Guideline Value for CHINAMAYA NAGAR STAGE 2 - Chithirai Street

CHINAMAYA NAGAR STAGE 2 - Chithirai Street guideline value

The current guideline value for CHINAMAYA NAGAR STAGE 2 - Chithirai Street is Rs 4,950 per sq.ft, effective from 1 July 2024. This street is located in Chenchery village and falls under the Virugambakkam SRO. The land classification for this area is Residential Class I Type - I.

How the guideline value of CHINAMAYA NAGAR STAGE 2 - Chithirai Street has changed

The guideline value for CHINAMAYA NAGAR STAGE 2 - Chithirai Street has undergone several revisions over the years. The earliest recorded figure in 2002 was Rs 465 per sq.ft. This value increased significantly to Rs 517 per sq.ft in 2003, marking an increase of 11%. The value continued to rise dramatically, reaching Rs 2,100 per sq.ft in 2007, which represented a 306% increase from the previous revision. In 2012, the guideline value was Rs 4,500 per sq.ft, showing a substantial increase of 114% from 2007. However, it dropped to Rs 3,015 per sq.ft in 2017, reflecting a decrease of 33%. The value then increased to Rs 4,500 per sq.ft in 2023, before reaching the current figure of Rs 4,950 per sq.ft in 2024, a 10% increase from the previous year.

It is important to note that there are no recorded figures for the years not mentioned in the register for this street. Overall, from 2002 to 2024, the guideline value has increased by 965%.

Guideline values in Chenchery

In Chenchery village, there are 44 streets under the Virugambakkam SRO that carry a 2024 guideline value ranging from Rs 2,750 to Rs 7,700 per sq.ft. The median guideline value for these streets is Rs 4,400 per sq.ft, placing CHINAMAYA NAGAR STAGE 2 - Chithirai Street above this median.

• CHINAMAYA NAGAR STAGE 2 - Aani Street: Rs 4,950 per sq.ft (2024)
• CHINAMAYA NAGAR STAGE 2 - Maasi Street: Rs 4,950 per sq.ft (2024)
• Chinamaya Nagar Stage 1: Rs 4,950 per sq.ft (2024)
• CHINAMAYA NAGAR STAGE 2 - Nerkundram Road: Rs 4,950 per sq.ft (2024)
• CHINAMAYA NAGAR Extension: Rs 4,950 per sq.ft (2024)
• CHINAMAYA NAGAR STAGE 2 - Ponguni Street: Rs 4,950 per sq.ft (2024)

Stamp duty and registration fee for property in CHINAMAYA NAGAR STAGE 2 - Chithirai Street

For a 1,000 sq.ft plot at the current guideline value of Rs 4,950 per sq.ft, the total guideline value amounts to Rs 49,50,000. The stamp duty at 7% would be Rs 3,46,500, and the registration fee at 2% would be Rs 99,000, totaling Rs 4,45,500. 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 CHINAMAYA NAGAR STAGE 2 - Chithirai Street?

The CHINAMAYA NAGAR STAGE 2 - Chithirai Street falls under the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. You can find your SRO for more information.

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

The guideline value plays a crucial role during the registration of property transactions in Chenchery. It serves as a benchmark for determining the minimum value at which properties can be registered, ensuring that the government receives appropriate revenue from property transactions.

When buying or selling property, the guideline value is used to calculate stamp duty and registration fees, which are essential components of the transaction process. Buyers should be aware that these fees are based on the higher of the guideline value or the sale price, ensuring that the transaction is recorded accurately.

Frequently asked questions

What is the current guideline value for CHINAMAYA NAGAR STAGE 2 - Chithirai Street?

The current guideline value for CHINAMAYA NAGAR STAGE 2 - Chithirai Street is Rs 4,950 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 465 per sq.ft in 2002 to Rs 4,950 per sq.ft in 2024, reflecting an overall increase of 965% over the years.

What are the stamp duty and registration fees for this property?

For a 1,000 sq.ft plot at the current guideline value, the total stamp duty would be Rs 3,46,500, and the registration fee would be Rs 99,000, totaling Rs 4,45,500.

Which office handles the registration for this area?

The Virugambakkam Sub Registrar Office handles the registration for CHINAMAYA NAGAR STAGE 2 - Chithirai Street, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

What is the land classification for CHINAMAYA NAGAR STAGE 2 - Chithirai Street?

The land classification for CHINAMAYA NAGAR STAGE 2 - Chithirai Street is Residential Class I Type - I.