Guideline Value for POONGA 2ND STREET

Poonga 2nd Street guideline value

The current guideline value of Poonga 2nd Street in Palavakkam village, under the Neelankarai SRO, is Rs 1,700 per sq.ft, effective from 1 July 2024. This street falls under the Residential Class IV Type - II land classification.

How the guideline value of Poonga 2nd Street has changed

Over the years, the guideline value of Poonga 2nd Street has seen notable changes. The earliest recorded revision was in 2002, with a guideline value of Rs 178 per sq.ft. This increased to Rs 199 per sq.ft in 2003, marking a 12% rise. The value then jumped significantly to Rs 400 per sq.ft in 2007, reflecting a 101% increase. In 2012, the value was recorded at Rs 1,500 per sq.ft, which was a substantial increase of 275%. However, this was followed by a decrease to Rs 1,005 per sq.ft in 2017, representing a drop of 33%. The value then rose again to Rs 1,500 per sq.ft in 2023, before reaching the current figure of Rs 1,700 per sq.ft in 2024, which is a 13% increase from the previous year.

The overall change from 2002 to 2024 shows an increase of 855%, illustrating the fluctuations in the guideline value over the years. The register has no figures for revisions in the years not specifically listed.

Guideline values in Palavakkam

In Palavakkam, there are 349 streets under the Neelankarai SRO, with guideline values for 2024 ranging from Rs 1,000 to Rs 8,800 per sq.ft. The median value for these streets is Rs 3,300 per sq.ft, making the 2024 figure for Poonga 2nd Street below this median.

• Poonga 3nd Street: Rs 1,700 per sq.ft (2024)
• Poonga 1st 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 2nd 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 amount to Rs 1,19,000, and the registration fee at 2% would be Rs 34,000, bringing the total cost for these fees to Rs 1,53,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Poonga 2nd Street?

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

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

The guideline value is a crucial factor during the registration of property transactions in Palavakkam. It serves as a benchmark for calculating the stamp duty and registration fees, which are mandatory for property transfers. Buyers and sellers must consider this value to ensure compliance with local regulations.

When a property is sold, the guideline value is used to determine the applicable fees, ensuring that both parties are aware of the financial obligations involved in the transaction. This process helps maintain transparency in property dealings.

Frequently asked questions

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

The current guideline value of Poonga 2nd 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 from Rs 178 per sq.ft in 2002 to Rs 1,700 per sq.ft in 2024, reflecting an overall increase of 855% over the years.

What is the stamp duty rate for properties in Poonga 2nd Street?

The stamp duty rate for properties in Poonga 2nd Street is 7% of the guideline value or the sale price, whichever is higher.

Where is the Neelankarai Sub Registrar Office located?

The Neelankarai Sub Registrar Office is located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai.

What are the other streets with the same guideline value in Palavakkam?

Other streets in Palavakkam with the same guideline value of Rs 1,700 per sq.ft include Poonga 1st Street, Poonga 3nd Street, and P.K.S.Garden.