Guideline Value for Pongagiri Lane

Pongagiri Lane guideline value

The current guideline value of Pongagiri Lane is Rs 1,700 per sq.ft, effective from 1 July 2024. This street is located in Sembiam village, under the Sembiam Sub Registrar Office (SRO). The land classification for this area is Residential Class II Type - II.

How the guideline value of Pongagiri Lane has changed

The guideline value for Pongagiri Lane has seen several revisions over the years. In 2002, the value was Rs 251 per sq.ft, which increased to Rs 272 per sq.ft in 2003, marking an 8% rise. Following this, the value rose significantly by 157% to Rs 700 per sq.ft in 2007. The 2012 revision saw the value remain at Rs 1,600 per sq.ft, which was a substantial increase of 129% from the previous figure. However, in 2017, the value decreased to Rs 1,072 per sq.ft, reflecting a drop of 33%.

In the 2023 revision, the guideline value increased to Rs 1,600 per sq.ft, and the latest revision in 2024 has set the value at Rs 1,700 per sq.ft, representing a 6% increase. Overall, from 2002 to 2024, the guideline value has risen by 577%.

Guideline values in Sembiam

In Sembiam village, there are 250 streets under the Sembiam SRO that carry a 2024 guideline value ranging from Rs 1,700 to Rs 7,100 per sq.ft, with a median value of Rs 2,700 per sq.ft. The guideline value for Pongagiri Lane is below this median.

• Ponnuswamy Nagar 1st Street: Rs 2,700 per sq.ft (2024)
• Ponnuswamy Nagar 2nd Street: Rs 2,700 per sq.ft (2024)
• Ponnuswamy Nagar 3rd Street: Rs 2,700 per sq.ft (2024)
• Prakasam Street: Rs 3,800 per sq.ft (2024)
• Prakasam Street (Kennady Square): Rs 2,700 per sq.ft (2024)
• Prakash Avenue: Rs 3,500 per sq.ft (2024)

Stamp duty and registration fee for property in Pongagiri Lane

For a 1,000 sq.ft plot at the current guideline value of Rs 1,700 per sq.ft, the total guideline value would be Rs 17,00,000. The stamp duty at 7% would amount to Rs 1,19,000, while the registration fee at 2% would be Rs 34,000. Together, the total cost would be Rs 1,53,000. 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 Pongagiri Lane?

Pongagiri Lane falls under the jurisdiction of the Sembiam Sub Registrar Office, located at 5, Papermills Road, Sembiam, Chennai - 600011. You can find your SRO for more information.

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

The guideline value is a critical factor during the registration of property transactions in Sembiam. It is used to determine the stamp duty and registration fees that must be paid when a property is bought or sold. Buyers and sellers must refer to the guideline value to ensure compliance with local regulations.

When a property is registered, the guideline value serves as a benchmark for assessing the transaction's value. This helps in maintaining transparency and fairness in property dealings, ensuring that all parties are aware of the official valuation of the property.

Frequently asked questions

What is the current guideline value of Pongagiri Lane?

The current guideline value of Pongagiri Lane is Rs 1,700 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 251 per sq.ft in 2002 to Rs 1,700 per sq.ft in 2024, marking an overall increase of 577% over the years.

What are the stamp duty and registration fees for a property in Pongagiri Lane?

For a property valued at Rs 17,00,000, the stamp duty would be Rs 1,19,000 and the registration fee would be Rs 34,000, totaling Rs 1,53,000.

Which Sub Registrar Office covers Pongagiri Lane?

The Sembiam Sub Registrar Office covers Pongagiri Lane, located at 5, Papermills Road, Sembiam, Chennai - 600011.

What is the land classification of Pongagiri Lane?

The land classification for Pongagiri Lane is Residential Class II Type - II.