Guideline Value for POONGA 1ST CROSS STREET

Poonga 1st Cross Street guideline value

The current guideline value of Poonga 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 Poonga 1st Cross Street has changed

The guideline value for Poonga 1st Cross Street has undergone several revisions over the years. The earliest recorded figure is from 2012, which was Rs 1,700 per sq.ft. In 2017, this value decreased to Rs 1,139 per sq.ft, marking a decline of 33%. However, the value saw a significant increase to Rs 1,700 per sq.ft in 2023, and then it rose again to Rs 1,870 per sq.ft in the 2024 revision, reflecting a 10% increase from the previous year. Notably, there are no figures available for the years 2002, 2003, and 2007 for this street.

From 2017 to 2023, the guideline value increased by 49%. Overall, from 2012 to 2024, the guideline value has seen a net increase of 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, placing Poonga 1st Cross Street's 2024 value below this median.

• Poonga 2nd Cross Street: Rs 1,870 per sq.ft (2024)
• Poonga 3rd Cross Street: Rs 1,870 per sq.ft (2024)
• Poonga 4th Cross Street: Rs 1,870 per sq.ft (2024)
• Poonga Street: Rs 1,870 per sq.ft (2024)
• Ponniamman Nagar 1st Cross Street: Rs 1,870 per sq.ft (2024)
• Ponniamman Koil Street: Rs 1,870 per sq.ft (2024)

Stamp duty and registration fee for property in Poonga 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, bringing the total cost together to Rs 1,68,300. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Poonga 1st Cross Street?

The Sub Registrar Office that covers Poonga 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 information.

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

The guideline value is a critical factor in the registration process for property transactions in Medavakkam. It serves as a benchmark for determining the minimum value at which properties can be registered, ensuring that the transaction is documented at a fair value according to government standards.

When buying or selling property, it is essential to be aware of the guideline value as it affects the stamp duty and registration fees. Buyers should ensure that they are informed about the current rates to avoid any unexpected costs during the registration process.

Frequently asked questions

What is the current guideline value of Poonga 1st Cross Street?

The current guideline value of Poonga 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 of Poonga 1st Cross Street?

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

Which Sub Registrar Office covers this area?

The Chennai South Joint I Sub Registrar Office covers Poonga 1st Cross Street, 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 guideline value or the sale price, whichever is higher. For example, for a 1,000 sq.ft plot at the current guideline value, the total stamp duty would be Rs 1,30,900.