Guideline Value for Post Office Road

Post Office Road guideline value

The current guideline value of Post Office Road is Rs 7,700 per sq.ft, effective from 1 July 2024. This road is located in Nungambakkam village and falls under the Chennai Central Joint II SRO. The land classification for this area is Residential Class I Type - I.

How the guideline value of Post Office Road has changed

The guideline value for Post Office Road has seen several revisions over the years. In 2007, the value was Rs 2,000 per sq.ft, which increased significantly to Rs 7,000 per sq.ft in 2012. However, it dropped to Rs 4,690 per sq.ft in 2017. The value then rose to Rs 7,000 per sq.ft in 2023, and currently stands at Rs 7,700 per sq.ft as of the 2024 revision. The register has no figure for the years 2002 and 2003.

From 2017 to 2023, there was a notable increase of 49%, followed by a 10% rise from 2023 to 2024. The overall change from 2007 to 2024 reflects an increase of 285%. The fluctuations in value highlight the varying property dynamics in this locality.

Guideline values in Nungambakkam

In Nungambakkam, there are 270 streets under the Chennai Central Joint II SRO that carry a 2024 guideline value, ranging from Rs 3,300 to Rs 22,000 per sq.ft. The median guideline value for the area is Rs 8,800 per sq.ft, indicating that the 2024 figure for Post Office Road is below this median.

• Prakadambal Road: Rs 8,800 per sq.ft (2024)
• Ponnangi puram 1st Street: Rs 7,700 per sq.ft (2024)
• Ponmnangipuram 2nd Street: Rs 7,700 per sq.ft (2024)
• Pushpa Nagar 1st Street: Rs 6,600 per sq.ft (2024)
• Pushpa Nagar 2nd Street: Rs 6,600 per sq.ft (2024)
• Pushpa Nagar 3rd Street: Rs 6,600 per sq.ft (2024)

Stamp duty and registration fee for property in Post Office Road

For a 1,000 sq.ft plot at the current guideline value of Rs 7,700 per sq.ft, the total guideline value would be Rs 77,00,000. The stamp duty at 7% would amount to Rs 5,39,000, and the registration fee at 2% would be Rs 1,54,000, bringing the total to Rs 6,93,000. It is important to note that 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 information.

Which Sub Registrar Office covers Post Office Road?

The Sub Registrar Office that covers Post Office Road is the Chennai Central Joint II Sub Registrar Office, located at No:5/9, Kavigar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018. You can find your SRO for more details.

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

The guideline value plays a crucial role during the registration of property transactions in Nungambakkam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring transparency in property dealings.

When buying or selling property, the guideline value is used to calculate the applicable stamp duty and registration fees. This ensures that the government receives due revenue from property transactions, reflecting the property's value as determined by the local authority.

Frequently asked questions

What is the current guideline value of Post Office Road?

The current guideline value of Post Office Road is Rs 7,700 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,000 per sq.ft in 2007 to Rs 7,700 per sq.ft in 2024, showing an overall increase of 285% over the years.

What is the median guideline value in Nungambakkam?

The median guideline value in Nungambakkam is Rs 8,800 per sq.ft, with Post Office Road's 2024 figure being below this median.

What are the stamp duty and registration fees for property in Post Office Road?

For a property valued at Rs 77,00,000, the stamp duty would be Rs 5,39,000 and the registration fee would be Rs 1,54,000, totaling Rs 6,93,000.

Which office handles registrations for Post Office Road?

The Chennai Central Joint II Sub Registrar Office handles registrations for Post Office Road, located at No:5/9, Kavigar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018.