Guideline Value for Poonga Street

Poonga Street guideline value

The current guideline value of Poonga Street in Naravarikuppam village is Rs 1,870 per sq.ft, effective from 1 July 2024. This street falls under the Redhills SRO and is classified as Residential Class I Type - I.

How the guideline value of Poonga Street has changed

The guideline value for Poonga Street has undergone several revisions over the years. In 2002, the value was Rs 3,471 per sq.ft, which then dropped to Rs 353 per sq.ft in 2003. Following this, the value increased to Rs 500 per sq.ft in 2007, and further rose to Rs 1,700 per sq.ft in 2012. However, it decreased to Rs 1,139 per sq.ft in 2017. The value saw a significant increase to Rs 1,700 per sq.ft in 2023, and currently stands at Rs 1,870 per sq.ft in 2024.

Looking at the changes between these revisions, from 2002 to 2003, there was a decrease of 90%. The value increased by 42% from 2003 to 2007, followed by a significant rise of 240% from 2007 to 2012. The value then decreased by 33% from 2012 to 2017. Between 2017 and 2023, there was an increase of 49%, and from 2023 to 2024, the value has risen by 10%. Overall, from 2002 to 2024, the guideline value has decreased by 46%.

Guideline values in Naravarikuppam

In Naravarikuppam, there are 112 streets under the Redhills SRO with a guideline value for 2024 ranging from Rs 1,320 to Rs 3,300 per sq.ft. The median value is Rs 1,650 per sq.ft, placing Poonga Street's 2024 figure above this median.

• Poonga Anna Street: Rs 1,870 per sq.ft (2024)
• Ponnuvel Street: Rs 1,320 per sq.ft (2024)
• Prakasam Street: Rs 1,320 per sq.ft (2024)
• Pillayar Kovil Street: Rs 1,650 per sq.ft (2024)
• P.W.D. Office Cross Street: Rs 1,650 per sq.ft (2024)
• P.W.D. Office Street: Rs 1,650 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 1,870 per sq.ft, the total guideline value would be Rs 18,70,000. The stamp duty at 7% would be Rs 1,30,900, and the registration fee at 2% would be Rs 37,400, making the total fees together Rs 1,68,300. 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 Poonga Street?

The Sub Registrar Office that covers Poonga Street is the Redhills Sub Registrar Office, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Naravarikuppam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is documented at a fair value.

When a property is sold, the buyer and seller must consider the guideline value for calculating the applicable stamp duty and registration fees. These charges are based on the higher of the guideline value or the actual sale price, ensuring that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Poonga Street?

The current guideline value of Poonga Street is Rs 1,870 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 3,471 per sq.ft in 2002 to Rs 1,870 per sq.ft in 2024, with various increases and decreases in between.

What is the land classification of Poonga Street?

Poonga Street is classified as Residential Class I Type - I, indicating its suitability for residential development.

Where can I find the registration office for Poonga Street?

The registration office for Poonga Street is the Redhills Sub Registrar Office, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052.

How are stamp duty and registration fees calculated?

Stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. For example, for a 1,000 sq.ft plot, the total fees would amount to Rs 1,68,300 based on the current guideline value.