Guideline Value for PORUR GARDEN 2ND CROSS STREET

Porur Garden 2nd Cross Street guideline value

The current guideline value of Porur Garden 2nd Cross 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 2nd Cross Street has changed

The guideline value for Porur Garden 2nd Cross Street has seen several revisions over the years. In 2012, the value was Rs 3,000 per sq.ft, which decreased to Rs 2,010 per sq.ft in 2017. Following this, the value increased significantly to Rs 3,000 per sq.ft in 2023, and then further rose to Rs 3,300 per sq.ft in 2024, marking a 10% increase from the previous year.

From 2017 to 2023, there was a notable increase of 49%. Overall, from 2012 to 2024, the guideline value has seen a 10% increment. The register has no figures for the years 2002, 2003, and 2007 for this street.

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, with a median value of Rs 1,660 per sq.ft. Porur Garden 2nd Cross Street's 2024 figure of Rs 3,300 per sq.ft is above this median.

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

For a 1,000 sq.ft plot at the current rate of Rs 3,300 per sq.ft, the 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, totaling Rs 2,97,000. Duty is charged on the guideline value or the sale price, whichever is higher. For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Porur Garden 2nd Cross Street?

The Sub Registrar Office that covers Porur Garden 2nd Cross 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 information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Vanagaram. It serves as a benchmark for determining the stamp duty and registration fees, ensuring that these costs are calculated based on the official valuation of the property.

When a property is registered, the guideline value is compared to the sale price, and the higher of the two is used to calculate the necessary duties and fees. This process helps maintain transparency and consistency in property transactions within the region.

Frequently asked questions

What is the current guideline value of Porur Garden 2nd Cross Street?

The current guideline value of Porur Garden 2nd Cross 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 2012 to Rs 2,010 per sq.ft in 2017, then increased to Rs 3,000 per sq.ft in 2023, and finally to Rs 3,300 per sq.ft in 2024.

What is the land classification for Porur Garden 2nd Cross Street?

The land classification for Porur Garden 2nd Cross Street is Commercial Class I Type - I.

Where can I find the registration office for this street?

The registration office for Porur Garden 2nd Cross 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.

How is stamp duty calculated for properties in this area?

Stamp duty is calculated based on the higher value between the guideline value and the sale price of the property. For example, for a property valued at Rs 33,00,000, the stamp duty at 7% would be Rs 2,31,000.