Guideline Value for POONGA STREET

Poonga Street guideline value

The current guideline value of Poonga Street in Nemilicherry village, under the Pallavaram SRO, is Rs 2,160 per sq.ft, effective from 1 July 2024. This street falls under the Residential Class II Type - I land classification.

How the guideline value of Poonga Street has changed

Over the years, the guideline value of Poonga Street has seen several revisions. The 2012 revision set the value at Rs 2,000 per sq.ft, which was later reduced to Rs 1,340 per sq.ft in the 2017 revision. Subsequently, the value increased to Rs 2,000 per sq.ft in the 2023 revision, and now stands at Rs 2,160 per sq.ft as per the 2024 revision. Notably, there are no figures available for the revisions in 2002, 2003, and 2007 for this street.

From the 2012 revision to the 2017 revision, there was a decrease of 33%. However, from 2017 to 2023, the value increased by 49%. The overall change from the 2012 revision to the current 2024 revision shows an increase of 8%.

Guideline values in Nemilicherry

In Nemilicherry, there are 172 streets under the Pallavaram SRO that carry a 2024 guideline value, ranging from Rs 1,100 to Rs 3,300 per sq.ft. The median value is Rs 2,160 per sq.ft, which is equal to the current rate for Poonga Street.

• Postal Colony: Rs 2,420 per sq.ft (2024)
• P.T.C.Quarters: Rs 2,200 per sq.ft (2024)
• Pillaiyar Koil Street: Rs 2,200 per sq.ft (2024)
• PURUSHOTHAMAN NAGAR 1sT STREET: Rs 2,200 per sq.ft (2024)
• Quarry Street: Rs 1,100 per sq.ft (2024)
• Rabhin Nagar: Rs 2,160 per sq.ft (2024)

Stamp duty and registration fee for property in Poonga Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,160 per sq.ft, the total guideline value would be Rs 21,60,000. The stamp duty at 7% would amount to Rs 1,51,200, and the registration fee at 2% would be Rs 43,200, leading to a total of Rs 1,94,400. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Poonga Street?

The Sub Registrar Office that covers Poonga Street is the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, in the Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a critical factor during the registration of property transactions in Nemilicherry. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees.

When buying or selling property, the guideline value helps both parties understand the fair valuation of the property. It is essential to be aware of the current guideline value to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Poonga Street?

The current guideline value of Poonga Street is Rs 2,160 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,000 per sq.ft in 2012 to Rs 1,340 per sq.ft in 2017, then increased to Rs 2,000 per sq.ft in 2023, and is now Rs 2,160 per sq.ft in 2024.

What is the land classification for Poonga Street?

Poonga Street is classified under Residential Class II Type - I.

Where can I find information about other streets in Nemilicherry?

Information about other streets in Nemilicherry can be found in the guideline value register, which details the rates for various streets under the Pallavaram SRO.

What is the registration office for Poonga Street?

The registration office for Poonga Street is the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044.