Guideline Value for PONNIYAMMAN NAGAR 2ND STREET

Ponniyamman Nagar 2nd Street guideline value

The current guideline value of Ponniyamman Nagar 2nd Street is Rs 990 per sq.ft. This street is located in Kolathuvancheri village, under the Chennai South Joint I SRO. The land classification for this area is Residential Class IV Type - II.

How the guideline value of Ponniyamman Nagar 2nd Street has changed

The guideline value for Ponniyamman Nagar 2nd Street has seen several revisions over the years. In 2007, the value was Rs 500 per sq.ft, which increased to Rs 900 per sq.ft in 2012, marking an 80% rise. However, it then decreased to Rs 603 per sq.ft in 2017, a drop of 33%. The value further increased significantly to Rs 900 per sq.ft in 2023, and now stands at Rs 990 per sq.ft from the 2024 revision, reflecting a 10% increase from the previous year.

There are no figures available for the revisions in 2002 and 2003 for this street. Overall, from 2007 to 2024, the guideline value has increased by 98%.

Guideline values in Kolathuvancheri

In Kolathuvancheri, there are 146 streets under the Chennai South Joint I SRO that carry a 2024 guideline value, ranging from Rs 660 to Rs 4,600 per sq.ft. The median guideline value for these streets is Rs 1,650 per sq.ft, placing Ponniyamman Nagar 2nd Street's 2024 figure below that median.

• Ponniyamman Nagar 1st Street: Rs 990 per sq.ft (2024)
• Ponniamman Koil Street Ist Colony: Rs 990 per sq.ft (2024)
• Ponniamman Koil Street Cross Street: Rs 990 per sq.ft (2024)
• Ponniamman Koil Street 3rd Street: Rs 990 per sq.ft (2024)
• Ponniamman Koil Street 2nd Street: Rs 990 per sq.ft (2024)
• Ponniamman Koil Street: Rs 990 per sq.ft (2024)

Stamp duty and registration fee for property in Ponniyamman Nagar 2nd Street

For a 1,000 sq.ft plot at the current guideline value of Rs 990 per sq.ft, the total guideline value would be Rs 9,90,000. The stamp duty would be charged at 7%, amounting to Rs 69,300, and the registration fee at 2% would be Rs 19,800. Together, the total fees would be Rs 89,100. It is important to note that duty is charged on the higher of the guideline value or the sale price. You can use our stamp duty and registration fee calculator for more information.

Which Sub Registrar Office covers Ponniyamman Nagar 2nd Street?

The Sub Registrar Office that covers Ponniyamman Nagar 2nd 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 Kolathuvancheri

The guideline value plays a crucial role in the registration process when buying or selling property in Kolathuvancheri. It serves as a benchmark for determining the minimum value at which properties can be registered. Buyers and sellers must be aware that the guideline value is used to calculate the stamp duty and registration fees, which are essential for completing the transaction legally.

When a property is sold, the guideline value is compared with the sale price. The higher of the two values is used to determine the applicable fees. This ensures that all transactions are recorded accurately, reflecting the true value of the property being exchanged.

Frequently asked questions

What is the current guideline value of Ponniyamman Nagar 2nd Street?

The current guideline value of Ponniyamman Nagar 2nd Street is Rs 990 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 500 per sq.ft in 2007 to Rs 990 per sq.ft in 2024, showing an overall increase of 98%. The most recent revision saw a 10% increase from Rs 900 per sq.ft in 2023.

What is the land classification for Ponniyamman Nagar 2nd Street?

Ponniyamman Nagar 2nd Street is classified as Residential Class IV Type - II, indicating its suitability for residential development.

Where can I find the Sub Registrar Office for this area?

The Sub Registrar Office for Ponniyamman Nagar 2nd Street is located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035.

How is the stamp duty calculated for properties in this area?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For instance, for a property valued at Rs 9,90,000, the stamp duty would be Rs 69,300 at a rate of 7%.