Guideline Value for POOMALAI

Poomalai guideline value

The current guideline value of Poomalai, located in Kolapakkam village under the Pammal SRO, is Rs 3,300 per sq.ft, effective from 1 July 2024. The land classification for this area is Commercial Special Type - I.

How the guideline value of Poomalai has changed

The guideline value for Poomalai has undergone several revisions over the years. The 2017 revision set the value at Rs 2,010 per sq.ft, which increased to Rs 3,000 per sq.ft in the 2023 revision. The most recent revision in 2024 has further raised the value to Rs 3,300 per sq.ft, marking a 10% increase from the previous year and a significant 64% increase from the 2017 figure.

It is important to note that the register has no figures for Poomalai for the years 2002, 2003, 2007, and 2012. The increase from 2017 to 2023 was 49%, highlighting the substantial changes in property values over this period.

Guideline values in Kolapakkam

In Kolapakkam, there are 111 streets under the Pammal SRO with a 2024 guideline value ranging from Rs 1,650 to Rs 6,850 per sq.ft. The median value for these streets is Rs 2,200 per sq.ft, which means Poomalai's current guideline value is above this median.

• Prabha Garden (ward 5): Rs 1,650 per sq.ft (2024)
• Pillaiyar Koil Street: Rs 2,200 per sq.ft (2024)
• Perumal Koil Street (ward 4): Rs 2,200 per sq.ft (2024)
• Radhakrishnan Nagar: Rs 1,980 per sq.ft (2024)
• Pattammal Nagar: Rs 1,650 per sq.ft (2024)
• Rajendran Nagar: Rs 6,850 per sq.ft (2024)

Stamp duty and registration fee for property in Poomalai

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value amounts to Rs 33,00,000. The stamp duty at 7% would be Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, bringing the total cost of duty and fees to Rs 2,97,000. It is important to note that duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Poomalai?

The Sub Registrar Office that covers Poomalai is the Pammal Sub Registrar Office, located at Kamarajapuram Thiruneermalai Main Road, Pammal, Chennai-600075, in the Chengalpattu registration zone. You can find your SRO for more details.

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

The guideline value plays a crucial role in property transactions in Kolapakkam. It serves as a benchmark for determining the stamp duty and registration fees that are applicable during the sale or purchase of property. Buyers and sellers must consider this value to ensure compliance with legal requirements during the registration process.

When a property is registered, the guideline value is used to assess the applicable fees, ensuring that both parties are aware of the financial implications of the transaction. This standardization helps maintain transparency in the property market.

Frequently asked questions

What is the current guideline value of Poomalai?

The current guideline value of Poomalai is Rs 3,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,010 per sq.ft in 2017 to Rs 3,300 per sq.ft in 2024, representing a 64% increase over this period.

What is the land classification for Poomalai?

Poomalai is classified as Commercial Special Type - I, indicating its suitability for commercial activities.

Where can I find the Sub Registrar Office for Poomalai?

The Sub Registrar Office for Poomalai is located at Kamarajapuram Thiruneermalai Main Road, Pammal, Chennai-600075.

How is stamp duty calculated in Poomalai?

Stamp duty in Poomalai is calculated based on the guideline value or the sale price, whichever is higher. The current rate is set at 7% for stamp duty and 2% for the registration fee.