Guideline Value for Ponnammal Street

Ponnammal Street guideline value

The current guideline value of Ponnammal Street is Rs 4,400 per sq.ft, effective from 1 July 2024. This street is located in Saligramam village and falls under the Virugambakkam SRO. The land classification for this area is Residential Class II Type - I.

How the guideline value of Ponnammal Street has changed

Over the years, the guideline value of Ponnammal Street has seen significant changes. In 2002, the value was Rs 1,039 per sq.ft. This figure increased to Rs 1,135 per sq.ft in 2003, marking a 9% rise. The value continued to rise, reaching Rs 1,350 per sq.ft in 2007, which was a 19% increase from the previous revision. Following this, the value surged to Rs 4,000 per sq.ft in 2012, representing a remarkable 196% increase. However, it then dropped to Rs 2,680 per sq.ft in 2017, a decrease of 33% from 2012. The value climbed again to Rs 4,000 per sq.ft in 2023, and finally, it reached Rs 4,400 per sq.ft in the 2024 revision, reflecting a 10% increase from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 323%. It is important to note that there are no figures available for revisions in years other than those mentioned.

Guideline values in Saligramam

In Saligramam, there are 333 streets under the Virugambakkam SRO, with 2024 guideline values 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, which is equal to the current guideline value of Ponnammal Street.

• Ponniamman Koil Street: Rs 3,300 per sq.ft (2024)
• Pillaiyar Koil Street: Rs 5,500 per sq.ft (2024)
• Pillaiyar Koil sannathi Street: Rs 4,400 per sq.ft (2024)
• Pillaiyar Koil North Street: Rs 4,400 per sq.ft (2024)
• Postal Audit Colony: Rs 4,400 per sq.ft (2024)
• Perumal Koil Street: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in Ponnammal Street

For a 1,000 sq.ft plot at the current guideline value of Rs 4,400 per sq.ft, the total guideline value would be Rs 44,00,000. The stamp duty at 7% would amount to Rs 3,08,000, and the registration fee at 2% would be Rs 88,000. Together, the total cost for stamp duty and registration fee would be Rs 3,96,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Ponnammal Street?

The Sub Registrar Office that covers Ponnammal Street 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 Saligramam

The guideline value plays a crucial role in property transactions in Saligramam. When buying or selling property, the guideline value is used to determine the applicable stamp duty and registration fees. This ensures that the government receives the correct revenue from property transactions.

Additionally, the guideline value helps in establishing a legal framework for property valuation. It serves as a reference point for buyers and sellers, ensuring transparency in property dealings within the region.

Frequently asked questions

What is the current guideline value of Ponnammal Street?

The current guideline value of Ponnammal Street is Rs 4,400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly over the years, with the most recent revision in 2024 showing a 10% increase from Rs 4,000 per sq.ft in 2023.

What is the land classification of Ponnammal Street?

Ponnammal Street is classified as Residential Class II Type - I, indicating its suitability for residential purposes.

What is the stamp duty for property in Ponnammal Street?

The stamp duty for property in Ponnammal Street is 7% of the guideline value or sale price, whichever is higher.

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.