Guideline Value for CHETTY STREET

Chetty Street guideline value

The current guideline value of Chetty Street in Saidapet village is Rs 4,400 per sq.ft, effective from the 2024 revision. This street falls under the Chennai South Joint II SRO and is classified as Residential Class II Type - II.

How the guideline value of Chetty Street has changed

Chetty Street has seen significant changes in its guideline value over the years. The earliest recorded figure is from the 2003 revision, which was Rs 581 per sq.ft. This value increased to Rs 1,100 per sq.ft in 2007, marking an increase of 89%. The 2012 revision saw a further increase to Rs 4,000 per sq.ft, which represented a substantial rise of 264%. However, in 2017, the value dropped to Rs 2,680 per sq.ft, reflecting a decrease of 33%. The 2023 revision brought the value back up to Rs 4,000 per sq.ft, and the latest 2024 revision has set it at Rs 4,400 per sq.ft, a 10% increase from the previous year.

Overall, from 2003 to 2024, the guideline value of Chetty Street has increased by 657%. It is important to note that there is no recorded figure for the year 2002 in the register for this street.

Guideline values in Saidapet

In Saidapet, there are 106 streets under the Chennai South Joint II SRO that carry a 2024 guideline value, ranging from Rs 3,300 to Rs 13,200 per sq.ft. The median value is Rs 4,400 per sq.ft, which is equal to the guideline value of Chetty Street.

• Chetty Thottam Street: Rs 3,300 per sq.ft (2024)
• Chinnammal Street: Rs 3,300 per sq.ft (2024)
• Central Exercise Colony: Rs 4,950 per sq.ft (2024)
• Customs Colony: Rs 4,950 per sq.ft (2024)
• Brahmin Street: Rs 5,500 per sq.ft (2024)
• B.K. Maistry Street: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in Chetty Street

For a 1,000 sq.ft plot at the current guideline value of Rs 4,400 per sq.ft, the total guideline value would be Rs 44,00,000. The stamp duty at 7% would amount to Rs 3,08,000, and the registration fee at 2% would be Rs 88,000, bringing the total cost for these fees to Rs 3,96,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Chetty Street?

Chetty Street falls under the jurisdiction of the Chennai South Joint II 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 Saidapet

The guideline value is a crucial factor in property transactions within Saidapet. It serves as the basis for calculating stamp duty and registration fees, which are mandatory when registering property transactions. Buyers and sellers must consider this value to ensure compliance with legal requirements during the sale process.

When a property is sold, the guideline value helps determine the minimum price at which the property can be registered. This ensures that the government receives the appropriate taxes based on the value of the property being transferred.

Frequently asked questions

What is the current guideline value of Chetty Street?

The current guideline value of Chetty Street is Rs 4,400 per sq.ft, effective from the 2024 revision.

How has the guideline value changed over the years?

The guideline value of Chetty Street has changed significantly, increasing from Rs 581 per sq.ft in 2003 to Rs 4,400 per sq.ft in 2024, with various fluctuations in between.

What are the other streets in Saidapet with similar guideline values?

Other streets in Saidapet include Chetty Thottam Street and Chinnammal Street, both valued at Rs 3,300 per sq.ft in 2024, while B.K. Maistry Street matches Chetty Street's value at Rs 4,400 per sq.ft.

What fees are associated with buying property in Chetty Street?

When purchasing property in Chetty Street, buyers should expect to pay stamp duty at 7% and a registration fee at 2% of the guideline value or sale price, whichever is higher.

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

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