Guideline Value for Poongavanam Nagar 2nd Street

Poongavanam Nagar 2nd Street guideline value

The current guideline value of Poongavanam Nagar 2nd Street is Rs 2,700 per sq.ft, effective from 1 July 2024. This street is located in Kodungaiyur village, under the Madhavaram SRO, and is classified as Residential Class I Type - I.

How the guideline value of Poongavanam Nagar 2nd Street has changed

The guideline value for Poongavanam Nagar 2nd Street has seen several revisions over the years. The 2012 revision set the value at Rs 2,500 per sq.ft, which was followed by a decrease to Rs 1,675 per sq.ft in the 2017 revision. The next revision in 2023 raised the value to Rs 2,500 per sq.ft, and the most recent revision in 2024 established the current value at Rs 2,700 per sq.ft. Notably, there are no figures available for the years 2002, 2003, and 2007 in the register for this street.

From 2012 to 2017, the guideline value decreased by 33%. However, from 2017 to 2023, there was a significant increase of 49%. The value then rose by 8% from 2023 to 2024, resulting in an overall increase of 8% from 2012 to 2024.

Guideline values in Kodungaiyur

Kodungaiyur has a total of 1,318 streets under the Madhavaram SRO, with guideline values ranging from Rs 1,900 to Rs 4,000 per sq.ft. The median guideline value for the area is Rs 2,700 per sq.ft, which is equal to the current value for Poongavanam Nagar 2nd Street.

• Poongavanam Nagar 1st Street: Rs 2,700 per sq.ft (2024)
• Poongavanam Nagar 3rd Street: Rs 2,700 per sq.ft (2024)
• Poongavanam Nagar 4th Street: Rs 2,700 per sq.ft (2024)
• Poongavanam Nagar Main Road: Rs 2,700 per sq.ft (2024)
• Prakasam Avenue: Rs 2,200 per sq.ft (2024)
• Ponnuswamy Street (Near Milk Colony Road): Rs 2,700 per sq.ft (2024)

Stamp duty and registration fee for property in Poongavanam Nagar 2nd Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,700 per sq.ft, the total guideline value amounts to Rs 27,00,000. The stamp duty at 7% would be Rs 1,89,000, and the registration fee at 2% would be Rs 54,000, bringing the total cost for these fees to Rs 2,43,000. It is important to note that the 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 precise calculations.

Which Sub Registrar Office covers Poongavanam Nagar 2nd Street?

The Sub Registrar Office that covers Poongavanam Nagar 2nd Street is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Kodungaiyur. It serves as a benchmark for determining the minimum sale price of a property, ensuring that the transaction is recorded at a value that reflects the prevailing market conditions.

When you register a property, 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 Poongavanam Nagar 2nd Street?

The current guideline value of Poongavanam Nagar 2nd Street is Rs 2,700 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,500 per sq.ft in 2012 to Rs 1,675 per sq.ft in 2017, then back to Rs 2,500 per sq.ft in 2023, and finally to Rs 2,700 per sq.ft in 2024.

What are the stamp duty and registration fees for properties in this area?

For a property valued at Rs 27,00,000, the stamp duty would be Rs 1,89,000 and the registration fee would be Rs 54,000, totaling Rs 2,43,000.

Which office handles property registrations in Kodungaiyur?

The Madhavaram Sub Registrar Office handles property registrations in Kodungaiyur, located at No.7, Roja Nagar, Madhavaram, Chennai-600060.

What is the land classification for Poongavanam Nagar 2nd Street?

Poongavanam Nagar 2nd Street is classified as Residential Class I Type - I.