Guideline Value for Poonga Street

Poonga Street guideline value

The current guideline value of Poonga Street in Mudichur village, under the Padappai SRO, is Rs 2,200 per sq.ft, effective from 1 July 2024. This street falls under the Residential Special Type - I land classification.

How the guideline value of Poonga Street has changed

The guideline value for Poonga Street has seen several revisions over the years. The 2012 revision set the value at Rs 2,000 per sq.ft, which then decreased to Rs 1,340 per sq.ft in the 2017 revision. However, from 2017 to 2023, the value increased significantly to Rs 2,000 per sq.ft, reflecting a 49% rise. The most recent 2024 revision has further increased the guideline value to Rs 2,200 per sq.ft, marking a 10% 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 Poonga Street. Overall, from the 2012 revision to the 2024 revision, the guideline value has increased by 10%.

Guideline values in Mudichur

Mudichur village has 135 streets under the Padappai SRO, with guideline values ranging from Rs 880 to Rs 4,000 per sq.ft. The median value for these streets is Rs 2,200 per sq.ft, which is equal to the current guideline value of Poonga Street.

• Prabha Nagar: Rs 1,760 per sq.ft (2024)
• Ponnan Nagar: Rs 1,210 per sq.ft (2024)
• Pillaiyar Koil Street: Rs 1,210 per sq.ft (2024)
• Perumal Nagar: Rs 1,760 per sq.ft (2024)
• Rajarajan Street: Rs 3,630 per sq.ft (2024)
• Parvathy Nagar: Rs 1,760 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 2,200 per sq.ft, the total guideline value amounts to Rs 22,00,000. The stamp duty at 7% would be Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, bringing the total cost to Rs 1,98,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Poonga Street?

The Sub Registrar Office that covers Poonga Street is the Padappai Sub Registrar Office, located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone. You can find your SRO for more details.

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

The guideline value is a crucial factor during the registration of property transactions in Mudichur. It is used to determine the stamp duty and registration fees that buyers must pay when purchasing property in the area.

When a property is sold, the guideline value helps establish a baseline for the transaction, ensuring that the fees are calculated fairly based on the officially recognized value of the property.

Frequently asked questions

What is the current guideline value for Poonga Street?

The current guideline value for Poonga Street is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,000 per sq.ft in 2012 to Rs 1,340 per sq.ft in 2017, then to Rs 2,000 per sq.ft in 2023, and finally to Rs 2,200 per sq.ft in 2024.

What is the land classification for Poonga Street?

Poonga Street is classified as Residential Special Type - I, which influences its guideline value and potential uses.

Where can I find the registration office for Poonga Street?

The registration office for Poonga Street is the Padappai Sub Registrar Office, located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone.

How is the stamp duty calculated for properties in Mudichur?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, a property valued at Rs 22,00,000 would incur a stamp duty of Rs 1,54,000 at 7%.