Guideline Value for POONGA STREET

Poonga Street guideline value

The current guideline value of Poonga Street in Medavakkam village is Rs 1,870 per sq.ft, effective from 1 July 2024. This street falls under the Chennai South Joint I SRO and is classified as Residential Class III Type - I.

How the guideline value of Poonga Street has changed

Looking back at the revisions, the guideline value for Poonga Street was Rs 1,700 per sq.ft in 2023, which increased to Rs 1,870 per sq.ft in 2024, marking a change of +10%. Prior to that, in 2017, the value was Rs 1,139 per sq.ft, which saw a significant increase of +49% to reach Rs 1,700 per sq.ft in 2023. The 2012 revision also recorded a value of Rs 1,700 per sq.ft, but there was a decrease of -33% to Rs 1,139 per sq.ft in 2017.

There are no figures available for the revisions in 2002, 2003, and 2007. Overall, from 2012 to 2024, the guideline value has increased by +10%.

Guideline values in Medavakkam

In Medavakkam, there are 379 streets under the Chennai South Joint I SRO that carry a 2024 guideline value ranging from Rs 1,540 to Rs 7,500 per sq.ft. The median guideline value in this area is Rs 2,200 per sq.ft, indicating that Poonga Street's 2024 figure is below that median.

• Poonga 4th Cross Street: Rs 1,870 per sq.ft (2024)
• Poonga 3rd Cross Street: Rs 1,870 per sq.ft (2024)
• Poonga 2nd Cross Street: Rs 1,870 per sq.ft (2024)
• Poonga 1st Cross 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 Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,870 per sq.ft, the total guideline value amounts to Rs 18,70,000. The stamp duty at 7% would be Rs 1,30,900, while the registration fee at 2% would be Rs 37,400. Together, the total cost for stamp duty and registration fee would be Rs 1,68,300. 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 the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Poonga Street?

The Sub Registrar Office that covers Poonga 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 details.

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

The guideline value plays a crucial role during property registration in Medavakkam. 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 is assessed to calculate the applicable fees. Buyers should be aware that the stamp duty and registration fees are based on the higher of the guideline value or the sale price, which can affect the overall transaction costs.

Frequently asked questions

What is the current guideline value of Poonga Street?

The current guideline value of Poonga 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 2023 to Rs 1,870 per sq.ft in 2024. It was Rs 1,139 per sq.ft in 2017 and Rs 1,700 per sq.ft in 2012.

What is the land classification for Poonga Street?

Poonga Street is classified as Residential Class III Type - I under the Chennai South Joint I SRO.

What are the stamp duty and registration fees for properties in Poonga Street?

For a property valued at Rs 18,70,000, the stamp duty would be Rs 1,30,900 and the registration fee would be Rs 37,400, totaling Rs 1,68,300.

Which office handles registrations for Poonga Street?

The Chennai South Joint I Sub Registrar Office handles registrations for Poonga Street, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035.