Guideline Value for Ponnusamy Naicker Nagar (Ponniamman Medu)

Ponnusamy Naicker Nagar (Ponniamman Medu) guideline value

The current guideline value of Ponnusamy Naicker Nagar (Ponniamman Medu) is Rs 1,300 per sq.ft, effective from 1 July 2024. This area is located in Madhavaram village, under the Madhavaram SRO, and is classified as Residential Class III Type - I.

How the guideline value of Ponnusamy Naicker Nagar (Ponniamman Medu) has changed

Over the years, the guideline value of Ponnusamy Naicker Nagar has seen several revisions. The most recent revision in 2024 set the value at Rs 1,300 per sq.ft, up from Rs 1,200 per sq.ft in 2023, marking an increase of 8%. Prior to that, in 2017, the guideline value was Rs 804 per sq.ft, which indicates a significant increase of 49% to the 2023 figure. The 2012 revision also recorded a value of Rs 1,200 per sq.ft, showing a decrease of 33% to the 2017 figure. It is important to note that the register has no figures for the years 2002, 2003, and 2007 for this street.

When considering the overall changes from 2012 to 2024, the guideline value has increased by 8%. This reflects the evolving landscape of property values in the area, although the current value remains below the median guideline value of Rs 1,600 per sq.ft for other streets in Madhavaram as of 2024.

Guideline values in Madhavaram

In Madhavaram, there are 1,946 streets under the Madhavaram SRO carrying a 2024 guideline value ranging from Rs 1,300 to Rs 7,500 per sq.ft. The median for these streets is Rs 1,600 per sq.ft, positioning Ponnusamy Naicker Nagar (Ponniamman Medu) below this median.

• Ponnusamy Nagar, Ponniammanmedu (Ward-24): Rs 1,300 per sq.ft (2024)
• Ponniamman Medu 7th Cross Street: Rs 1,600 per sq.ft (2024)
• Ponniamman Medu 6th Cross Street: Rs 1,600 per sq.ft (2024)
• Ponniamman Medu 5th 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)

Stamp duty and registration fee for property in Ponnusamy Naicker Nagar (Ponniamman Medu)

For a 1,000 sq.ft plot at the current guideline value of Rs 1,300 per sq.ft, the total guideline value amounts to Rs 13,00,000. The stamp duty at 7% would be Rs 91,000, and the registration fee at 2% would be Rs 26,000, bringing the total to Rs 1,17,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Ponnusamy Naicker Nagar (Ponniamman Medu)?

The Sub Registrar Office covering Ponnusamy Naicker Nagar (Ponniamman Medu) is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for more information.

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

The guideline value is a crucial factor when buying or selling property in Madhavaram. It serves as a benchmark for determining the minimum value at which a property can be registered. This value helps in calculating the stamp duty and registration fees that are applicable during the transaction.

When a property is sold, the buyer must ensure that the sale price is in line with the guideline value to avoid any legal complications. The registration process requires the payment of fees based on this value, ensuring transparency and compliance with local regulations.

Frequently asked questions

What is the current guideline value of Ponnusamy Naicker Nagar?

The current guideline value of Ponnusamy Naicker Nagar (Ponniamman Medu) is Rs 1,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

Since 2012, the guideline value has fluctuated, starting from Rs 1,200 per sq.ft in 2012, decreasing to Rs 804 per sq.ft in 2017, then increasing to Rs 1,200 per sq.ft in 2023, and finally reaching Rs 1,300 per sq.ft in 2024.

What is the land classification for Ponnusamy Naicker Nagar?

Ponnusamy Naicker Nagar is classified as Residential Class III Type - I, indicating its suitability for residential development.

Which office handles registrations for properties in this area?

The Madhavaram Sub Registrar Office handles registrations for properties in Ponnusamy Naicker Nagar. The office is located at No.7, Roja Nagar, Madhavaram, Chennai-600060.

How is stamp duty calculated for properties in this area?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, if the guideline value is Rs 13,00,000, the stamp duty at 7% would be Rs 91,000.