Guideline Value for Ponnappa Chetty Street

Ponnappa Chetty Street guideline value

The current guideline value of Ponnappa Chetty Street is Rs 5,500 per sq.ft, effective from 1 July 2024. This street is located in Muthiyalpet village and falls under the Sowcarpet SRO. The land classification for this area is Residential Special Type - II.

How the guideline value of Ponnappa Chetty Street has changed

The guideline value for Ponnappa Chetty Street has seen several revisions over the years. The earliest recorded revision is from 2003, where the guideline value was Rs 988 per sq.ft. This increased to Rs 1,700 per sq.ft in 2007, marking a significant rise of 72%. In 2012, the value was recorded at Rs 5,000 per sq.ft, reflecting a remarkable increase of 194%. However, the value then dropped to Rs 3,350 per sq.ft in 2017, a decrease of 33%. The 2023 revision saw the value rise to Rs 5,000 per sq.ft, which then increased by 10% to the current value of Rs 5,500 per sq.ft in 2024.

Overall, from 2003 to 2024, the guideline value has increased by 457%. The register has no figure for the year 2002 for this street.

Guideline values in Muthiyalpet

Within Muthiyalpet, there are 357 streets under the Sowcarpet SRO that carry a 2024 guideline value, ranging from Rs 3,800 to Rs 16,500 per sq.ft. The median guideline value in this area is Rs 4,400 per sq.ft, making Ponnappa Chetty Street's 2024 figure above that median.

• Ponnappa Chetty Lane: Rs 5,500 per sq.ft (2024)
• Ponniamman Koil Street: Rs 3,800 per sq.ft (2024)
• Pommuliyer Street: Rs 4,400 per sq.ft (2024)
• Pillaiyar Koil Street: Rs 4,400 per sq.ft (2024)
• Portugeese Church 1st Lane: Rs 4,400 per sq.ft (2024)
• Portugeese Church 2nd Lane: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in Ponnappa Chetty Street

For a 1,000 sq.ft plot at the current rate of Rs 5,500 per sq.ft, the guideline value amounts to Rs 55,00,000. The stamp duty at 7% would be Rs 3,85,000, and the registration fee at 2% would be Rs 1,10,000, totaling Rs 4,95,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Ponnappa Chetty Street?

The Sub Registrar Office that covers Ponnappa Chetty Street is the Sowcarpet Sub Registrar Office, located at No.11, Davidson Street, Sowcarpet, Chennai-01, Chennai registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor when buying or selling property in Muthiyalpet. It serves as a benchmark for determining the minimum price at which a property can be registered. Buyers and sellers must consider this value to ensure compliance with registration norms and to avoid disputes during the transaction.

When registering a property, the guideline value is used to calculate the stamp duty and registration fees. This ensures that the government receives the appropriate revenue from property transactions, reflecting the value of the property as determined by the current guideline rates.

Frequently asked questions

What is the current guideline value of Ponnappa Chetty Street?

The current guideline value of Ponnappa Chetty Street is Rs 5,500 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 988 per sq.ft in 2003 to Rs 5,500 per sq.ft in 2024, showing an overall increase of 457% over this period.

What are the other streets in Muthiyalpet with their guideline values?

Other streets in Muthiyalpet include Ponnappa Chetty Lane at Rs 5,500 per sq.ft, Ponniamman Koil Street at Rs 3,800 per sq.ft, and several others, all with their respective guideline values listed for 2024.

What is the stamp duty rate for properties in Ponnappa Chetty Street?

The stamp duty rate for properties in Ponnappa Chetty Street is 7% of the guideline value or sale price, whichever is higher.

Where is the Sub Registrar Office located for Ponnappa Chetty Street?

The Sub Registrar Office for Ponnappa Chetty Street is located at No.11, Davidson Street, Sowcarpet, Chennai-01, Chennai registration zone.