Guideline Value for Ponnambalam Road

Ponnambalam Road guideline value

The current guideline value of Ponnambalam Road is Rs 7,150 per sq.ft, effective from 1 July 2024. This road is located in Virugambakkam village, under the Virugambakkam SRO, and is classified as Residential Special Type - I.

How the guideline value of Ponnambalam Road has changed

The guideline value for Ponnambalam Road has undergone several revisions since 2002. The register shows that in 2002, the value was Rs 923 per sq.ft, which increased to Rs 1,022 per sq.ft in 2003. Following this, the value saw a significant rise to Rs 2,650 per sq.ft in 2007, and then it jumped to Rs 6,500 per sq.ft in 2012. However, there was a decrease to Rs 4,355 per sq.ft in 2017. The value then increased to Rs 6,500 per sq.ft in 2023, and currently stands at Rs 7,150 per sq.ft as of the 2024 revision.

From 2017 to 2023, the value rose by 49%, and from 2023 to 2024, it increased by 10%. Notably, there were substantial increases from 2007 to 2012, which saw a rise of 145%, and from 2003 to 2007, which had an increase of 159%. Overall, from 2002 to 2024, the guideline value has increased by 675%.

Guideline values in Virugambakkam

In Virugambakkam, there are 391 streets under the Virugambakkam SRO that have a 2024 guideline value ranging from Rs 2,750 to Rs 13,200 per sq.ft. The median value for these streets is Rs 4,400 per sq.ft, placing Ponnambalam Road's 2024 figure above this median.

• Pillaiyar Koil Street: Rs 2,750 per sq.ft (2024)
• Perumal Koil 2nd Street: Rs 2,750 per sq.ft (2024)
• Perumal Koil 1st Street: Rs 2,750 per sq.ft (2024)
• P.V.Rjamannar Salai: Rs 7,150 per sq.ft (2024)
• Pasumpon Muthuramalingam Devar Salai, Venkatesa Nagar, Rajaji Colony: Rs 7,700 per sq.ft (2024)
• Rajaji Colony (Near SBI Colony): Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in Ponnambalam Road

For a 1,000 sq.ft plot at the current guideline value, the total guideline value would be Rs 71,50,000. The stamp duty at 7% would be Rs 5,00,500, and the registration fee at 2% would be Rs 1,43,000, making the total charges Rs 6,43,500. 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 Ponnambalam Road?

The Sub Registrar Office that covers Ponnambalam Road 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 Virugambakkam

The guideline value is a critical factor in property transactions in Virugambakkam. It is used to determine the stamp duty and registration fees applicable when buying or selling property. The guideline value is set by the Registration Department and reflects the minimum value at which properties can be registered.

When a property is sold, the guideline value helps ensure that the transaction is recorded at a fair value, which is essential for legal and taxation purposes. Buyers and sellers should be aware of the current guideline value to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Ponnambalam Road?

The current guideline value of Ponnambalam Road is Rs 7,150 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 923 per sq.ft in 2002 to Rs 7,150 per sq.ft in 2024, reflecting an overall increase of 675% over this period.

What are the stamp duty and registration fees for properties on Ponnambalam Road?

For a 1,000 sq.ft plot, the total guideline value would be Rs 71,50,000, with a stamp duty of Rs 5,00,500 and a registration fee of Rs 1,43,000, totaling Rs 6,43,500.

Which office handles registrations for Ponnambalam Road?

The Virugambakkam Sub Registrar Office handles registrations for Ponnambalam Road, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

What is the significance of the guideline value in property transactions?

The guideline value is used to determine the stamp duty and registration fees during property transactions, ensuring that properties are registered at a fair value for legal and taxation purposes.