Guideline Value for CHAKRAVARTHY NAGAR

Chakravarthy Nagar guideline value

The current guideline value of Chakravarthy Nagar is Rs 2,200 per sq.ft, effective from 1 July 2024. This area is located in Pallikaranai village and falls under the Chennai South Joint I SRO. The land classification for this street is Residential Class II Type - I.

How the guideline value of Chakravarthy Nagar has changed

The guideline value for Chakravarthy Nagar has seen significant changes over the years. In 2002, the guideline value was Rs 79 per sq.ft, which increased to Rs 100 per sq.ft in 2003. The value continued to rise to Rs 400 per sq.ft in 2007, and further to Rs 2,000 per sq.ft in 2012. However, there was a decrease to Rs 1,340 per sq.ft in 2017. The latest revision in 2024 shows a substantial increase to Rs 2,200 per sq.ft.

From 2017 to 2024, there was an increase of 64%. The period from 2012 to 2017 saw a decrease of 33%. The most notable increase occurred from 2007 to 2012 with a rise of 400%, and from 2003 to 2007, there was a 300% increase. Overall, from 2002 to 2024, the guideline value has increased by 2685%. The register has no figure for this street for the year 2023.

Guideline values in Pallikaranai

Pallikaranai has a total of 749 streets under the Chennai South Joint I SRO, with guideline values ranging from Rs 1,110 to Rs 8,580 per sq.ft as of 2024. The median guideline value for these streets is Rs 1,650 per sq.ft, placing Chakravarthy Nagar's 2024 figure above this median.

• Chakrapani Nagar: Rs 1,320 per sq.ft (2024)
• Chekizhar Street: Rs 1,650 per sq.ft (2024)
• Buela Nagar: Rs 1,320 per sq.ft (2024)
• Chethry B.G.Road Cross Street: Rs 1,650 per sq.ft (2024)
• Chettynadu Enclave: Rs 3,300 per sq.ft (2024)
• Chettynadu Enclave Phase II: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Chakravarthy Nagar

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, bringing the total to Rs 1,98,000. Please note that the duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Chakravarthy Nagar?

The Sub Registrar Office that covers Chakravarthy Nagar is the Chennai South Joint I Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035. You can find your SRO for further assistance.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Pallikaranai. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that all transactions are conducted fairly.

When a property is sold, the guideline value is used to calculate the applicable stamp duty and registration fees. Buyers should be aware that these fees are based on the higher of the guideline value or the sale price, which can significantly impact the overall cost of the transaction.

Frequently asked questions

What is the current guideline value for Chakravarthy Nagar?

The current guideline value for Chakravarthy 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 increased from Rs 79 per sq.ft in 2002 to Rs 2,200 per sq.ft in 2024, reflecting an overall increase of 2685% over this period.

What are the stamp duty rates for property in Chakravarthy Nagar?

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

Where can I find the Sub Registrar Office for Chakravarthy Nagar?

The Sub Registrar Office for Chakravarthy Nagar is located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035.

What is the median guideline value for streets in Pallikaranai?

The median guideline value for streets in Pallikaranai is Rs 1,650 per sq.ft as of 2024, with Chakravarthy Nagar's guideline value being above this median.