Guideline Value for CHENGAN STREET

Chengan Street guideline value

The current guideline value of Chengan Street is Rs 1,600 per sq.ft, effective from 1 July 2024. This street is located in Perambur village, under the Purasaivakkam SRO, and is classified as Residential Class V Type - I.

How the guideline value of Chengan Street has changed

In the 2007 revision, the guideline value was Rs 500 per sq.ft. This figure increased significantly to Rs 1,500 per sq.ft in the 2012 revision, marking a 200% rise. However, the value then decreased to Rs 1,005 per sq.ft in the 2017 revision, reflecting a decline of 33%. The subsequent revision in 2023 saw the value rise to Rs 1,500 per sq.ft, which was a 49% increase from the previous figure. The most recent revision in 2024 set the guideline value at Rs 1,600 per sq.ft, representing a 7% increase from 2023.

The register has no figure for Chengan Street in the years 2002 and 2003.

Guideline values in Perambur

In Perambur, there are 1,114 streets under the Purasaivakkam SRO that carry a 2024 guideline value, ranging from Rs 1,600 to Rs 7,100 per sq.ft. The median guideline value for these streets is Rs 2,700 per sq.ft, placing Chengan Street's 2024 figure below that median.

• Cheyyur Parthasarathy Street: Rs 4,300 per sq.ft (2024)
• Chat Beedi Lane: Rs 3,200 per sq.ft (2024)
• Chandrayogi Samadhi (Road) Street: Rs 2,200 per sq.ft (2024)
• Chandra Yogi Samadhi Main Road: Rs 2,200 per sq.ft (2024)
• Chandrayogi Samadhi Hut Area Main Road: Rs 2,200 per sq.ft (2024)
• Chandrayogi Samadhi 7th Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Chengan Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,600 per sq.ft, the total guideline value would be Rs 16,00,000. The stamp duty at 7% would amount to Rs 1,12,000, and the registration fee at 2% would be Rs 32,000, bringing the total to Rs 1,44,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Chengan Street?

The Sub Registrar Office that covers Chengan Street is the Purasaivakkam Sub Registrar Office, located at 93/1, Bricklin Road, Otteri, Chennai- 600 012. You can find your SRO for more information.

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

The guideline value is a crucial factor when buying or selling property in Perambur, as it determines the minimum value at which the property can be registered. Buyers must pay stamp duty and registration fees based on this guideline value, ensuring that all transactions are recorded accurately in the official register.

When a property is sold, the guideline value helps in calculating the applicable taxes and fees, which are essential for the legal transfer of ownership. It serves as a benchmark for both buyers and sellers during property transactions, ensuring compliance with local regulations.

Frequently asked questions

What is the current guideline value of Chengan Street?

The current guideline value of Chengan Street is Rs 1,600 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 500 per sq.ft in 2007 to Rs 1,600 per sq.ft in 2024, reflecting an overall increase of 220% over the years.

What is the stamp duty for property in Chengan Street?

The stamp duty for property in Chengan Street is 7% of the guideline value or the sale price, whichever is higher. For example, a property valued at Rs 16,00,000 would incur a stamp duty of Rs 1,12,000.

Which office handles property registrations for Chengan Street?

The Purasaivakkam Sub Registrar Office handles property registrations for Chengan Street, located at 93/1, Bricklin Road, Otteri, Chennai- 600 012.

What is the land classification for Chengan Street?

Chengan Street is classified as Residential Class V Type - I, indicating its suitability for residential development.