Guideline Value for CHENNAI METROPOLITAN CO- OP SOCIETY

Chennai Metropolitan Co- Op Society guideline value

The current guideline value for the Chennai Metropolitan Co- Op Society located in Karunilam village, under the Chengleput Joint II SRO, is Rs 700 per sq.ft. This value is effective from 1 July 2024 and falls under the Residential Special Type - I land classification.

How the guideline value of Chennai Metropolitan Co- Op Society has changed

Looking at the historical revisions, the guideline value for this street was Rs 700 per sq.ft in 2023, which remained unchanged in the 2024 revision. Prior to that, in 2017, the value was Rs 469 per sq.ft, indicating a significant increase of 49% from 2017 to 2023. The value was Rs 700 per sq.ft in 2012, showing a decrease of 33% from 2012 to 2017. Overall, from 2012 to 2024, the guideline value has not changed.

It is important to note that there are no figures available for the years 2002, 2003, and 2007 in the register for this street. The revisions that do have figures show a consistent value of Rs 700 per sq.ft in both 2023 and 2024, while the earlier years reflect more variability.

Guideline values in Karunilam

In Karunilam, there are 35 streets under the Chengleput Joint II SRO that have a guideline value for 2024 ranging from Rs 400 to Rs 1,200 per sq.ft. The median value for these streets is Rs 501 per sq.ft, and the Chennai Metropolitan Co- Op Society's 2024 figure is above this median.

• Boopathy Nagar Phase-II: Rs 500 per sq.ft (2024)
• Boopathy Nagar Phase-I: Rs 500 per sq.ft (2024)
• Boopathy Nagar: Rs 500 per sq.ft (2024)
• Dr.Apj Abdulkalam Nagar: Rs 700 per sq.ft (2024)
• A.T.S. Royal Garden: Rs 700 per sq.ft (2024)
• Mahalakshmi nagar: Rs 501 per sq.ft (2024)

Stamp duty and registration fee for property in Chennai Metropolitan Co- Op Society

For a 1,000 sq.ft plot at the current rate of Rs 700 per sq.ft, the guideline value would be Rs 7,00,000. The stamp duty at 7% would amount to Rs 49,000, and the registration fee at 2% would be Rs 14,000, totaling Rs 63,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can also use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Chennai Metropolitan Co- Op Society?

The Chennai Metropolitan Co- Op Society falls under the Chengleput Joint II Sub Registrar Office, located at 10, Kancheepuram Main Road, Chengalpattu 603 002, in the Chengalpattu registration zone. To find your SRO, you can visit find your SRO.

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

The guideline value is a crucial factor during the registration of property transactions in Karunilam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives due revenue through stamp duty and registration fees.

When buying or selling property, the guideline value helps in assessing the financial obligations involved in the transaction. Buyers and sellers must consider this value to understand the costs associated with registration and to comply with legal requirements.

Frequently asked questions

What is the current guideline value for Chennai Metropolitan Co- Op Society?

The current guideline value for the Chennai Metropolitan Co- Op Society is Rs 700 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 700 per sq.ft in 2012 to Rs 469 per sq.ft in 2017, then back to Rs 700 per sq.ft in 2023 and 2024. The overall change from 2012 to 2024 shows no increase.

What is the stamp duty for properties in Chennai Metropolitan Co- Op Society?

The stamp duty for properties in Chennai Metropolitan Co- Op Society is 7% of the guideline value or the sale price, whichever is higher. For a property valued at Rs 7,00,000, the stamp duty would be Rs 49,000.

Where can I find the Sub Registrar Office for this area?

The Sub Registrar Office for Chennai Metropolitan Co- Op Society is the Chengleput Joint II SRO, located at 10, Kancheepuram Main Road, Chengalpattu 603 002. You can find more information by visiting the appropriate links.

What are the other streets in Karunilam with guideline values?

Other streets in Karunilam include Boopathy Nagar Phase-II, Boopathy Nagar Phase-I, Boopathy Nagar, Dr.Apj Abdulkalam Nagar, A.T.S. Royal Garden, and Mahalakshmi nagar, with values ranging from Rs 500 to Rs 700 per sq.ft as of 2024.