Guideline Value for PONNAN 2ND LANE

Ponnan 2nd Lane guideline value

The current guideline value of Ponnan 2nd Lane is Rs 4,900 per sq.ft, effective from 1 July 2024. This street is located in Purasaivakkam village and falls under the Purasaivakkam SRO, classified as Residential Class III Type - II.

How the guideline value of Ponnan 2nd Lane has changed

Over the years, the guideline value of Ponnan 2nd Lane has experienced several revisions. The 2007 revision set the value at Rs 1,800 per sq.ft, which increased significantly to Rs 4,500 per sq.ft in the 2012 revision. However, the value then decreased to Rs 3,015 per sq.ft in 2017. The 2023 revision saw a notable increase to Rs 4,500 per sq.ft, followed by the latest revision in 2024, which established the current value at Rs 4,900 per sq.ft.

The changes between these revisions are as follows: from 2007 to 2012, there was a 150% increase; from 2012 to 2017, a decrease of 33%; from 2017 to 2023, an increase of 49%; and from 2023 to 2024, an increase of 9%. Overall, from 2007 to 2024, the guideline value has risen by 172%. The register has no figures for the years 2002 and 2003 for this street.

Guideline values in Purasaivakkam

In Purasaivakkam, there are 519 streets under the Purasaivakkam SRO with a 2024 guideline value ranging from Rs 2,200 to Rs 18,100 per sq.ft. The median value for these streets is Rs 5,500 per sq.ft, positioning Ponnan 2nd Lane's 2024 figure below that median.

• Ponnan 1st Lane: Rs 4,900 per sq.ft (2024)
• Ponnan 3rd Lane: Rs 4,900 per sq.ft (2024)
• Ponnan Cheri: Rs 3,800 per sq.ft (2024)
• Ponnan Street: Rs 4,900 per sq.ft (2024)
• Ponnappa 1st Lane: Rs 4,900 per sq.ft (2024)
• Ponnappa 2nd Lane: Rs 4,900 per sq.ft (2024)

Stamp duty and registration fee for property in Ponnan 2nd Lane

For a 1,000 sq.ft plot at the current guideline value of Rs 4,900 per sq.ft, the total guideline value would be Rs 49,00,000. The stamp duty, calculated at 7%, would amount to Rs 3,43,000, and the registration fee at 2% would be Rs 98,000. Together, the total cost for these fees would be Rs 4,41,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Ponnan 2nd Lane?

Ponnan 2nd Lane is covered by the Purasaivakkam Sub Registrar Office, located at 93/1, Bricklin Road, Otteri, Chennai- 600 012. You can find your SRO for more details.

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

The guideline value is a crucial factor in property transactions in Purasaivakkam. When buying or selling a property, the guideline value is used to determine the stamp duty and registration fees that need to be paid. It ensures that the property is registered at a value that reflects its worth according to government standards.

During the registration process, the buyer must pay the stamp duty based on the guideline value or the sale price, whichever is higher. This ensures that the state receives the appropriate revenue from property transactions, maintaining transparency and accountability in the real estate market.

Frequently asked questions

What is the current guideline value of Ponnan 2nd Lane?

The current guideline value of Ponnan 2nd Lane is Rs 4,900 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 1,800 per sq.ft in 2007 to Rs 4,900 per sq.ft in 2024, with various fluctuations in between.

What are the stamp duty and registration fees for properties in Ponnan 2nd Lane?

For a property valued at Rs 49,00,000, the stamp duty would be Rs 3,43,000 and the registration fee would be Rs 98,000, totaling Rs 4,41,000.

Which Sub Registrar Office covers Ponnan 2nd Lane?

Ponnan 2nd Lane is under the jurisdiction of the Purasaivakkam Sub Registrar Office, located at 93/1, Bricklin Road, Otteri, Chennai- 600 012.

What is the land classification for Ponnan 2nd Lane?

Ponnan 2nd Lane is classified as Residential Class III Type - II, indicating its suitability for residential development.