Guideline Value for Poonthottam 1st street

Poonthottam 1st street guideline value

The current guideline value of Poonthottam 1st street in Parangimalai village is Rs 2,750 per sq.ft, effective from 1 July 2024. This street falls under the Chennai South Joint II SRO and is classified as Residential Class III Type - I.

How the guideline value of Poonthottam 1st street has changed

The guideline value for Poonthottam 1st street has seen significant changes over the years. In 2002, the value was Rs 330 per sq.ft, which increased to Rs 413 per sq.ft in 2003, marking a 25% rise. The value then experienced a substantial increase to Rs 2,500 per sq.ft in 2012, reflecting a 505% growth from the 2003 figure. However, it dropped to Rs 1,675 per sq.ft in 2017, a decrease of 33%. The value rose again to Rs 2,500 per sq.ft in 2023, before reaching the current value of Rs 2,750 per sq.ft in 2024, which is a 10% increase from the previous year.

It is important to note that there is no figure available for the year 2007 in the register for this street. Overall, from 2002 to 2024, the guideline value has increased by 733%.

Guideline values in Parangimalai

In Parangimalai, there are 233 streets under the Chennai South Joint II SRO that carry a 2024 guideline value ranging from Rs 2,750 to Rs 11,000 per sq.ft. The median value for these streets is Rs 3,850 per sq.ft, placing Poonthottam 1st street's 2024 figure below this median.

• Poonthottam 2nd Street: Rs 2,750 per sq.ft (2024)
• Poonthottam 3nd Street: Rs 2,750 per sq.ft (2024)
• Poonthottam 4th Street: Rs 2,750 per sq.ft (2024)
• Poonthottam Street: Rs 2,750 per sq.ft (2024)
• Poompuhar Street: Rs 2,750 per sq.ft (2024)
• Pon Thottam: Rs 2,750 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 rate of Rs 2,750 per sq.ft, the guideline value would be Rs 27,50,000. The stamp duty at 7% would amount to Rs 1,92,500, and the registration fee at 2% would be Rs 55,000, totaling Rs 2,47,500. It is important to note that 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 covering Poonthottam 1st street is the Chennai South Joint II Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, fanepet Nandanam, Chennai -600 035. You can find your SRO for more information.

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

The guideline value plays a crucial role during property transactions in Parangimalai. It is used to determine the stamp duty and registration fees that must be paid when buying or selling property. The amount of stamp duty is calculated based on the guideline value or the sale price, whichever is higher, ensuring that the government receives the appropriate taxes from property transactions.

When a property is registered, the guideline value helps establish a baseline for the transaction, ensuring transparency and fairness in the process. Buyers and sellers should be aware of the current guideline value to understand their financial obligations during the registration process.

Frequently asked questions

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

The current guideline value of Poonthottam 1st street is Rs 2,750 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 330 per sq.ft in 2002 to Rs 2,750 per sq.ft in 2024, reflecting an overall increase of 733% over this period.

What is the stamp duty for a property in Poonthottam 1st street?

For a property valued at Rs 27,50,000, the stamp duty would be Rs 1,92,500 at 7%, and the registration fee would be Rs 55,000 at 2%, totaling Rs 2,47,500.

Which office handles registrations for Poonthottam 1st street?

The Chennai South Joint II Sub Registrar Office handles registrations for Poonthottam 1st street, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, fanepet Nandanam, Chennai -600 035.

What are the other streets in Parangimalai with the same guideline value?

Other streets in Parangimalai with the same guideline value of Rs 2,750 per sq.ft include Poonthottam 2nd Street, Poonthottam 3nd Street, Poonthottam 4th Street, Poonthottam Street, Poompuhar Street, and Pon Thottam.