Guideline Value for PORUR GARDEN 1ST STREET

Porur Garden 1st Street guideline value

The current guideline value of Porur Garden 1st Street is Rs 3,300 per sq.ft, effective from 1 July 2024. This street is located in Vanagaram village and falls under the Chennai South Joint I SRO. The land classification for this area is Commercial Class I Type - I.

How the guideline value of Porur Garden 1st Street has changed

Over the years, the guideline value of Porur Garden 1st Street has seen several revisions. The 2012 revision set the value at Rs 3,000 per sq.ft, which then decreased to Rs 2,010 per sq.ft in 2017. Following this, the value rose significantly to Rs 3,000 per sq.ft in 2023, and currently stands at Rs 3,300 per sq.ft as of the 2024 revision, reflecting a 10% increase from the previous year.

The changes between the revisions illustrate a notable fluctuation. From 2017 to 2023, there was a substantial increase of 49%. However, the revision from 2012 to 2017 saw a decrease of 33%. Overall, from 2012 to 2024, the guideline value has increased by 10%.

Guideline values in Vanagaram

In Vanagaram, there are 287 streets under the Chennai South Joint I SRO that carry a 2024 guideline value, ranging from Rs 770 to Rs 5,500 per sq.ft. The median value in this area is Rs 1,660 per sq.ft, placing Porur Garden 1st Street above that median.

• Porur Garden 1st Cross Street: Rs 3,300 per sq.ft (2024)
• Porur Garden 2nd Cross Street: Rs 3,300 per sq.ft (2024)
• Porur Garden 2nd Street: Rs 2,420 per sq.ft (2024)
• Porur Garden 3rd Cross Street: Rs 3,300 per sq.ft (2024)
• Porur Garden 3rd Street: Rs 2,420 per sq.ft (2024)
• Porur Garden 4th Cross Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Porur Garden 1st Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value would be Rs 33,00,000. The stamp duty at 7% would amount to Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, bringing the total to Rs 2,97,000. 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 Porur Garden 1st Street?

The Sub Registrar Office that covers Porur Garden 1st 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 here.

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

The guideline value plays a crucial role when buying or selling property in Vanagaram. It is used to determine the stamp duty and registration fees applicable during the transaction. Buyers and sellers must consider the guideline value to ensure compliance with the legal requirements during registration.

When a property is sold, the guideline value is compared with the sale price. The higher of the two values is used to calculate the stamp duty, ensuring that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Porur Garden 1st Street?

The current guideline value of Porur Garden 1st Street is Rs 3,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 3,000 per sq.ft in 2023 to Rs 3,300 per sq.ft in 2024, marking a 10% increase. It was Rs 2,010 per sq.ft in 2017 and Rs 3,000 per sq.ft in 2012, showing significant fluctuations over the years.

What is the land classification for Porur Garden 1st Street?

Porur Garden 1st Street is classified as Commercial Class I Type - I, indicating its commercial significance within the area.

What are the stamp duty rates for property transactions?

The stamp duty for property transactions in this area is charged at 7% of the guideline value or the sale price, whichever is higher. Additionally, there is a registration fee of 2% applicable.

Which office handles registrations for Porur Garden 1st Street?

The Chennai South Joint I Sub Registrar Office handles registrations for Porur Garden 1st Street, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035.