Guideline Value for CHERAN STREET

Cheran Street guideline value

The current guideline value of Cheran Street in Chemmancheri village is Rs 1,700 per sq.ft, effective from 1 July 2024. This street falls under the Neelankarai SRO and is classified as Residential Class IV Type - I.

How the guideline value of Cheran Street has changed

Over the years, the guideline value of Cheran Street has seen several revisions. The 2012 revision set the value at Rs 1,500 per sq.ft, which then decreased to Rs 1,005 per sq.ft in the 2017 revision. Following this, the 2023 revision increased the value to Rs 1,500 per sq.ft, and the most recent 2024 revision raised it further to Rs 1,700 per sq.ft, marking a 13% increase from the previous year. The overall change from the 2012 revision to the 2024 revision is an increase of 13%.

It is important to note that the register has no figures for Cheran Street for the years 2002, 2003, and 2007. Thus, the changes between the revisions are only based on the years for which figures are available.

Guideline values in Chemmancheri

In Chemmancheri, there are 195 streets under the Neelankarai SRO, with guideline values ranging from Rs 1,000 to Rs 6,600 per sq.ft. The median guideline value is Rs 1,700 per sq.ft, which is equal to the 2024 figure for Cheran Street.

• Chemmenchery Thope: Rs 1,700 per sq.ft (2024)
• Chemmanchery Estate: Rs 3,300 per sq.ft (2024)
• Chelliamman Koil Street: Rs 1,700 per sq.ft (2024)
• Chinnadurai Garden: Rs 1,700 per sq.ft (2024)
• Chinna Mathi Garden: Rs 1,100 per sq.ft (2024)
• Chandra / Jothilakshmi Garden: Rs 1,700 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 1,700 per sq.ft, the guideline value amounts to Rs 17,00,000. The stamp duty at 7% would be Rs 1,19,000, and the registration fee at 2% would be Rs 34,000, totaling Rs 1,53,000. 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 Cheran Street?

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

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

The guideline value is a critical factor in the registration process for property transactions in Chemmancheri. It determines the minimum value at which a property can be registered, ensuring that the transaction is recorded at a fair value.

When buying or selling property, the guideline value also plays a significant role in calculating the stamp duty and registration fees. Buyers should be aware that these fees are based on the guideline value or the sale price, whichever is higher, which can affect the overall cost of the transaction.

Frequently asked questions

What is the current guideline value of Cheran Street?

The current guideline value of Cheran Street is Rs 1,700 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,500 per sq.ft in 2012 to Rs 1,005 per sq.ft in 2017, then increased to Rs 1,500 per sq.ft in 2023, and finally to Rs 1,700 per sq.ft in 2024.

What is the land classification of Cheran Street?

Cheran Street is classified as Residential Class IV Type - I, indicating its use for residential purposes.

Where can I find the registration office for Cheran Street?

The registration office for Cheran Street is the Neelankarai Sub Registrar Office, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone.

How is the stamp duty calculated for properties in Chemmancheri?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a 1,000 sq.ft plot at the current rate, the total cost would include the guideline value, stamp duty, and registration fee.