Guideline Value for POOVANAM NAGAR

Poovanam Nagar guideline value

The current guideline value of Poovanam Nagar, located in Korakkathandalam village under the Oothukkottai SRO, is Rs 100 per sq.ft. This value is effective from the 2024 revision, which took effect on 1 July 2024. The land classification for this area is Residential Class I Type - I.

How the guideline value of Poovanam Nagar has changed

Since the 2012 revision, the guideline value for Poovanam Nagar has seen several changes. In 2012, the value was Rs 75 per sq.ft, which increased to Rs 50 per sq.ft in the 2017 revision, marking a decrease of 33%. However, from 2017 to 2023, the value rose significantly by 100%, bringing it back to Rs 100 per sq.ft. The 2024 revision maintained this value, showing no change from the previous year.

It is important to note that the register has no figures for the years 2002, 2003, and 2007 for this street. Overall, from 2012 to 2024, the guideline value has increased by 33%.

Guideline values in Korakkathandalam

In Korakkathandalam, there are five streets under the Oothukkottai SRO that have a 2024 guideline value of Rs 100 per sq.ft, which is also the median value for the area. Poovanam Nagar's 2024 figure aligns with this median.

• Kasi Thiruvelan Nagar: Rs 100 per sq.ft (2024)
• Thiruvelan Nagar: Rs 100 per sq.ft (2024)
• V.G.P.Thiru Nagar Part-III: Rs 100 per sq.ft (2024)
• Blessings Nagar: Rs 100 per sq.ft (2024)

Stamp duty and registration fee for property in Poovanam Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 100 per sq.ft, the total guideline value would be Rs 1,00,000. The stamp duty at 7% would amount to Rs 7,000, and the registration fee at 2% would be Rs 2,000, leading to a total of Rs 9,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Poovanam Nagar?

The Sub Registrar Office that covers Poovanam Nagar is the Oothukkottai Sub Registrar Office, located near the government hospital in Uthukottai, 602026, Chennai registration zone. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Korakkathandalam. It serves as a benchmark for determining the stamp duty and registration fees, ensuring that the transaction is recorded accurately according to the prevailing rates set by the government.

When a property is sold, the guideline value is compared to the sale price. The higher of the two values is used to calculate the applicable stamp duty and registration fees, which are mandatory for legal ownership transfer. This process helps maintain transparency and consistency in property transactions.

Frequently asked questions

What is the current guideline value of Poovanam Nagar?

The current guideline value of Poovanam Nagar is Rs 100 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 75 per sq.ft in 2012 to Rs 50 per sq.ft in 2017, then increased to Rs 100 per sq.ft in 2023 and remained the same in 2024.

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

Other streets in Korakkathandalam with a 2024 guideline value of Rs 100 per sq.ft include Kasi Thiruvelan Nagar, Thiruvelan Nagar, V.G.P.Thiru Nagar Part-III, and Blessings Nagar.

What is the stamp duty rate in Poovanam Nagar?

The stamp duty rate in Poovanam Nagar is 7% of the guideline value or the sale price, whichever is higher.

Where is the Sub Registrar Office for Poovanam Nagar located?

The Sub Registrar Office for Poovanam Nagar is located near the government hospital in Uthukottai, 602026, Chennai registration zone.