Guideline Value for CHERAN CHENKUTTUVAN STREET

Cheran Chenkuttuvan Street guideline value

The current guideline value of Cheran Chenkuttuvan Street is Rs 3,300 per sq.ft, effective from 1 July 2024. This street is located in Perungudi village under the Neelankarai SRO, classified as Residential Class II Type - II.

How the guideline value of Cheran Chenkuttuvan Street has changed

Over the years, the guideline value for Cheran Chenkuttuvan Street has seen significant changes. The 2024 revision is set at Rs 3,300 per sq.ft, an increase from Rs 3,000 per sq.ft in the 2023 revision, marking a 10% rise. Prior to that, in 2017, the value was Rs 2,010 per sq.ft, reflecting a substantial increase of 49% over the six-year period until 2023. The 2012 revision also recorded Rs 3,000 per sq.ft, which was a decrease of 33% from the previous revision in 2017.

In earlier revisions, the 2007 guideline value was Rs 800 per sq.ft, which saw a remarkable increase of 275% to reach Rs 3,000 per sq.ft in 2012. The 2003 revision recorded Rs 650 per sq.ft, showing a 23% increase to Rs 800 per sq.ft in 2007. The 2002 revision had a guideline value of Rs 260 per sq.ft, which increased by 150% to Rs 650 per sq.ft in 2003. Overall, from 2002 to 2024, the guideline value has increased by an impressive 1169%.

Guideline values in Perungudi

In Perungudi village, there are 249 streets under the Neelankarai SRO with a 2024 guideline value ranging from Rs 1,100 to Rs 8,800 per sq.ft. The median guideline value for these streets is Rs 3,300 per sq.ft, which is the same as the current value for Cheran Chenkuttuvan Street.

• Church Street & Road: Rs 6,100 per sq.ft (2024)
• Bound Salai: Rs 2,200 per sq.ft (2024)
• Bharathy Avenue: Rs 2,800 per sq.ft (2024)
• Bharathiyar Street: Rs 3,300 per sq.ft (2024)
• Bharathidasan Street: Rs 2,800 per sq.ft (2024)
• Elim Nagar 1st Cross Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Cheran Chenkuttuvan Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value amounts to Rs 33,00,000. The stamp duty is calculated at 7%, which totals Rs 2,31,000, and the registration fee is charged at 2%, amounting to Rs 66,000. Therefore, the total cost for stamp duty and registration fee together is Rs 2,97,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can use the stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Cheran Chenkuttuvan Street?

The Sub Registrar Office that covers Cheran Chenkuttuvan Street is the Neelankarai Sub Registrar Office, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone. To find your SRO, you can visit find your SRO.

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

The guideline value plays a crucial role when buying or selling property in Perungudi. It serves as a benchmark for determining the registration fees and stamp duty payable during the transaction. Buyers should be aware that the guideline value is used to calculate these costs, ensuring compliance with local regulations.

When a property is registered, the guideline value is compared to the sale price, and the higher of the two amounts is used for calculating the applicable duties. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Cheran Chenkuttuvan Street?

The current guideline value of Cheran Chenkuttuvan Street is Rs 3,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased significantly from Rs 260 per sq.ft in 2002 to Rs 3,300 per sq.ft in 2024, marking an overall increase of 1169%.

What is the role of the Neelankarai SRO?

The Neelankarai SRO is responsible for maintaining the guideline value register and overseeing property registrations in the Perungudi area, including Cheran Chenkuttuvan Street.

How is stamp duty calculated for properties in this area?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, a property with a guideline value of Rs 33,00,000 would incur a stamp duty of Rs 2,31,000.

Where can I find more information about property registration?

For more information about property registration and related fees, you can visit the official website or use the stamp duty and registration fee calculator.