Guideline Value for CHEKIZHAR STREET

Chekizhar Street guideline value

The current guideline value of Chekizhar Street is Rs 1,650 per sq.ft, effective from 1 July 2024. This street is located in Pallikaranai village and falls under the Chennai South Joint I SRO. The land classification for this area is Residential Class IV Type - I.

How the guideline value of Chekizhar Street has changed

Over the years, the guideline value of Chekizhar Street has seen significant changes. The earliest recorded value in 2002 was Rs 84 per sq.ft, which increased to Rs 99 per sq.ft in 2003. Following that, the value rose dramatically to Rs 400 per sq.ft in 2007, and then it reached Rs 1,500 per sq.ft in 2012. However, there was a decline to Rs 1,005 per sq.ft in 2017. The value then increased to Rs 1,500 per sq.ft in 2023, and as of the 2024 revision, it stands at Rs 1,650 per sq.ft.

The changes between the revisions show a notable increase from 2017 to 2023 of 49%, and from 2023 to 2024, the increase is 10%. The overall increase from 2002 to 2024 is a substantial 1864%.

Guideline values in Pallikaranai

Pallikaranai village 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. The median guideline value for these streets is Rs 1,650 per sq.ft, which is equal to the current value of Chekizhar Street.

• Chakravarthy Nagar: Rs 2,200 per sq.ft (2024)
• Chethry B.G.Road Cross Street: Rs 1,650 per sq.ft (2024)
• Chakrapani Nagar: Rs 1,320 per sq.ft (2024)
• Chettynadu Enclave: Rs 3,300 per sq.ft (2024)
• Chettynadu Enclave Phase II: Rs 3,300 per sq.ft (2024)
• Chitheri Sudukadu Salai: Rs 1,320 per sq.ft (2024)

Stamp duty and registration fee for property in Chekizhar Street

For a 1,000 sq.ft plot at the current rate of Rs 1,650 per sq.ft, the guideline value is Rs 16,50,000. The stamp duty at 7% would be Rs 1,15,500, and the registration fee at 2% would be Rs 33,000, totaling Rs 1,48,500. 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 Chekizhar Street?

The Sub Registrar Office that covers Chekizhar Street is the Chennai South Joint I Sub Registrar Office, located at Integrated Building For Offices Of The Commerrcial Taxes And Registrations Department, fanepet Nandanam, Chennai -600 035. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Pallikaranai. It is used to determine the stamp duty and registration fees that need to be paid during the transaction.

When a property is sold, the guideline value is considered to ensure that the transaction is registered at a value that reflects the official rates set by the government. This helps maintain transparency and accountability in real estate transactions.

Frequently asked questions

What is the current guideline value of Chekizhar Street?

The current guideline value of Chekizhar Street is Rs 1,650 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

Since 2002, the guideline value has increased from Rs 84 per sq.ft to Rs 1,650 per sq.ft in 2024, showing a significant overall increase of 1864%.

What is the land classification for Chekizhar Street?

Chekizhar Street is classified as Residential Class IV Type - I.

Where can I find the registration office for Chekizhar Street?

The registration office for Chekizhar Street is the Chennai South Joint I Sub Registrar Office, located at Integrated Building For Offices Of The Commerrcial Taxes And Registrations Department, fanepet Nandanam, Chennai -600 035.

How is the stamp duty calculated for properties in Chekizhar Street?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 16,50,000, the stamp duty would be Rs 1,15,500 at a rate of 7%.