Guideline Value for Pon Nagar

Pon Nagar guideline value

The current guideline value of Pon Nagar, located in Maduravoyal village under the Virugambakkam SRO, is Rs 3,050 per sq.ft, effective from 1 July 2024. This area falls under the Residential Class III Type - I land classification.

How the guideline value of Pon Nagar has changed

The guideline value for Pon Nagar has seen several revisions over the years. In 2007, the guideline value was Rs 700 per sq.ft, which increased significantly to Rs 2,750 per sq.ft in 2012. However, this value dropped by 33% to Rs 1,842 per sq.ft in 2017. The value then rose sharply to Rs 2,750 per sq.ft in 2023, marking a 49% increase, before reaching the current figure of Rs 3,050 per sq.ft in 2024, reflecting an 11% increase from the previous year.

It is noteworthy that 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 336%.

Guideline values in Maduravoyal

In Maduravoyal, there are 636 streets under the Virugambakkam SRO that carry a 2024 guideline value, ranging from Rs 2,200 to Rs 6,050 per sq.ft. The median guideline value for these streets is Rs 3,050 per sq.ft, which is the same as the current value for Pon Nagar.

• Police Lane Quarters: Rs 3,850 per sq.ft (2024)
• Ponniyamman Koil 1st Cross Street: Rs 3,050 per sq.ft (2024)
• Ponniyamman Koil 2nd Cross Street: Rs 3,050 per sq.ft (2024)
• Ponniyamman Koil 3rd Cross Street: Rs 3,050 per sq.ft (2024)
• Ponniyamman Koil Main Road: Rs 3,050 per sq.ft (2024)
• Pillayar Koil Street: Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in Pon Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 3,050 per sq.ft, the total guideline value would be Rs 30,50,000. The stamp duty at 7% would amount to Rs 2,13,500, and the registration fee at 2% would be Rs 61,000, bringing the total fees to Rs 2,74,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can use the stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Pon Nagar?

The Sub Registrar Office that covers Pon Nagar is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. You can find your SRO for more information.

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

The guideline value is a crucial factor during property registration in Maduravoyal. It is used to determine the stamp duty and registration fees that need to be paid when a property is bought or sold. This value ensures that the transaction is documented at a fair price as per government regulations.

When buying or selling property, it is essential to be aware of the current guideline value, as it directly impacts the financial obligations associated with the transaction. Buyers and sellers should ensure that they are informed about the latest revisions to avoid any discrepancies during registration.

Frequently asked questions

What is the current guideline value of Pon Nagar?

The current guideline value of Pon Nagar is Rs 3,050 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 700 per sq.ft in 2007 to Rs 3,050 per sq.ft in 2024, reflecting an overall increase of 336% over the years.

What is the land classification of Pon Nagar?

Pon Nagar falls under the Residential Class III Type - I land classification, indicating its suitability for residential purposes.

Where is the Virugambakkam Sub Registrar Office located?

The Virugambakkam Sub Registrar Office is located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

How is the stamp duty calculated for property transactions?

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 the current guideline value incurs a total fee of Rs 2,74,500.