Guideline Value for Poonga Street

Poonga Street guideline value

The current guideline value of Poonga Street is Rs 440 per sq.ft, effective from 1 July 2024. This street is located in Vengambakkam village and falls under the Tambaram Joint 1 SRO, classified as Residential Class I Type - III.

How the guideline value of Poonga Street has changed

The guideline value for Poonga Street has undergone several revisions over the years. The earliest recorded revision was in 2012, where the value was Rs 400 per sq.ft. This was followed by a decrease to Rs 268 per sq.ft in 2017. The 2023 revision saw an increase to Rs 400 per sq.ft, and the latest revision in 2024 raised it further to Rs 440 per sq.ft, marking a 10% increase from the previous year.

From 2012 to 2017, the value decreased by 33%, but from 2017 to 2023, it increased significantly by 49%. Overall, from 2012 to 2024, the guideline value has increased by 10%. The register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Vengambakkam

In Vengambakkam, there are 88 streets under the Tambaram Joint 1 SRO with a 2024 guideline value ranging from Rs 440 to Rs 5,000 per sq.ft. The median value for these streets is Rs 770 per sq.ft, indicating that the guideline value for Poonga Street is below this median.

• Pillaiyar Koil Street: Rs 550 per sq.ft (2024)
• Periyar Street (Continued): Rs 440 per sq.ft (2024)
• Periyar Street: Rs 440 per sq.ft (2024)
• Rajiv gandhi 1st Main Road: Rs 550 per sq.ft (2024)
• Rajiv gandhi 1st Street: Rs 550 per sq.ft (2024)
• Rajiv gandhi 2nd Main Road: Rs 550 per sq.ft (2024)

Stamp duty and registration fee for property in Poonga Street

For a 1,000 sq.ft plot at the current guideline value of Rs 440 per sq.ft, the total guideline value amounts to Rs 4,40,000. The stamp duty at 7% would be Rs 30,800, and the registration fee at 2% would be Rs 8,800, bringing the total cost for these fees to Rs 39,600. It is important to note that the duty is charged on the higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Poonga Street?

The Sub Registrar Office that covers Poonga Street is the Tambaram Joint 1 Sub Registrar Office, located at No.26, Mes Road, East Tambaram, Chennai-600059, in the Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor when registering property transactions in Vengambakkam. It determines the minimum value at which a property can be registered, ensuring that the government receives the appropriate stamp duty and registration fees based on this value.

When buying or selling property, both parties must consider the guideline value to avoid any discrepancies during the registration process. It serves as a benchmark for the transaction and helps in maintaining transparency in property dealings.

Frequently asked questions

What is the current guideline value of Poonga Street?

The current guideline value of Poonga Street is Rs 440 per sq.ft, effective from 1 July 2024.

How has the guideline value of Poonga Street changed over the years?

The guideline value has changed from Rs 400 per sq.ft in 2012 to Rs 268 per sq.ft in 2017, then back to Rs 400 per sq.ft in 2023, and finally to Rs 440 per sq.ft in 2024.

What is the stamp duty and registration fee for property in Poonga Street?

For a 1,000 sq.ft plot at the current guideline value, the stamp duty would be Rs 30,800 and the registration fee would be Rs 8,800, totaling Rs 39,600.

Which Sub Registrar Office covers Poonga Street?

The Tambaram Joint 1 Sub Registrar Office covers Poonga Street, located at No.26, Mes Road, East Tambaram, Chennai-600059.

What is the land classification for Poonga Street?

Poonga Street is classified as Residential Class I Type - III under the guideline value register.