Guideline Value for PONNIAMMAN NAGAR 1ST CROSS STREET

Ponniamman Nagar 1st Cross Street guideline value

The current guideline value of Ponniamman Nagar 1st Cross Street is Rs 1,870 per sq.ft, effective from 1 July 2024. This street is located in Medavakkam village and falls under the Chennai South Joint I SRO. The land classification for this area is Residential Class III Type - I.

How the guideline value of Ponniamman Nagar 1st Cross Street has changed

The guideline value for Ponniamman Nagar 1st Cross Street has undergone several revisions over the years. In 2012, the value was Rs 1,700 per sq.ft, which decreased to Rs 1,139 per sq.ft in 2017. This represents a decline of 33%. However, from 2017 to 2023, the value increased significantly to Rs 1,700 per sq.ft, marking a rise of 49%. The most recent revision in 2024 saw the value rise to Rs 1,870 per sq.ft, reflecting a 10% increase from the previous year.

It is important to note that there are no figures available for the years 2002, 2003, and 2007 in the register for this street. Overall, from 2012 to 2024, the guideline value has increased by 10%.

Guideline values in Medavakkam

In Medavakkam, there are 379 streets under the Chennai South Joint I SRO that carry a 2024 guideline value, ranging from Rs 1,540 to Rs 7,500 per sq.ft. The median guideline value for these streets is Rs 2,200 per sq.ft, which means that Ponniamman Nagar 1st Cross Street's 2024 figure is below this median.

• Ponniamman Koil Street: Rs 1,870 per sq.ft (2024)
• Ponniamman Koil Cross Street: Rs 1,870 per sq.ft (2024)
• Pollatchiamman Koil Street: Rs 1,870 per sq.ft (2024)
• Pilliyar Koil Street: Rs 2,750 per sq.ft (2024)
• Poonga 1st Cross Street: Rs 1,870 per sq.ft (2024)
• Poonga 2nd Cross Street: Rs 1,870 per sq.ft (2024)

Stamp duty and registration fee for property in Ponniamman Nagar 1st Cross Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,870 per sq.ft, the total guideline value would be Rs 18,70,000. The stamp duty at 7% would amount to Rs 1,30,900, and the registration fee at 2% would be Rs 37,400, making the total fees together Rs 1,68,300. 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 Ponniamman Nagar 1st Cross Street?

The Sub Registrar Office that covers Ponniamman Nagar 1st Cross 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 Medavakkam

The guideline value plays a crucial role during the registration process of property transactions in Medavakkam. It serves as a benchmark for calculating stamp duty and registration fees, ensuring that these costs are based on the official valuation of the property.

When buying or selling property, the guideline value is compared to the sale price, and the higher amount is used to determine the applicable duties and fees. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value for Ponniamman Nagar 1st Cross Street?

The current guideline value for Ponniamman Nagar 1st Cross Street is Rs 1,870 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,700 per sq.ft in 2012 to Rs 1,139 per sq.ft in 2017, then increased to Rs 1,700 per sq.ft in 2023, and finally to Rs 1,870 per sq.ft in 2024.

What is the land classification for Ponniamman Nagar 1st Cross Street?

The land classification for Ponniamman Nagar 1st Cross Street is Residential Class III Type - I.

Where can I find the registration office for Ponniamman Nagar 1st Cross Street?

The registration office 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.

How is stamp duty calculated for properties in Medavakkam?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, for a property valued at Rs 18,70,000, the stamp duty would be calculated at 7% of that value.