Guideline Value for PONNI NAGAR MARAGATHAM 1ST STREET

Ponni Nagar Maragatham 1st Street guideline value

The current guideline value of Ponni Nagar Maragatham 1st Street is Rs 1,930 per sq.ft, effective from 1 July 2024. This street is located in Karambakkam village under the Chennai South Joint I SRO, classified as Residential Class III Type - I.

How the guideline value of Ponni Nagar Maragatham 1st Street has changed

The guideline value for Ponni Nagar Maragatham 1st Street has seen several revisions over the years. The 2012 revision set the value at Rs 1,750 per sq.ft, which then decreased to Rs 1,172 per sq.ft in the 2017 revision, reflecting a decline of 33%. However, from 2017 to 2023, the value increased significantly to Rs 1,750 per sq.ft, marking a 49% rise. The most recent revision in 2024 has set the value at Rs 1,930 per sq.ft, a 10% increase from the previous year.

There are no figures available for the revisions in 2002, 2003, and 2007 for this street. Overall, from 2012 to 2024, the guideline value has increased by 10%.

Guideline values in Karambakkam

In Karambakkam, there are 159 streets under the Chennai South Joint I SRO, with guideline values ranging from Rs 1,100 to Rs 5,500 per sq.ft. The median guideline value is Rs 1,930 per sq.ft, which is equal to the 2024 figure for Ponni Nagar Maragatham 1st Street.

• Ponni Nagar Mamallan Street: Rs 1,930 per sq.ft (2024)
• Ponni Nagar Maragatham 2nd Street: Rs 1,930 per sq.ft (2024)
• Ponni Nagar Mahaveer Street: Rs 1,930 per sq.ft (2024)
• Ponni Nagar Mullai Street: Rs 1,930 per sq.ft (2024)
• Ponni Nagar Kurinji Street: Rs 1,930 per sq.ft (2024)
• Ponni Nagar Neithal Street: Rs 1,930 per sq.ft (2024)

Stamp duty and registration fee for property in Ponni Nagar Maragatham 1st Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,930 per sq.ft, the total guideline value would be Rs 19,30,000. The stamp duty at 7% would amount to Rs 1,35,100, and the registration fee at 2% would be Rs 38,600, making the total cost for duty and registration Rs 1,73,700. 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 Ponni Nagar Maragatham 1st Street?

The Sub Registrar Office that covers Ponni Nagar Maragatham 1st Street is the Chennai South Joint I 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 details.

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

The guideline value is a crucial factor in the registration process of property transactions in Karambakkam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives the appropriate stamp duty and registration fees based on this value.

When buying or selling property, it is essential to be aware of the guideline value, as it can impact the overall costs associated with the transaction. Buyers should ensure that the sale price is in line with the guideline value to avoid any discrepancies during registration.

Frequently asked questions

What is the current guideline value for Ponni Nagar Maragatham 1st Street?

The current guideline value for Ponni Nagar Maragatham 1st Street is Rs 1,930 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed several times, with the value increasing from Rs 1,750 per sq.ft in 2012 to Rs 1,930 per sq.ft in 2024. Notably, there was a decrease to Rs 1,172 per sq.ft in 2017, followed by increases in subsequent years.

What is the stamp duty rate for properties in this area?

The stamp duty rate for properties in Ponni Nagar Maragatham 1st Street is 7% of the guideline value or sale price, whichever is higher.

Which Sub Registrar Office handles registrations for this street?

The Chennai South Joint I Sub Registrar Office handles registrations for Ponni Nagar Maragatham 1st Street, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035.

What is the land classification for Ponni Nagar Maragatham 1st Street?

Ponni Nagar Maragatham 1st Street is classified as Residential Class III Type - I, indicating its suitability for residential development.