Guideline Value for CHITTIBABU NAGAR

Chittibabu Nagar guideline value

The current guideline value of Chittibabu Nagar, located in Pallikaranai village, is Rs 2,420 per sq.ft, effective from 1 July 2024. This area falls under the Chennai South Joint I SRO and is classified as Residential Class I Type - I.

How the guideline value of Chittibabu Nagar has changed

The guideline value of Chittibabu Nagar has seen significant changes over the years. In 2002, the guideline value was Rs 81 per sq.ft, which increased to Rs 100 per sq.ft in 2003. Following this, the value rose dramatically to Rs 400 per sq.ft in 2007, and then to Rs 2,200 per sq.ft in 2012. However, it dropped to Rs 1,474 per sq.ft in 2017. The value then increased to Rs 2,200 per sq.ft in 2023, and finally to Rs 2,420 per sq.ft in 2024, marking a 10% increase from the previous year.

Between the revisions, the most notable change occurred from 2007 to 2012, where the value increased by 450%. From 2017 to 2023, there was a 49% increase. Overall, from 2002 to 2024, the guideline value has increased by 2888%.

Guideline values in Pallikaranai

Pallikaranai features a range of guideline values across its 749 streets under the Chennai South Joint I SRO, with values ranging from Rs 1,110 to Rs 8,580 per sq.ft. The median guideline value in this area is Rs 1,650 per sq.ft, placing Chittibabu Nagar's 2024 figure above this median.

• Chitheri Sudukadu Salai: Rs 1,320 per sq.ft (2024)
• Cholan Street: Rs 1,650 per sq.ft (2024)
• Church Avenue Vgp Shanthi Nagar Extension: Rs 2,750 per sq.ft (2024)
• Chettynadu Enclave Phase II: Rs 3,300 per sq.ft (2024)
• Chettynadu Enclave: Rs 3,300 per sq.ft (2024)
• Chethry B.G.Road Cross Street: Rs 1,650 per sq.ft (2024)

Stamp duty and registration fee for property in Chittibabu Nagar

For a 1,000 sq.ft plot in Chittibabu Nagar at the current guideline value of Rs 2,420 per sq.ft, the total guideline value would be Rs 24,20,000. The stamp duty at 7% would amount to Rs 1,69,400, while the registration fee at 2% would be Rs 48,400, bringing the total to Rs 2,17,800. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

For more information on calculating fees, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Chittibabu Nagar?

Chittibabu Nagar is covered by 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 details.

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

When buying or selling property in Pallikaranai, the guideline value is a critical factor in determining the stamp duty and registration fees. The guideline value serves as a benchmark for the minimum value at which a property can be registered, ensuring that the transaction is recorded at a fair value.

It is essential for buyers and sellers to be aware of the current guideline value in their area, as it directly affects the costs associated with property transactions. Proper understanding of these values can help in planning the financial aspects of buying or selling property.

Frequently asked questions

What is the current guideline value of Chittibabu Nagar?

The current guideline value of Chittibabu Nagar is Rs 2,420 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

Since 2002, the guideline value has increased from Rs 81 per sq.ft to Rs 2,420 per sq.ft in 2024, marking an overall increase of 2888%.

What is the registration fee for property in Chittibabu Nagar?

The registration fee is calculated at 2% of the guideline value or the sale price, whichever is higher. For example, a property valued at Rs 24,20,000 would incur a registration fee of Rs 48,400.

Which office handles property registrations in Chittibabu Nagar?

The Chennai South Joint I Sub Registrar Office handles property registrations in Chittibabu Nagar, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, fanepet Nandanam, Chennai -600 035.

What is the significance of the guideline value in property transactions?

The guideline value serves as a benchmark for determining the minimum value at which a property can be registered, affecting the stamp duty and registration fees during property transactions.