Guideline Value for Siddha avenue

Siddha avenue guideline value

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

How the guideline value of Siddha avenue has changed

The guideline value for Siddha avenue has seen significant changes over the years. In 2007, the value was Rs 400 per sq.ft, which rose dramatically to Rs 2,000 per sq.ft in 2012, marking an increase of 400%. However, between 2012 and 2017, the value decreased to Rs 1,340 per sq.ft, a drop of 33%. The value then increased again to Rs 2,000 per sq.ft in 2023, and subsequently to the current value of Rs 2,200 per sq.ft in 2024, reflecting a 10% increase.

From 2017 to 2023, the guideline value rose by 49%. Overall, from 2007 to 2024, the guideline value has increased by 450%. It is important to note that the register does not have figures for the years 2002 and 2003 for Siddha avenue.

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 is equal to the current guideline value for Siddha avenue.

• Shri shreeniavasa nagar 446/3: Rs 2,200 per sq.ft (2024)
• Shri Padmavathy nagar: Rs 2,200 per sq.ft (2024)
• Shrinivasa nagar: Rs 2,200 per sq.ft (2024)
• Shri nagar: Rs 2,200 per sq.ft (2024)
• Sippai Line 1st Street: Rs 2,200 per sq.ft (2024)
• Sippai Line 2nd Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Siddha avenue

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, charged at 7%, would amount to Rs 1,54,000, while the registration fee at 2% would be Rs 44,000. Together, the total cost for these fees would be Rs 1,98,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher.

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

Which Sub Registrar Office covers Siddha avenue?

The Sub Registrar Office that covers Siddha avenue is the Poonamallee Sub Registrar Office, located at No.332 U + 9cc Malma Nagar Poonallee 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 plays a crucial role in the registration process when buying or selling property in Poonthamallee. It serves as a benchmark for determining the registration fees and stamp duty applicable on the property transaction. Buyers and sellers must consider this value to ensure compliance with local regulations during the registration process.

When a property is sold, the guideline value is used to calculate the stamp duty and registration fees, which are necessary for the legal transfer of ownership. This ensures that all transactions are conducted transparently and fairly, based on the established values for the area.

Frequently asked questions

What is the current guideline value of Siddha avenue?

The current guideline value of Siddha avenue 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 significantly, rising from Rs 400 per sq.ft in 2007 to Rs 2,200 per sq.ft in 2024, marking an overall increase of 450%.

What is the land classification for Siddha avenue?

Siddha avenue falls under the Residential Class II Type - I land classification.

What are the stamp duty and registration fees for a property in Siddha avenue?

For a property valued at Rs 22,00,000, the stamp duty would be Rs 1,54,000 and the registration fee would be Rs 44,000, totaling Rs 1,98,000.

Which office handles registrations for Siddha avenue?

The Poonamallee Sub Registrar Office handles registrations for Siddha avenue, located at No.332 U + 9cc Malma Nagar Poonallee Chennai - 600056.