Guideline Value for POLARAMMAN STREET

Polaramman Street guideline value

The current guideline value of Polaramman Street is Rs 3,200 per sq.ft, effective from 1 July 2024. This street is located in Perambur village, under the Purasaivakkam SRO, and is classified as Residential Class III Type - I.

How the guideline value of Polaramman Street has changed

The guideline value of Polaramman Street has undergone several revisions over the years. The earliest recorded figure is from 2003, with a guideline value of Rs 369 per sq.ft. This increased to Rs 550 per sq.ft in 2007, marking a significant rise of 49%. In 2012, the value rose sharply to Rs 3,000 per sq.ft, reflecting a remarkable increase of 445%. However, from 2012 to 2017, the value decreased to Rs 2,010 per sq.ft, a decline of 33%. The value then rose again to Rs 3,000 per sq.ft in 2023, before reaching the current figure of Rs 3,200 per sq.ft in 2024, which is a 7% increase from the previous year.

Overall, from 2003 to 2024, the guideline value has increased by 767%. It is important to note that there is no recorded figure for Polaramman Street in the 2002 revision.

Guideline values in Perambur

In Perambur, there are a total of 1,114 streets under the Purasaivakkam SRO that carry a 2024 guideline value, ranging from Rs 1,600 to Rs 7,100 per sq.ft. The median guideline value in this area is Rs 2,700 per sq.ft, placing Polaramman Street's 2024 figure above this median.

• Polu Naicken Street: Rs 4,900 per sq.ft (2024)
• Ponnappa Mudali Street: Rs 3,800 per sq.ft (2024)
• Ponnappan Lane: Rs 3,800 per sq.ft (2024)
• Pichandi Street: Rs 2,700 per sq.ft (2024)
• Powden Street: Rs 3,800 per sq.ft (2024)
• Perumal Ayalu Street: Rs 2,700 per sq.ft (2024)

Stamp duty and registration fee for property in Polaramman Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,200 per sq.ft, the total guideline value amounts to Rs 32,00,000. The stamp duty at 7% would be Rs 2,24,000, and the registration fee at 2% would be Rs 64,000, bringing the total cost for these fees to Rs 2,88,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Polaramman Street?

The Sub Registrar Office that covers Polaramman Street is the Purasaivakkam Sub Registrar Office, located at 93/1, Bricklin Road, Otteri, Chennai- 600 012. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Perambur. It serves as a benchmark for determining the minimum value on which stamp duty and registration fees are calculated, ensuring that all transactions are conducted transparently and fairly.

When a property is sold, the buyer must pay the stamp duty based on either 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 Polaramman Street?

The current guideline value of Polaramman Street is Rs 3,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly, from Rs 369 per sq.ft in 2003 to Rs 3,200 per sq.ft in 2024, marking an overall increase of 767% over this period.

What is the land classification for Polaramman Street?

Polaramman Street is classified as Residential Class III Type - I, indicating its designation for residential purposes.

What is the registration office for Polaramman Street?

The registration office for Polaramman Street is the Purasaivakkam Sub Registrar Office, located at 93/1, Bricklin Road, Otteri, Chennai- 600 012.

How are stamp duty and registration fees calculated?

Stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. For example, a 1,000 sq.ft plot at the current guideline value incurs a total fee of Rs 2,88,000.