Guideline Value for CHINNA 1ST STREET

Chinna 1st Street guideline value

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

How the guideline value of Chinna 1st Street has changed

The guideline value for Chinna 1st Street has seen several revisions over the years. The 2012 revision set the value at Rs 2,000 per sq.ft, which was then reduced to Rs 1,340 per sq.ft in the 2017 revision. Following this, the value increased significantly to Rs 2,000 per sq.ft in the 2023 revision, and currently stands at Rs 2,160 per sq.ft as per the 2024 revision.

From the 2017 to 2023 revision, there was an increase of 49%. The recent change from 2023 to 2024 reflects an 8% rise. 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, with guideline values ranging from Rs 1,100 to Rs 3,300 per sq.ft. The median guideline value for these streets is Rs 2,160 per sq.ft, which is equal to the current value of Chinna 1st Street.

• Chinna 2nd Street: Rs 2,160 per sq.ft (2024)
• Chidhambaram Street: Rs 2,750 per sq.ft (2024)
• Cheran 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 Chinna 1st Street

For a 1,000 sq.ft plot at the current rate of Rs 2,160 per sq.ft, the guideline value amounts to Rs 21,60,000. The stamp duty at 7% would be Rs 1,51,200, and the registration fee at 2% would be Rs 43,200, bringing the total to Rs 1,94,400. It is important to 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 more details.

Which Sub Registrar Office covers Chinna 1st Street?

The Sub Registrar Office that covers Chinna 1st Street is the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, within the 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 a critical factor in the registration process when buying or selling property in Nemilicherry. It serves as a benchmark for calculating stamp duty and registration fees, ensuring that the government receives appropriate revenue from property transactions.

When a property is sold, the guideline value is compared with the sale price, and the higher of the two is used to calculate the applicable duties. This system helps maintain transparency and fairness in property transactions within the region.

Frequently asked questions

What is the current guideline value of Chinna 1st Street?

The current guideline value of Chinna 1st 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 to Rs 2,000 per sq.ft in 2023, and currently stands at Rs 2,160 per sq.ft in 2024.

What is the land classification of Chinna 1st Street?

Chinna 1st Street is classified as Residential Class II Type - I according to the local guidelines.

Where can I find the Sub Registrar Office for Chinna 1st Street?

The Sub Registrar Office for Chinna 1st Street is located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044.

What are the stamp duty and registration fees for a property in Chinna 1st Street?

For a property valued at Rs 21,60,000, the stamp duty would be Rs 1,51,200, and the registration fee would be Rs 43,200, totaling Rs 1,94,400.