Guideline Value for CHETTY STREET

Chetty Street guideline value

The current guideline value of Chetty Street in Korattur village under the Villivakkam SRO is Rs 2,700 per sq.ft, effective from 1 July 2024. This street is classified as Residential Class I Type - III.

How the guideline value of Chetty Street has changed

The guideline value for Chetty Street has seen several revisions over the years. In 2002, the guideline value was Rs 144 per sq.ft. This increased significantly to Rs 375 per sq.ft in 2007, marking a change of +160%. The value then surged to Rs 2,500 per sq.ft in 2012, reflecting a remarkable increase of +567%. However, from 2012 to 2017, the value decreased to Rs 1,675 per sq.ft, a drop of -33%. The guideline value rose again to Rs 2,500 per sq.ft in 2023, which was a +49% increase from the previous revision. The most recent revision in 2024 has set the value at Rs 2,700 per sq.ft, showing an increase of +8% from the 2023 figure. The register has no figure for Chetty Street for the year 2003.

Guideline values in Korattur

In Korattur, there are 617 streets under the Villivakkam SRO that carry a 2024 guideline value, ranging from Rs 1,100 to Rs 8,200 per sq.ft. The median guideline value for these streets is Rs 2,500 per sq.ft, which means that Chetty Street's 2024 figure is above this median.

• Chennai -Thiruvallur High Road (M.T.H Road) (T.V.S. Group Of Companies): Rs 8,200 per sq.ft (2024)
• Chennai - Thiruvallur High Road (M.T.H Road): Rs 8,200 per sq.ft (2024)
• Chavadi Street: Rs 3,300 per sq.ft (2024)
• Chockalingam Street: Rs 1,600 per sq.ft (2024)
• Collector Nagar/Streets (Madhanakuppam): Rs 1,300 per sq.ft (2024)
• Brindavan Nagar: Rs 2,700 per sq.ft (2024)

Stamp duty and registration fee for property in Chetty Street

For a 1,000 sq.ft plot at the current rate of Rs 2,700 per sq.ft, the guideline value amounts to Rs 27,00,000. The stamp duty at 7% would be Rs 1,89,000, and the registration fee at 2% would be Rs 54,000, making the total Rs 2,43,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for further calculations.

Which Sub Registrar Office covers Chetty Street?

The Sub Registrar Office that covers Chetty Street is the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Korattur. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees.

When a property is sold, the buyer must pay stamp duty based on the higher of the guideline value or the sale price. This ensures that the transaction is recorded accurately and that both parties comply with the legal requirements of property transfer.

Frequently asked questions

What is the current guideline value of Chetty Street?

The current guideline value of Chetty Street is Rs 2,700 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 144 per sq.ft in 2002 to Rs 2,700 per sq.ft in 2024, showing an overall increase of +1775% over the years.

Which Sub Registrar Office covers Chetty Street?

The Villivakkam Sub Registrar Office covers Chetty Street, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037.

What are the stamp duty and registration fees for property in Chetty Street?

For a property valued at Rs 27,00,000, the stamp duty would be Rs 1,89,000 and the registration fee would be Rs 54,000, totaling Rs 2,43,000.

How does the guideline value affect property transactions in Korattur?

The guideline value is used to determine the minimum registration value for properties, ensuring compliance with legal requirements. Stamp duty is charged based on the higher of the guideline value or the sale price during property transactions.