Guideline Value for Pound Street

Pound Street guideline value

The current guideline value of Pound Street in Madambakkam village is Rs 2,200 per sq.ft, effective from 1 July 2024. This street falls under the Selaiyur Sub Registrar Office (SRO) and is classified as Residential Special Type - I.

How the guideline value of Pound Street has changed

The guideline value for Pound Street has undergone several revisions over the years. In 2012, the value was set at Rs 2,000 per sq.ft. This was followed by a decrease to Rs 1,340 per sq.ft in 2017, marking a decline of 33%. However, the value increased significantly to Rs 2,000 per sq.ft in 2023, and then rose again to the current figure of Rs 2,200 per sq.ft in 2024, reflecting a 10% increase from the previous year.

It is important to note that there are no figures available for Pound Street in the revisions for the years 2002, 2003, and 2007. Overall, from 2012 to 2024, the guideline value has seen a modest increase of 10%.

Guideline values in Madambakkam

In Madambakkam, there are 1,151 streets under the Selaiyur SRO that carry a 2024 guideline value ranging from Rs 1,100 to Rs 6,000 per sq.ft. The median value for these streets is Rs 2,400 per sq.ft, placing Pound Street's 2024 figure below this median.

• Prasanthi Colony: Rs 2,400 per sq.ft (2024)
• Prasanthi Colony 1st Cross Street: Rs 2,400 per sq.ft (2024)
• Prasanthi Colony 1st Main Road: Rs 2,400 per sq.ft (2024)
• Prasanthi Colony 1st Street: Rs 2,400 per sq.ft (2024)
• Prasanthi Colony 2nd Cross Street: Rs 2,400 per sq.ft (2024)
• Prasanthi Colony 2nd Main Road: Rs 2,400 per sq.ft (2024)

Stamp duty and registration fee for property in Pound Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value amounts to Rs 22,00,000. The stamp duty at 7% would be Rs 1,54,000, while the registration fee at 2% would be Rs 44,000, bringing the total fees together to Rs 1,98,000. It is essential to note that the duty is charged on the guideline value or the sale price, whichever is higher. For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Pound Street?

The Sub Registrar Office covering Pound Street is the Selaiyur Sub Registrar Office, located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073, in the Chengalpattu registration zone. You can find your SRO for more details.

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

The guideline value plays a crucial role during property transactions in Madambakkam. It serves as the basis for calculating the stamp duty and registration fees that buyers must pay when registering a property. This ensures that the transaction is recorded at a value recognized by the government.

When selling a property, the guideline value can also influence the sale price. It is essential for buyers and sellers to be aware of the current guideline value to ensure compliance with legal requirements and to understand the potential costs involved in the transaction.

Frequently asked questions

What is the current guideline value of Pound Street?

The current guideline value of Pound Street is Rs 2,200 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 2012 to Rs 1,340 per sq.ft in 2017, then back to Rs 2,000 per sq.ft in 2023, and finally to Rs 2,200 per sq.ft in 2024.

What is the land classification for Pound Street?

Pound Street is classified as Residential Special Type - I, indicating its designated use for residential purposes.

Where is the Selaiyur Sub Registrar Office located?

The Selaiyur Sub Registrar Office is located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073.

How are stamp duty and registration fees calculated?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher, while the registration fee is charged at 2%. For example, on a property valued at Rs 22,00,000, the total fees would be Rs 1,98,000.