guideline Value for Old Poonamallee Road

Old Poonamallee Road guideline value

The current guideline value of Old Poonamallee Road is Rs 7,700 per sq.ft, effective from 1 July 2024. This road is located in Parangimalai village and falls under the Chennai South Joint II SRO. The land classification for this area is Residential Special Type - I.

How the guideline value of Old Poonamallee Road has changed

The guideline value for Old Poonamallee Road has seen significant changes over the years. In 2002, the value was Rs 511 per sq.ft, which increased to Rs 639 per sq.ft in 2003, marking a 25% rise. The value further increased to Rs 1,100 per sq.ft in 2007, showing a substantial growth of 72%. By 2012, the value was Rs 7,000 per sq.ft, reflecting a remarkable increase of 536% from the previous revision. However, this value dropped to Rs 4,690 per sq.ft in 2017, a decrease of 33%.

In the following revisions, the guideline value rose to Rs 7,000 per sq.ft in 2023, and then to Rs 7,700 per sq.ft in 2024, representing a 10% increase. Overall, from 2002 to 2024, the guideline value has increased by 1,407%.

Guideline values in Parangimalai

In Parangimalai, there are 233 streets under the Chennai South Joint II SRO that have a 2024 guideline value ranging from Rs 2,750 to Rs 11,000 per sq.ft. The median value for these streets is Rs 3,850 per sq.ft, placing Old Poonamallee Road's 2024 figure above that median.

• Old Maduvakkarai Street: Rs 5,500 per sq.ft (2024)
• Old Kathibara Road: Rs 11,000 per sq.ft (2024)
• Otthavadai Street: Rs 3,300 per sq.ft (2024)
• North Silver Street: Rs 2,750 per sq.ft (2024)
• North Raja Street: Rs 3,300 per sq.ft (2024)
• North Parade Street: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in Old Poonamallee Road

For a 1,000 sq.ft plot at the current rate of Rs 7,700 per sq.ft, the guideline value would be Rs 77,00,000. The stamp duty at 7% would amount to Rs 5,39,000, and the registration fee at 2% would be Rs 1,54,000, totaling Rs 6,93,000. It is important to note that 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 further calculations.

Which Sub Registrar Office covers Old Poonamallee Road?

The Sub Registrar Office covering Old Poonamallee Road is the Chennai South Joint II Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035. You can find your SRO for more information.

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

The guideline value is a crucial factor when registering property in Parangimalai. It determines the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees.

When buying or selling property, the guideline value serves as a reference point for both the buyer and seller. It is important to be aware of the current guideline value to ensure compliance with legal requirements during the transaction process.

Frequently asked questions

What is the current guideline value of Old Poonamallee Road?

The current guideline value of Old Poonamallee Road is Rs 7,700 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly, increasing from Rs 511 per sq.ft in 2002 to Rs 7,700 per sq.ft in 2024, which is an overall increase of 1,407%.

What is the land classification for Old Poonamallee Road?

The land classification for Old Poonamallee Road is Residential Special Type - I.

What are the stamp duty rates for property in Old Poonamallee Road?

The stamp duty rate for property in Old Poonamallee Road is 7%, calculated on the higher of the guideline value or the sale price.

Where can I find the Sub Registrar Office for Old Poonamallee Road?

The Sub Registrar Office for Old Poonamallee Road is located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035.