Guideline Value for CHETTIARAGARAM ROAD

Chettiaragaram Road guideline value

The current guideline value of Chettiaragaram Road is Rs 2,480 per sq.ft, effective from 1 July 2024. This road is located in Karambakkam village, under the Chennai South Joint I SRO, and is classified as Residential Class II Type - I.

How the guideline value of Chettiaragaram Road has changed

The guideline value for Chettiaragaram Road has undergone several revisions over the years. In 2002, the value was Rs 244 per sq.ft, which increased to Rs 281 per sq.ft in 2003. The value saw a significant rise to Rs 800 per sq.ft in 2007, followed by a substantial jump to Rs 2,250 per sq.ft in 2012. However, it decreased to Rs 1,507 per sq.ft in 2017. The value then rose again to Rs 2,250 per sq.ft in 2023, and finally, it is now Rs 2,480 per sq.ft in 2024.

The changes between the revisions reflect fluctuations in the guideline value. From 2002 to 2003, there was a 15% increase. The value surged by 185% from 2003 to 2007, followed by a 181% increase from 2007 to 2012. After a decrease of 33% from 2012 to 2017, the guideline value rose by 49% from 2017 to 2023, and then increased by 10% from 2023 to 2024. Overall, the guideline value has increased by 916% from 2002 to 2024.

Guideline values in Karambakkam

In Karambakkam, there are 159 streets under the Chennai South Joint I SRO that carry a 2024 guideline value ranging from Rs 1,100 to Rs 5,500 per sq.ft. The median value for these streets is Rs 1,930 per sq.ft, placing Chettiaragaram Road's 2024 figure above this median.

• Budhar Colony Main Road: Rs 1,650 per sq.ft (2024)
• Budhar Colony 3rd Street: Rs 1,650 per sq.ft (2024)
• Budhar Colony 2nd Street: Rs 1,650 per sq.ft (2024)
• Budhar Colony 1st Street: Rs 1,650 per sq.ft (2024)
• Buddhar Colony: Rs 1,650 per sq.ft (2024)
• Devi Nagar: Rs 2,480 per sq.ft (2024)

Stamp duty and registration fee for property in Chettiaragaram Road

For a 1,000 sq.ft plot at the current rate of Rs 2,480 per sq.ft, the guideline value amounts to Rs 24,80,000. The stamp duty at 7% would be Rs 1,73,600, and the registration fee at 2% would be Rs 49,600, totaling Rs 2,23,200. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Chettiaragaram Road?

The Sub Registrar Office that covers Chettiaragaram Road 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 more information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Karambakkam. It serves as a benchmark for determining the minimum value at which a property can be registered. Buyers and sellers must be aware of the guideline value to understand the financial implications during the transaction.

When a property is registered, the applicable stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Chettiaragaram Road?

The current guideline value of Chettiaragaram Road is Rs 2,480 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

Over the years, the guideline value has seen significant changes, from Rs 244 per sq.ft in 2002 to Rs 2,480 per sq.ft in 2024, reflecting an overall increase of 916%.

What are the guideline values for other streets in Karambakkam?

Other streets in Karambakkam have varying guideline values. For example, Budhar Colony Main Road, Budhar Colony 3rd Street, Budhar Colony 2nd Street, Budhar Colony 1st Street, and Buddhar Colony all have a guideline value of Rs 1,650 per sq.ft, while Devi Nagar matches Chettiaragaram Road at Rs 2,480 per sq.ft.

How are stamp duty and registration fees calculated?

Stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. For instance, for a property valued at Rs 24,80,000, the total stamp duty and registration fees would amount to Rs 2,23,200.

Where is the Sub Registrar Office for Chettiaragaram Road located?

The Sub Registrar Office for Chettiaragaram Road is located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035.