Guideline Value for Sippai nagar

Sippai nagar guideline value

The current guideline value of Sippai nagar is Rs 2,200 per sq.ft, effective from 1 July 2024. This area 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 has changed

The guideline value for Sippai nagar has undergone several revisions over the years. In 2007, the value was Rs 400 per sq.ft, which increased significantly to Rs 2,000 per sq.ft in 2012. This marked a substantial rise of 400%. However, the value then decreased by 33% to Rs 1,340 per sq.ft in 2017. The most recent revisions show that the value increased to Rs 2,000 per sq.ft in 2023 and further rose by 10% to the current value of Rs 2,200 per sq.ft in 2024.

There are no figures available for the years 2002 and 2003 in the register for this street. Overall, from 2007 to 2024, the guideline value has increased by 450%.

Guideline values in Poonthamallee

Poonthamallee village has a total of 257 streets under the Poonamallee SRO, with the 2024 guideline values ranging from Rs 1,980 to Rs 4,950 per sq.ft. The median guideline value is Rs 2,200 per sq.ft, which is the same as the current value for Sippai nagar.

• Sippai Line Udaiyar Street: Rs 2,200 per sq.ft (2024)
• Sippai line street: Rs 2,200 per sq.ft (2024)
• Sippai Nagar 1st Street: Rs 2,200 per sq.ft (2024)
• Sippai Line Main Street: Rs 2,200 per sq.ft (2024)
• Sippai Nagar 2nd Street: Rs 2,200 per sq.ft (2024)
• Sippai Line 4th Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Sippai nagar

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, totaling Rs 1,98,000. It is important to note that the 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 details.

Which Sub Registrar Office covers Sippai nagar?

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

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

The guideline value plays a crucial role in property transactions within Poonthamallee. It serves as a benchmark for determining the minimum value of a property, which is essential for calculating stamp duty and registration fees during the sale or purchase process.

When registering a property, the guideline value is used to ensure that the transaction is recorded at a fair value, preventing undervaluation. Buyers and sellers must be aware of the current guideline value to understand the financial implications of their property transactions.

Frequently asked questions

What is the current guideline value of Sippai nagar?

The current guideline value of Sippai nagar 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 400 per sq.ft in 2007 to Rs 2,200 per sq.ft in 2024, reflecting an overall increase of 450% over the years.

What are the other streets in Poonthamallee with the same guideline value?

Other streets in Poonthamallee that share the same guideline value of Rs 2,200 per sq.ft include Sippai Line Udaiyar Street, Sippai line street, Sippai Nagar 1st Street, Sippai Line Main Street, Sippai Nagar 2nd Street, and Sippai Line 4th Street.

What is the stamp duty rate for property in Sippai nagar?

The stamp duty rate for property transactions in Sippai nagar is 7% of the guideline value or the sale price, whichever is higher.

Where can I find the Sub Registrar Office for Sippai nagar?

The Sub Registrar Office for Sippai nagar is the Poonamallee Sub Registrar Office, located at No.332 U + 9cc Malma Nagar Poonamallee Chennai - 600056.