Guideline Value for CHERAN STREET

Cheran Street guideline value

The current guideline value of Cheran Street in Medavakkam village is Rs 2,200 per sq.ft, effective from 1 July 2024. This street falls under the Chennai South Joint I SRO and is classified as Residential Class I Type - I.

How the guideline value of Cheran Street has changed

The guideline value for Cheran Street has undergone several revisions over the years. In 2002, the value was Rs 231 per sq.ft, which increased to Rs 268 per sq.ft in 2003, marking a 16% rise. The value saw a further increase of 12% to reach Rs 300 per sq.ft in 2007. The 2012 revision set the value at Rs 2,000 per sq.ft, reflecting a significant increase of 567% from the previous revision. However, in 2017, the value dropped to Rs 1,340 per sq.ft, a decrease of 33%.

From 2017 to 2023, the guideline value increased by 49% to reach Rs 2,000 per sq.ft. The most recent revision in 2024 has set the value at Rs 2,200 per sq.ft, which is a 10% increase from the 2023 figure. Overall, from 2002 to 2024, the guideline value has increased by 852%.

Guideline values in Medavakkam

In Medavakkam, there are 379 streets under the Chennai South Joint I SRO that carry a 2024 guideline value ranging from Rs 1,540 to Rs 7,500 per sq.ft. The median value for these streets is Rs 2,200 per sq.ft, which corresponds with the current guideline value of Cheran Street.

• Chellakumar Avenue: Rs 2,200 per sq.ft (2024)
• Chandra Street: Rs 2,200 per sq.ft (2024)
• C.B.I Police Officer Colony: Rs 2,200 per sq.ft (2024)
• Chozhan Street: Rs 2,200 per sq.ft (2024)
• Dac Medallion: Rs 5,400 per sq.ft (2024)
• Bhel Nagar Sairam Nagar Annex Salai: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Cheran Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value amounts to Rs 22,00,000. The stamp duty, charged at 7%, would be Rs 1,54,000, and the registration fee, charged at 2%, would be Rs 44,000. Together, these fees would total Rs 1,98,000. It is important to note that duty is charged on the guideline value or the sale price, whichever is higher. For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Cheran Street?

The Sub Registrar Office that covers Cheran Street is the Chennai South Joint I Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035. You can find your SRO for additional information.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Medavakkam. It serves as a benchmark for determining the minimum value at which a property can be registered. Buyers and sellers must consider this value to ensure compliance with local regulations during the transaction.

When a property is sold, the guideline value is used to calculate the applicable stamp duty and registration fees. These fees are essential components of the registration process and must be paid to complete the transaction legally.

Frequently asked questions

What is the current guideline value of Cheran Street?

The current guideline value of Cheran Street is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen significant changes, increasing from Rs 231 per sq.ft in 2002 to Rs 2,200 per sq.ft in 2024, marking an overall increase of 852%.

What are the stamp duty and registration fees for properties in Cheran Street?

For a property valued at Rs 22,00,000, the stamp duty would be Rs 1,54,000 and the registration fee would be Rs 44,000, totaling Rs 1,98,000.

Which office handles the registration for Cheran Street?

The registration for Cheran Street is handled by the Chennai South Joint I Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035.

What is the land classification for Cheran Street?

Cheran Street is classified as Residential Class I Type - I, indicating its suitability for residential developments.