Guideline Value for Ponnusamy Street

Ponnusamy Street guideline value

The current guideline value of Ponnusamy Street is Rs 8,700 per sq.ft, effective from 1 July 2024. This street is located in Mylapore Part 2 village under the Chennai Central Joint I SRO, classified as Residential Class I Type - III.

How the guideline value of Ponnusamy Street has changed

The guideline value for Ponnusamy Street has seen several revisions over the years. The most recent revision in 2024 set the value at Rs 8,700 per sq.ft, which is an increase of 9% from the 2023 revision of Rs 8,000 per sq.ft. There are no figures available for the revisions in the years 2002, 2003, 2007, 2012, and 2017.

Prior to the 2023 revision, the last recorded figure was Rs 8,000 per sq.ft in 2023. This shows a clear upward trend in the guideline value for Ponnusamy Street, reflecting the changes in the real estate landscape in the area.

Guideline values in Mylapore Part 2

In Mylapore Part 2, there are 332 streets under the Chennai Central Joint I SRO, with guideline values ranging from Rs 4,400 to Rs 25,300 per sq.ft. The median guideline value is Rs 8,800 per sq.ft, making Ponnusamy Street's 2024 figure of Rs 8,700 per sq.ft slightly below the median.

• Poes Road 4th Street: Rs 10,900 per sq.ft (2024)
• Poes Road 3rd Street: Rs 10,900 per sq.ft (2024)
• Poes Road 2nd Street: Rs 10,900 per sq.ft (2024)
• Poes Road 1st Street: Rs 10,900 per sq.ft (2024)
• Poes Road: Rs 10,900 per sq.ft (2024)
• Poes Garden: Rs 19,800 per sq.ft (2024)

Stamp duty and registration fee for property in Ponnusamy Street

For a 1,000 sq.ft plot at the current guideline value of Rs 8,700 per sq.ft, the total guideline value would be Rs 87,00,000. The stamp duty at 7% would amount to Rs 6,09,000, and the registration fee at 2% would be Rs 1,74,000, bringing the total to Rs 7,83,000. It is important to note that 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 Ponnusamy Street?

The Sub Registrar Office covering Ponnusamy Street is the Chennai Central Joint I Sub Registrar Office, located at No.182 Bharati Salai (Pycrafts Road), Royapettah, Chennai-600014. To find your specific SRO, you can visit find your SRO.

How the guideline value is used when you buy or sell in Mylapore Part 2

When buying or selling property in Mylapore Part 2, the guideline value plays a crucial role in determining the stamp duty and registration fees. The guideline value is set by the government and is used as a benchmark for property transactions, ensuring that the fees are calculated based on a standardized value.

During the registration process, the buyer must pay the stamp duty and registration fees based on the higher of the guideline value or the sale price. This ensures that the government receives the appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Ponnusamy Street?

The current guideline value of Ponnusamy Street is Rs 8,700 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed recently?

The guideline value increased from Rs 8,000 per sq.ft in 2023 to Rs 8,700 per sq.ft in 2024, reflecting a 9% increase.

What is the classification of land on Ponnusamy Street?

Ponnusamy Street is classified as Residential Class I Type - III under the Chennai Central Joint I SRO.

Where can I find the Sub Registrar Office for Ponnusamy Street?

The Sub Registrar Office for Ponnusamy Street is located at No.182 Bharati Salai (Pycrafts Road), Royapettah, Chennai-600014.

How is the stamp duty calculated for properties on Ponnusamy Street?

Stamp duty for properties on Ponnusamy Street is calculated based on the higher of the guideline value or the sale price. For example, a 1,000 sq.ft plot at the guideline value of Rs 8,700 per sq.ft would incur a total stamp duty and registration fee of Rs 7,83,000.