Guideline Value for CHERAN STREET

Cheran Street guideline value

The current guideline value of Cheran Street in Nemilicherry village is Rs 2,160 per sq.ft, effective from 1 July 2024. This street falls under the Pallavaram SRO and is classified as Residential Class II Type - I.

How the guideline value of Cheran Street has changed

In the 2012 revision, the guideline value for Cheran Street was Rs 2,000 per sq.ft. This figure remained unchanged until the 2017 revision, where it decreased to Rs 1,340 per sq.ft, marking a decline of 33%. The value then increased significantly to Rs 2,000 per sq.ft in 2023, followed by a further increase to Rs 2,160 per sq.ft in the 2024 revision, which is an 8% rise from the previous year.

Overall, from 2012 to 2024, the guideline value has increased by 8%. The register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Nemilicherry

In Nemilicherry, there are 172 streets under the Pallavaram SRO that carry a 2024 guideline value, ranging from Rs 1,100 to Rs 3,300 per sq.ft. The median value for these streets is Rs 2,160 per sq.ft, which is equal to the current guideline value of Cheran Street.

• Chidhambaram Street: Rs 2,750 per sq.ft (2024)
• Chinna 1st Street: Rs 2,160 per sq.ft (2024)
• Chinna 2nd Street: Rs 2,160 per sq.ft (2024)
• Chozan Street: Rs 2,160 per sq.ft (2024)
• Chandra Street: Rs 2,160 per sq.ft (2024)
• Brahmin Street: Rs 2,160 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 2,160 per sq.ft, the total guideline value would be Rs 21,60,000. The stamp duty at 7% would amount to Rs 1,51,200, and the registration fee at 2% would be Rs 43,200, bringing the total cost for these fees to Rs 1,94,400. Please 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 further calculations.

Which Sub Registrar Office covers Cheran Street?

The Sub Registrar Office that covers Cheran Street is the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is an essential factor in property transactions in Nemilicherry. It serves as a benchmark for determining the minimum value at which properties can be registered, ensuring that the registration process is transparent and fair.

When buying or selling property, the guideline value helps to calculate the stamp duty and registration fees, which are mandatory for the legal transfer of property ownership. Buyers should be aware that these fees are based on the guideline value or the sale price, whichever is higher.

Frequently asked questions

What is the current guideline value of Cheran Street?

The current guideline value of Cheran Street is Rs 2,160 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,000 per sq.ft in 2012 to Rs 1,340 per sq.ft in 2017, then increased to Rs 2,000 per sq.ft in 2023, and finally to Rs 2,160 per sq.ft in 2024.

What is the land classification for Cheran Street?

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

Where can I find the Sub Registrar Office for Cheran Street?

The Sub Registrar Office for Cheran Street is located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, Chengalpattu registration zone.

How is the stamp duty calculated for properties in Nemilicherry?

The stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, a property valued at Rs 21,60,000 would incur a stamp duty of Rs 1,51,200 at 7%.