Guideline Value for POONGA 3ND STREET

Poonga 3nd Street guideline value

The current guideline value of Poonga 3nd Street is Rs 1,700 per sq.ft, effective from 1 July 2024. This street is located in Palavakkam village, under the Neelankarai SRO, and is classified as Residential Class IV Type - II.

How the guideline value of Poonga 3nd Street has changed

The guideline value for Poonga 3nd Street has undergone several revisions over the years. The 2012 revision set the value at Rs 1,500 per sq.ft, which was then reduced to Rs 1,005 per sq.ft in 2017. Following this, the 2023 revision increased the value to Rs 1,500 per sq.ft, and the current 2024 revision has raised it further to Rs 1,700 per sq.ft, marking an overall increase of 13% from 2012 to 2024.

From 2017 to 2023, the value saw a significant rise of 49%. The change from 2023 to 2024 represents a 13% increase. It is important to note that the register has no figures for the years 2002, 2003, and 2007 for this street.

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. The median value for these streets is Rs 3,300 per sq.ft, indicating that the guideline value for Poonga 3nd Street is below the median.

• Poonga 2nd 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 3nd 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 information, you can use our stamp duty and registration fee calculator.

Which Sub Registrar Office covers Poonga 3nd Street?

The Sub Registrar Office that covers Poonga 3nd 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 in the registration process when buying or selling property in Palavakkam. It serves as the basis for calculating stamp duty and registration fees, which are mandatory during property transactions.

When a property is sold, the guideline value helps determine the legal value of the property for taxation purposes. Buyers and sellers should be aware of the current guideline value to ensure compliance with local regulations and avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Poonga 3nd Street?

The current guideline value of Poonga 3nd 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 1,500 per sq.ft in 2012 to Rs 1,005 per sq.ft in 2017, then to Rs 1,500 per sq.ft in 2023, and finally to Rs 1,700 per sq.ft in 2024.

What are the stamp duty and registration fees for a property in Poonga 3nd Street?

For a 1,000 sq.ft property, the total guideline value is Rs 17,00,000. The stamp duty would be Rs 1,19,000, and the registration fee would be Rs 34,000, totaling Rs 1,53,000.

Which Sub Registrar Office covers Poonga 3nd Street?

The Neelankarai Sub Registrar Office covers Poonga 3nd Street, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone.

What is the land classification of Poonga 3nd Street?

Poonga 3nd Street is classified as Residential Class IV Type - II, which indicates its designation for residential use.