Guideline Value for CHENNAI FLATS

Chennai Flats guideline value

The current guideline value for Chennai Flats in Padi village, under the Villivakkam SRO, is Rs 6,600 per sq.ft, effective from 1 July 2024. This area falls under the Residential Class II Type - III land classification.

How the guideline value of Chennai Flats has changed

Over the years, the guideline value for Chennai Flats has seen several revisions. The earliest available figure from the 2007 revision was Rs 850 per sq.ft. This increased significantly to Rs 6,000 per sq.ft in the 2012 revision, marking a 606% increase. However, the value dropped to Rs 4,020 per sq.ft in the 2017 revision, a decrease of 33%. The 2023 revision saw a rise to Rs 6,000 per sq.ft, and the most recent 2024 revision has set the value at Rs 6,600 per sq.ft, reflecting a 10% increase from the previous year.

From the 2017 revision to the 2023 revision, there was a substantial increase of 49%. Overall, from the 2007 revision to the 2024 revision, the guideline value has increased by 676%. It is important to note that the register has no figures for the years 2002 and 2003 for this street.

Guideline values in Padi

Padi village has a range of guideline values across its 354 streets, with the 2024 figures varying from Rs 2,200 to Rs 13,200 per sq.ft. The median value for these streets is Rs 3,800 per sq.ft, and the current guideline value for Chennai Flats is above this median.

• Chengal Choolai Pallam (Padikuppam Road): Rs 5,400 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)
• Dr.Ambedkar Nagar "anbu Street": Rs 2,500 per sq.ft (2024)

Stamp duty and registration fee for property in Chennai Flats

For a 1,000 sq.ft plot at the current guideline value of Rs 6,600 per sq.ft, the total guideline value would be Rs 66,00,000. The stamp duty at 7% would amount to Rs 4,62,000, and the registration fee at 2% would be Rs 1,32,000, bringing the total fees to Rs 5,94,000. 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 detailed calculations.

Which Sub Registrar Office covers Chennai Flats?

The Sub Registrar Office that covers Chennai Flats is 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 in property transactions in Padi. It serves as the basis for determining the stamp duty and registration fees that need to be paid during the registration process. Buyers and sellers should be aware that the guideline value is used to assess the official value of the property, which impacts the overall costs involved in the transaction.

When registering a property, the guideline value ensures that the transaction is documented at a fair value, which helps in maintaining transparency in real estate dealings. It is essential for both parties to be informed about the current guideline values to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value for Chennai Flats?

The current guideline value for Chennai Flats in Padi village is Rs 6,600 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 850 per sq.ft in 2007 to Rs 6,600 per sq.ft in 2024, reflecting an overall increase of 676% over the years.

What are the stamp duty and registration fees for Chennai Flats?

The stamp duty is charged at 7% of the guideline value, and the registration fee is 2%. For a property valued at Rs 66,00,000, the total fees would amount to Rs 5,94,000.

Which Sub Registrar Office covers the area of Chennai Flats?

The Villivakkam Sub Registrar Office covers Chennai Flats, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037.

What is the significance of the guideline value in property transactions?

The guideline value is used to determine the stamp duty and registration fees during property transactions. It ensures that the property is registered at a fair value, maintaining transparency in real estate dealings.