Guideline Value for Poonthottam 1st Street

Poonthottam 1st Street guideline value

The current guideline value of Poonthottam 1st Street is Rs 5,500 per sq.ft, effective from 1 July 2024. This street is located in Nanganallur village under the Alandur SRO, and it is classified as Commercial Class I Type - I.

How the guideline value of Poonthottam 1st Street has changed

The guideline value for Poonthottam 1st Street has undergone several revisions over the years. In 2002, the value was Rs 363 per sq.ft, which increased to Rs 440 per sq.ft in 2003, marking a 21% rise. The value then saw significant growth, reaching Rs 1,200 per sq.ft in 2007, which was an increase of 173%. In 2012, the value was Rs 5,000 per sq.ft, reflecting a substantial increase of 317% from 2007. However, it decreased by 33% to Rs 3,350 per sq.ft in 2017. The value further increased to Rs 5,000 per sq.ft in 2023, and the latest revision in 2024 set the value at Rs 5,500 per sq.ft, a 10% increase from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 1,415%. There are no figures available for the years not listed in the register for this street.

Guideline values in Nanganallur

Nanganallur village features a range of guideline values across its 155 streets under the Alandur SRO. The 2024 figures range from Rs 2,800 to Rs 6,600 per sq.ft, with a median value of Rs 3,900 per sq.ft. Poonthottam 1st Street's 2024 guideline value of Rs 5,500 per sq.ft is above this median.

• Poonthottam 2nd Street: Rs 5,500 per sq.ft (2024)
• Poonthottam Colony Street: Rs 4,400 per sq.ft (2024)
• Pookkara Street: Rs 3,900 per sq.ft (2024)
• Pillaiyar Koil Street: Rs 2,800 per sq.ft (2024)
• Railway Lane: Rs 3,300 per sq.ft (2024)
• Rajaji 1st Street: Rs 2,800 per sq.ft (2024)

Stamp duty and registration fee for property in Poonthottam 1st Street

For a 1,000 sq.ft plot at the current guideline value of Rs 5,500 per sq.ft, the total guideline value would be Rs 55,00,000. The stamp duty at 7% would amount to Rs 3,85,000, and the registration fee at 2% would be Rs 1,10,000, making a total of Rs 4,95,000. 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 Poonthottam 1st Street?

The Sub Registrar Office that covers Poonthottam 1st Street is the Alandur Sub Registrar Office, located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061. You can find your SRO for more information.

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

The guideline value is a critical factor when registering property transactions in Nanganallur. It serves as a benchmark for determining the stamp duty and registration fees applicable to the property being bought or sold. Buyers and sellers must consider this value to ensure compliance with local regulations during the registration process.

When a property is sold, the guideline value is compared with the sale price, and the higher of the two is used to calculate the applicable duties. This ensures that the government receives the appropriate revenue from property transactions based on the established guideline values.

Frequently asked questions

What is the current guideline value of Poonthottam 1st Street?

The current guideline value of Poonthottam 1st Street is Rs 5,500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 363 per sq.ft in 2002 to Rs 5,500 per sq.ft in 2024, reflecting an overall increase of 1,415% over this period.

What is the land classification for Poonthottam 1st Street?

Poonthottam 1st Street is classified as Commercial Class I Type - I.

Which office handles property registrations for this street?

The Alandur Sub Registrar Office handles property registrations for Poonthottam 1st Street, located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061.

How is stamp duty calculated for properties in Nanganallur?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. The current rate for stamp duty is 7%, while the registration fee is 2% of the guideline value or sale price.