Guideline Value for Ponnuvel Street

Ponnuvel Street guideline value

The current guideline value of Ponnuvel Street in Naravarikuppam village, under the Redhills SRO, is Rs 1,320 per sq.ft, effective from 1 July 2024. This street falls under the Residential Class III Type - I land classification.

How the guideline value of Ponnuvel Street has changed

The guideline value for Ponnuvel Street has seen several revisions over the years. In 2002, the value was Rs 3,471 per sq.ft, but it decreased to Rs 353 per sq.ft in 2003, marking a significant drop of 90%. The value then increased to Rs 400 per sq.ft in 2007, followed by a substantial rise to Rs 1,200 per sq.ft in 2012. However, it dropped again to Rs 804 per sq.ft in 2017. The value then rose sharply to Rs 1,200 per sq.ft in 2023, before reaching the current figure of Rs 1,320 per sq.ft in 2024, reflecting a 10% increase from the previous year.

Overall, from 2002 to 2024, the guideline value has decreased by 62%. The changes between the revisions include a 49% increase from 2017 to 2023, a 33% decrease from 2012 to 2017, a 200% increase from 2007 to 2012, and a 13% increase from 2003 to 2007. The register has no figure for the years not mentioned in the revisions.

Guideline values in Naravarikuppam

In Naravarikuppam, there are 112 streets under the Redhills SRO that carry a 2024 guideline value ranging from Rs 1,320 to Rs 3,300 per sq.ft, with a median value of Rs 1,650 per sq.ft. Ponnuvel Street's 2024 figure is below this median.

• Poonga Anna Street: Rs 1,870 per sq.ft (2024)
• Poonga Street: Rs 1,870 per sq.ft (2024)
• Prakasam Street: Rs 1,320 per sq.ft (2024)
• Pillayar Kovil Street: Rs 1,650 per sq.ft (2024)
• Perumal Reddy Street: Rs 1,320 per sq.ft (2024)
• P.W.D. Office Cross Street: Rs 1,650 per sq.ft (2024)

Stamp duty and registration fee for property in Ponnuvel Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,320 per sq.ft, the total guideline value amounts to Rs 13,20,000. The stamp duty at 7% would be Rs 92,400, and the registration fee at 2% would be Rs 26,400, totaling Rs 1,18,800. It is important to note that duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Ponnuvel Street?

The Sub Registrar Office that covers Ponnuvel Street is the Redhills Sub Registrar Office, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052. To find your SRO, visit find your SRO.

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

The guideline value is a critical factor during property registration in Naravarikuppam. 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 local regulations.

When a property is sold, the stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. This ensures that the government receives appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Ponnuvel Street?

The current guideline value of Ponnuvel Street is Rs 1,320 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 3,471 per sq.ft in 2002 to Rs 1,320 per sq.ft in 2024, with several revisions in between, including a significant drop in 2003 and a rise in 2024.

What are the stamp duty and registration fees for properties in Ponnuvel Street?

For a 1,000 sq.ft property at the current guideline value, the total stamp duty would be Rs 92,400 and the registration fee would be Rs 26,400, totaling Rs 1,18,800.

Which Sub Registrar Office covers Ponnuvel Street?

The Redhills Sub Registrar Office covers Ponnuvel Street, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052.

What is the land classification for Ponnuvel Street?

Ponnuvel Street is classified as Residential Class III Type - I under the current land classification system.