Guideline Value for SIPPAI LINE MAIN STREET

Sippai Line Main Street guideline value

The current guideline value of Sippai Line Main Street in Poonthamallee village, under the Poonamallee SRO, is Rs 2,200 per sq.ft, effective from 1 July 2024. This street falls under the Residential Class II Type - I land classification.

How the guideline value of Sippai Line Main Street has changed

The guideline value for Sippai Line Main Street has seen several revisions over the years. The 2012 revision set the value at Rs 2,000 per sq.ft, which was then reduced to Rs 1,340 per sq.ft in the 2017 revision. This was a decline of 33%. However, from 2017 to 2023, the value increased significantly to Rs 2,000 per sq.ft, marking a 49% rise. The latest revision in 2024 has further increased the guideline value to Rs 2,200 per sq.ft, representing a 10% increase from the previous year.

It is important to note that there are no recorded figures for the years 2002, 2003, and 2007 for Sippai Line Main Street. Overall, from the 2012 revision to the 2024 revision, the guideline value has seen a 10% increase.

Guideline values in Poonthamallee

In Poonthamallee, there are 257 streets under the Poonamallee SRO that carry a 2024 guideline value ranging from Rs 1,980 to Rs 4,950 per sq.ft. The median value for these streets is Rs 2,200 per sq.ft, which matches the current guideline value of Sippai Line Main Street.

• Sippai Line 4th Street: Rs 2,200 per sq.ft (2024)
• Sippai line street: Rs 2,200 per sq.ft (2024)
• Sippai Line 3rd Street: Rs 2,200 per sq.ft (2024)
• Sippai Line Udaiyar Street: Rs 2,200 per sq.ft (2024)
• Sippai Line 2nd Street: Rs 2,200 per sq.ft (2024)
• Sippai nagar: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Sippai Line Main 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, and the registration fee at 2% would be Rs 44,000, bringing the total cost for these fees to Rs 1,98,000. 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 information.

Which Sub Registrar Office covers Sippai Line Main Street?

The Sippai Line Main Street falls under the jurisdiction of the Poonamallee Sub Registrar Office, located at No.332 U + 9cc Malma Nagar Poonallee Chennai - 600056. You can find your SRO for further assistance.

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

The guideline value is a crucial factor during the registration process when buying or selling property in Poonthamallee. It serves as a benchmark for determining the stamp duty and registration fees applicable to the transaction.

When a property is sold, the guideline value is compared to the sale price, and the higher of the two is used to calculate the applicable duties and fees. This ensures that the government collects the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Sippai Line Main Street?

The current guideline value of Sippai Line Main Street is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

Since 2012, the guideline value has changed from Rs 2,000 per sq.ft to Rs 1,340 per sq.ft in 2017, then increased 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 Sippai Line Main Street?

Sippai Line Main Street is classified as Residential Class II Type - I, which indicates its intended use for residential purposes.

Where can I find the Sub Registrar Office for Sippai Line Main Street?

The Sub Registrar Office covering Sippai Line Main Street is located at No.332 U + 9cc Malma Nagar Poonallee Chennai - 600056.

How is stamp duty calculated for properties in Sippai Line Main Street?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, a 1,000 sq.ft plot at the current guideline value would incur a stamp duty of Rs 1,54,000.