Guideline Value for POONGA 1ST STREET

Poonga 1st Street guideline value

The current guideline value of Poonga 1st Street is Rs 1,700 per sq.ft, effective from 1 July 2024. This street is located in Palavakkam village, under the Neelankarai Sub Registrar Office (SRO). The land classification for this area is Residential Class IV Type - II.

How the guideline value of Poonga 1st Street has changed

Over the years, the guideline value of Poonga 1st Street has seen significant changes. The register recorded the following revisions: In 2002, the value was Rs 178 per sq.ft, which increased to Rs 199 per sq.ft in 2003. By 2007, the value rose dramatically to Rs 400 per sq.ft, and in 2012, it was Rs 1,500 per sq.ft. The 2017 revision saw a decrease to Rs 1,005 per sq.ft, followed by an increase to Rs 1,500 per sq.ft in 2023. The most recent revision in 2024 set the value at Rs 1,700 per sq.ft.

The changes between these revisions varied significantly. From 2002 to 2003, the increase was +12%, followed by a substantial +101% from 2003 to 2007. The value then saw a remarkable increase of +275% from 2007 to 2012. However, there was a decline of -33% from 2012 to 2017. The value increased by +49% from 2017 to 2023, and finally, there was a +13% increase from 2023 to 2024. Overall, from 2002 to 2024, the guideline value has increased by +855%.

Guideline values in Palavakkam

In Palavakkam, there are 349 streets under the Neelankarai SRO that carry a 2024 guideline value ranging from Rs 1,000 to Rs 8,800 per sq.ft, with a median value of Rs 3,300 per sq.ft. The guideline value of Poonga 1st Street is below this median.

• Poonga 2nd Street: Rs 1,700 per sq.ft (2024)
• Poonga 3rd Street: Rs 1,700 per sq.ft (2024)
• P.R.S. Nagar: Rs 3,900 per sq.ft (2024)
• P.K.S.Garden: Rs 1,700 per sq.ft (2024)
• Pushpa Avenue: Rs 3,300 per sq.ft (2024)
• Quaid Milleth 1st Street: Rs 2,800 per sq.ft (2024)

Stamp duty and registration fee for property in Poonga 1st Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,700 per sq.ft, the total guideline value would be Rs 17,00,000. The stamp duty at 7% would be Rs 1,19,000, and the registration fee at 2% would be Rs 34,000, making the total fees Rs 1,53,000. It is important to note that 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 Poonga 1st Street?

The Sub Registrar Office that covers Poonga 1st Street is the Neelankarai Sub Registrar Office, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone. You can find your SRO for more details.

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

The guideline value is a crucial factor when buying or selling property in Palavakkam. It serves as a benchmark for determining the minimum value at which a property can be registered. Buyers and sellers must consider this value to ensure compliance with registration requirements.

At the time of registration, the guideline value is used to calculate the stamp duty and registration fees. This ensures that the transaction is recorded accurately and reflects the prevailing property values in the area.

Frequently asked questions

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

The current guideline value of Poonga 1st Street is Rs 1,700 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly over the years, from Rs 178 per sq.ft in 2002 to Rs 1,700 per sq.ft in 2024, reflecting an overall increase of +855%.

What is the land classification for Poonga 1st Street?

The land classification for Poonga 1st Street is Residential Class IV Type - II.

What are the stamp duty and registration fees for property in Poonga 1st Street?

The stamp duty is calculated at 7% of the guideline value, and the registration fee is 2%. For a 1,000 sq.ft plot, the total fees would be Rs 1,53,000.

Which office handles registrations for Poonga 1st Street?

The Neelankarai Sub Registrar Office handles registrations for Poonga 1st Street, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone.