Guideline Value for POONGA 2ND CROSS STREET

Poonga 2nd Cross Street guideline value

The current guideline value of Poonga 2nd 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 2nd Cross Street has changed

The guideline value for Poonga 2nd Cross Street has undergone several revisions over the years. The 2012 revision set the value at Rs 1,700 per sq.ft, which was then reduced to Rs 1,139 per sq.ft in the 2017 revision. Following this, the value increased significantly to Rs 1,700 per sq.ft in the 2023 revision, and finally, it rose to Rs 1,870 per sq.ft in the 2024 revision, marking a 10% increase from the previous year.

From 2017 to 2023, the value saw a substantial increase of 49%. Overall, from the 2012 revision to the 2024 revision, the guideline value has increased by 10%. The register does not have figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Medavakkam

In Medavakkam, there are 379 streets under the Chennai South Joint I SRO that have a guideline value for 2024, 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, indicating that the 2024 figure for Poonga 2nd Cross Street is below this median.

• Poonga 1st 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 2nd Cross Street

For a 1,000 sq.ft plot at the current rate of Rs 1,870 per sq.ft, the guideline value would be Rs 18,70,000. The stamp duty at 7% would amount to Rs 1,30,900, while the registration fee at 2% would be Rs 37,400. Together, these fees would total Rs 1,68,300. Please note that the 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 details.

Which Sub Registrar Office covers Poonga 2nd Cross Street?

The Sub Registrar Office that covers Poonga 2nd 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 an essential figure used during the registration of property transactions in Medavakkam. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid when buying or selling property.

When a property is registered, the guideline value is compared to the sale price, and the higher of the two is used to calculate the applicable duties and fees. This ensures that the government receives the correct revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Poonga 2nd Cross Street?

The current guideline value of Poonga 2nd 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 Poonga 2nd Cross Street?

The land classification for Poonga 2nd Cross Street is Residential Class III Type - I.

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

The Sub Registrar Office for Poonga 2nd 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.

How are stamp duty and registration fees calculated?

Stamp duty and registration fees are calculated based on the higher of the guideline value or the sale price of the property. For example, a 1,000 sq.ft plot at the current guideline value would incur specific fees that total Rs 1,68,300.