Guideline Value for SIPPAI NAGAR 3RD STREET

Sippai Nagar 3rd Street guideline value

The current guideline value of Sippai Nagar 3rd Street is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is located in Poonthamallee village, under the Poonamallee SRO, and is classified as Residential Class II Type - I.

How the guideline value of Sippai Nagar 3rd Street has changed

Looking back at the revisions, the guideline value for Sippai Nagar 3rd Street has seen several changes. 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 2017. However, from 2017 to 2023, the value increased significantly to Rs 2,000 per sq.ft, and in the latest 2024 revision, it rose to Rs 2,200 per sq.ft. Notably, there are no figures available for the years 2002, 2003, and 2007 for this street.

In terms of percentage changes, the value increased by 10% from 2023 to 2024. The jump from 2017 to 2023 was a substantial 49%, while the value dropped by 33% from 2012 to 2017. Overall, from 2012 to 2024, there has been a 10% increase in the guideline value.

Guideline values in Poonthamallee

Poonthamallee village has a total of 257 streets under the Poonamallee SRO, with guideline values in 2024 ranging from Rs 1,980 to Rs 4,950 per sq.ft. The median value is Rs 2,200 per sq.ft, which aligns with the current guideline value of Sippai Nagar 3rd Street.

• Sippai Nagar 2nd Street: Rs 2,200 per sq.ft (2024)
• Sippai Nagar 4th Street: Rs 2,200 per sq.ft (2024)
• Sippai Nagar 1st Street: Rs 2,200 per sq.ft (2024)
• Sippai Nagar Main Street: Rs 2,200 per sq.ft (2024)
• Sippoylane: 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 Nagar 3rd 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, making the total cost for these fees Rs 1,98,000. It is important to note that duty is charged on the higher of the guideline value or the sale price.

For more information on calculating these fees, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Sippai Nagar 3rd Street?

The Sub Registrar Office that covers Sippai Nagar 3rd Street is the Poonamallee Sub Registrar Office, located at No.332 U + 9cc Malma Nagar Poonamallee Chennai - 600056. You can find your SRO for more details.

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

The guideline value is a crucial factor in property transactions in Poonthamallee. It serves as a benchmark for determining the minimum value at which a property can be registered. When buying or selling property, the guideline value is used to calculate the applicable stamp duty and registration fees.

During the registration process, the buyer must pay the stamp duty based on the higher of the guideline value or the actual sale price of the property. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Sippai Nagar 3rd Street?

The current guideline value of Sippai Nagar 3rd 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 for Sippai Nagar 3rd Street has changed from Rs 2,000 per sq.ft in 2012 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 of Sippai Nagar 3rd Street?

Sippai Nagar 3rd Street is classified as Residential Class II Type - I, indicating its suitability for residential purposes.

What are the stamp duty rates for property in Sippai Nagar 3rd Street?

The stamp duty rate for property in Sippai Nagar 3rd Street is 7% of the guideline value or sale price, whichever is higher. The registration fee is 2% of the same amount.

Which office handles registrations for Sippai Nagar 3rd Street?

The Poonamallee Sub Registrar Office handles registrations for Sippai Nagar 3rd Street, located at No.332 U + 9cc Malma Nagar Poonamallee Chennai - 600056.