Guideline Value for Polu Naickenstreet

Polu Naickenstreet guideline value

The current guideline value of Polu Naickenstreet is Rs 6,000 per sq.ft, effective from 1 July 2024. This street is located in Vepery village, under the Periamet SRO, and is classified as Residential Class II Type - I.

How the guideline value of Polu Naickenstreet has changed

The guideline value for Polu Naickenstreet has seen several revisions over the years. The earliest recorded revision in 2007 set the value at Rs 800 per sq.ft, which rose significantly to Rs 5,500 per sq.ft in 2012. However, this value decreased by 33% to Rs 3,685 per sq.ft in 2017. Following this, the value increased by 49% to Rs 5,500 per sq.ft in 2023, and has now risen by 9% to the current value of Rs 6,000 per sq.ft in 2024. The register has no figures for the years 2002 and 2003 for this street.

Overall, from 2007 to 2024, the guideline value has increased by 650%. The changes between the revisions highlight the fluctuations in property values over the years, reflecting the evolving real estate landscape.

Guideline values in Vepery

In Vepery, there are 290 streets under the Periamet SRO that carry a 2024 guideline value, ranging from Rs 2,200 to Rs 22,000 per sq.ft. The median value for these streets is Rs 4,800 per sq.ft, placing Polu Naickenstreet's 2024 figure above this median.

• Play ground 3rd street: Rs 4,800 per sq.ft (2024)
• Play ground 2nd street: Rs 4,900 per sq.ft (2024)
• Play ground 1st street: Rs 4,900 per sq.ft (2024)
• Ponniyamman Koil street: Rs 6,000 per sq.ft (2024)
• Poonamallee High Road: Rs 18,100 per sq.ft (2024)
• Poonappanstreet: Rs 6,000 per sq.ft (2024)

Stamp duty and registration fee for property in Polu Naickenstreet

For a 1,000 sq.ft plot at the current rate of Rs 6,000 per sq.ft, the guideline value amounts to Rs 60,00,000. The stamp duty at 7% would be Rs 4,20,000, and the registration fee at 2% would be Rs 1,20,000, totaling Rs 5,40,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Polu Naickenstreet?

The Sub Registrar Office that covers Polu Naickenstreet is the Periamet Sub Registrar Office, located at 1103, Poonamallee High Road, Chennai-600 003. You can find your SRO for more information.

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

The guideline value is a crucial factor in property transactions, as it determines the minimum value at which a property can be registered. When buying or selling property in Vepery, the guideline value is used to calculate the stamp duty and registration fees, which are mandatory for all transactions.

It is essential for buyers and sellers to be aware of the current guideline value to ensure compliance with legal requirements during the registration process. This helps in avoiding any potential disputes or issues that may arise from undervaluation or overvaluation of the property.

Frequently asked questions

What is the current guideline value of Polu Naickenstreet?

The current guideline value of Polu Naickenstreet is Rs 6,000 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 800 per sq.ft in 2007 to Rs 6,000 per sq.ft in 2024, reflecting a total increase of 650% over the years.

What is the land classification of Polu Naickenstreet?

Polu Naickenstreet is classified as Residential Class II Type - I under the local land classification system.

Where is the Sub Registrar Office for Polu Naickenstreet located?

The Sub Registrar Office for Polu Naickenstreet is the Periamet Sub Registrar Office, located at 1103, Poonamallee High Road, Chennai-600 003.

How is stamp duty calculated for properties in Polu Naickenstreet?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, a 1,000 sq.ft plot at Rs 6,000 per sq.ft incurs a total stamp duty and registration fee of Rs 5,40,000.