Guideline Value for CHENGAL CHOOLAI PALLAM (PADIKUPPAM ROAD)

Chengal Choolai Pallam (Padikuppam Road) guideline value

The current guideline value of Chengal Choolai Pallam (Padikuppam Road) is Rs 5,400 per sq.ft, effective from 1 July 2024. This area is located in Padi village and falls under the Villivakkam SRO, classified as Residential Class III Type - I.

How the guideline value of Chengal Choolai Pallam (Padikuppam Road) has changed

Over the years, the guideline value of Chengal Choolai Pallam has seen several revisions. The 2012 revision set the value at Rs 5,000 per sq.ft, which then decreased to Rs 3,350 per sq.ft in 2017. However, from 2017 to 2023, the value increased significantly to Rs 5,000 per sq.ft, and the latest revision in 2024 raised it to Rs 5,400 per sq.ft. The register has no figure for this street in 2002, 2003, and 2007.

From 2012 to 2017, the guideline value decreased by 33%. Following that, there was a substantial increase of 49% from 2017 to 2023. The overall change from 2012 to 2024 reflects an increase of 8%.

Guideline values in Padi

In Padi, there are 354 streets under the Villivakkam SRO that carry a 2024 guideline value ranging from Rs 2,200 to Rs 13,200 per sq.ft. The median value for these streets is Rs 3,800 per sq.ft, placing Chengal Choolai Pallam (Padikuppam Road) above this median.

• Chennai Flats: Rs 6,600 per sq.ft (2024)
• Cholahil Nagar (Pillaiyar Koil Street): Rs 5,400 per sq.ft (2024)
• CLASSIC APARTMENTS (Estate Road): Rs 9,900 per sq.ft (2024)
• COLLECTOR NAGAR (Bazzar Road): Rs 9,900 per sq.ft (2024)
• Bharathidasan Street: Rs 3,400 per sq.ft (2024)
• BASKAR NAGAR (S.No.356/2): Rs 2,500 per sq.ft (2024)

Stamp duty and registration fee for property in Chengal Choolai Pallam (Padikuppam Road)

For a 1,000 sq.ft plot at the current guideline value of Rs 5,400 per sq.ft, the total guideline value would be Rs 54,00,000. The stamp duty at 7% would amount to Rs 3,78,000, and the registration fee at 2% would be Rs 1,08,000, bringing the total fees to Rs 4,86,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Chengal Choolai Pallam (Padikuppam Road)?

The Chengal Choolai Pallam (Padikuppam Road) area is covered by the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office. You can find your SRO for more information.

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

The guideline value is a crucial factor when registering property transactions in Padi. It serves as a benchmark for determining the stamp duty and registration fees applicable during the sale or purchase of property.

When a property is sold, the registration office uses the guideline value to calculate the necessary fees, ensuring that both buyers and sellers are aware of the financial obligations involved in the transaction.

Frequently asked questions

What is the current guideline value of Chengal Choolai Pallam (Padikuppam Road)?

The current guideline value of Chengal Choolai Pallam (Padikuppam Road) is Rs 5,400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

Since the 2012 revision, the guideline value has changed from Rs 5,000 per sq.ft to Rs 3,350 per sq.ft in 2017, then increased to Rs 5,000 per sq.ft in 2023, and finally to Rs 5,400 per sq.ft in 2024.

What is the land classification of Chengal Choolai Pallam?

Chengal Choolai Pallam is classified as Residential Class III Type - I, indicating its suitability for residential development.

What are the registration fees for property transactions in this area?

Registration fees are calculated based on the guideline value, which is Rs 5,400 per sq.ft for Chengal Choolai Pallam. The total fees include stamp duty at 7% and registration fee at 2% of the guideline value.

Where can I find the Sub Registrar Office for Chengal Choolai Pallam?

The Villivakkam Sub Registrar Office covers Chengal Choolai Pallam and is located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037.