Guideline Value for Ponniamman Medu 6th Cross Street

Ponniamman Medu 6th Cross Street guideline value

The current guideline value of Ponniamman Medu 6th Cross Street is Rs 1,600 per sq.ft, effective from 1 July 2024. This street is located in Madhavaram village, under the Madhavaram SRO, and falls under the Residential Class II Type - I land classification.

How the guideline value of Ponniamman Medu 6th Cross Street has changed

The guideline value for Ponniamman Medu 6th Cross Street has seen several revisions over the years. The 2012 revision set the value at Rs 1,200 per sq.ft, which changed to Rs 1,005 per sq.ft in the 2017 revision, marking a decrease of 16%. However, from 2017 to 2023, the value increased significantly to Rs 1,500 per sq.ft, reflecting a rise of 49%. The most recent revision in 2024 raised the guideline value to Rs 1,600 per sq.ft, a 7% increase from the previous year.

It is important to note that there are no figures available for the years 2002, 2003, and 2007 in the register for this street. Overall, from 2012 to 2024, the guideline value has increased by 33%.

Guideline values in Madhavaram

In Madhavaram, there are 1,946 streets under the Madhavaram SRO, with the 2024 guideline values ranging from Rs 1,300 to Rs 7,500 per sq.ft. The median guideline value for these streets is Rs 1,600 per sq.ft, which is equal to the 2024 figure for Ponniamman Medu 6th Cross Street.

• Ponniamman Medu 5th Cross Street: Rs 1,600 per sq.ft (2024)
• Ponniamman Medu 7th Cross Street: Rs 1,600 per sq.ft (2024)
• Ponniamman Medu 4th Cross Street: Rs 1,600 per sq.ft (2024)
• Ponniamman Medu 3rd Cross Street: Rs 1,600 per sq.ft (2024)
• Ponniamman Medu 2nd Cross Street: Rs 1,600 per sq.ft (2024)
• Ponniamman Medu 1st Cross Street: Rs 1,600 per sq.ft (2024)

Stamp duty and registration fee for property in Ponniamman Medu 6th Cross Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,600 per sq.ft, the total guideline value amounts to Rs 16,00,000. The stamp duty is charged at 7%, which equals Rs 1,12,000, and the registration fee is charged at 2%, amounting to Rs 32,000. Thus, the total cost for duty and registration would be Rs 1,44,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can also use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Ponniamman Medu 6th Cross Street?

The Sub Registrar Office that covers Ponniamman Medu 6th Cross Street is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. To find your specific SRO, you can visit find your SRO.

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

The guideline value plays a crucial role during the registration of property transactions in Madhavaram. It is used to determine the stamp duty and registration fees that must be paid when buying or selling property. The guideline value is essential for ensuring that the transaction is recorded accurately and that the appropriate fees are collected by the government.

When a property is sold, the buyer is required to pay stamp duty based on the higher of the guideline value or the sale price. This ensures that the government receives the correct amount of revenue from property transactions, reflecting the value of the property as determined by the guideline value.

Frequently asked questions

What is the current guideline value of Ponniamman Medu 6th Cross Street?

The current guideline value of Ponniamman Medu 6th Cross Street is Rs 1,600 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,200 per sq.ft in 2012 to Rs 1,600 per sq.ft in 2024, with various changes in between, including a decrease to Rs 1,005 per sq.ft in 2017 and an increase to Rs 1,500 per sq.ft in 2023.

What is the land classification for Ponniamman Medu 6th Cross Street?

Ponniamman Medu 6th Cross Street is classified as Residential Class II Type - I, indicating its suitability for residential development.

Where can I find the Madhavaram Sub Registrar Office?

The Madhavaram Sub Registrar Office is located at No.7, Roja Nagar, Madhavaram, Chennai-600060. This office handles the registration of properties in the area.

How is stamp duty calculated for properties in Madhavaram?

Stamp duty for properties in Madhavaram is calculated based on the higher of the guideline value or the sale price. The current rate is 7% for stamp duty and 2% for the registration fee.