Guideline Value for SIPPAI NAGAR MAIN STREET

Sippai Nagar Main Street guideline value

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

How the guideline value of Sippai Nagar Main Street has changed

The guideline value for Sippai Nagar Main Street has undergone several revisions over the years. The earliest recorded revision was in 2012, with a guideline value of Rs 2,000 per sq.ft. This was followed by a decrease to Rs 1,340 per sq.ft in 2017. The value then increased to Rs 2,000 per sq.ft in 2023, before reaching the current value of Rs 2,200 per sq.ft in 2024. Notably, the register has no figures for the years 2002, 2003, and 2007.

From 2012 to 2017, the guideline value decreased by 33%. However, from 2017 to 2023, it saw a significant increase of 49%. The most recent change from 2023 to 2024 reflects a 10% increase, resulting in the current guideline value of Rs 2,200 per sq.ft, which aligns with the median value of Rs 2,200 per sq.ft for the village.

Guideline values in Poonthamallee

In Poonthamallee, there are 257 streets under the Poonamallee SRO carrying a 2024 guideline value ranging from Rs 1,980 to Rs 4,950 per sq.ft. The median value is Rs 2,200 per sq.ft, which is the same as the guideline value for Sippai Nagar Main Street. Below are the guideline values for other streets in Poonthamallee:

• Sippai Nagar 4th Street: Rs 2,200 per sq.ft (2024)
• Sippoylane: Rs 2,200 per sq.ft (2024)
• Sippai Nagar 3rd Street: Rs 2,200 per sq.ft (2024)
• Sippai Nagar 2nd Street: Rs 2,200 per sq.ft (2024)
• Sippai Nagar 1st 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 Nagar 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 would be Rs 22,00,000. The stamp duty at 7% would amount to 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 and the sale price. You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Sippai Nagar Main Street?

The Sub Registrar Office that covers Sippai Nagar Main Street is the Poonamallee Sub Registrar Office, located at No.332 U + 9cc Malma Nagar Poonallee Chennai - 600056. To find your SRO, you can visit find your SRO.

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

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

When a property is registered, the guideline value is used to calculate the applicable fees, ensuring that the transaction is compliant with local regulations. 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 Sippai Nagar Main Street?

The current guideline value of Sippai Nagar Main 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 Sippai Nagar Main Street?

The land classification for Sippai Nagar Main Street is Residential Class II Type - I.

Where can I find the Poonamallee Sub Registrar Office?

The Poonamallee Sub Registrar Office is located at No.332 U + 9cc Malma Nagar Poonallee Chennai - 600056.

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

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