Guideline Value for CHOCKALINGAM STREET

Chockalingam Street guideline value

The current guideline value of Chockalingam Street is Rs 1,600 per sq.ft, effective from 1 July 2024. This street is located in Korattur village, under the Villivakkam SRO, classified as Residential Class III Type - III.

How the guideline value of Chockalingam Street has changed

The guideline value for Chockalingam Street has seen several revisions over the years. In 2012, the value was set at Rs 1,500 per sq.ft, which then decreased to Rs 1,005 per sq.ft in 2017. This was a significant drop of 33%. However, from 2017 to 2023, the value increased by 49%, reaching Rs 1,500 per sq.ft. The most recent revision in 2024 raised the value to Rs 1,600 per sq.ft, marking a 7% increase from the previous year.

It is important to note that there are no figures available for Chockalingam Street in the revisions from 2002, 2003, and 2007. Overall, from 2012 to 2024, the guideline value has increased by 7%.

Guideline values in Korattur

In Korattur, there are 617 streets under the Villivakkam SRO, with guideline values ranging from Rs 1,100 to Rs 8,200 per sq.ft as of 2024. The median guideline value for these streets is Rs 2,500 per sq.ft, indicating that Chockalingam Street's 2024 figure is below this median.

• Chetty Street: Rs 2,700 per sq.ft (2024)
• 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)
• Collector Nagar/Streets (Madhanakuppam): Rs 1,300 per sq.ft (2024)
• Chavadi Street: Rs 3,300 per sq.ft (2024)
• Brindavan Nagar: Rs 2,700 per sq.ft (2024)

Stamp duty and registration fee for property in Chockalingam Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,600 per sq.ft, the total guideline value amounts to Rs 16,00,000. The stamp duty at 7% would be Rs 1,12,000, while the registration fee at 2% would be Rs 32,000, bringing the total to Rs 1,44,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Chockalingam Street?

The Sub Registrar Office that covers Chockalingam 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 details.

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 stamp duty and registration fees that need to be paid during the transaction.

When a property is sold, the buyer must ensure that the sale price is equal to or greater than the guideline value to avoid any discrepancies in the registration process. This ensures that the government receives the appropriate revenue from the transaction.

Frequently asked questions

What is the current guideline value of Chockalingam Street?

The current guideline value of Chockalingam Street is Rs 1,600 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,500 per sq.ft in 2012 to Rs 1,005 per sq.ft in 2017, then increased to Rs 1,500 per sq.ft in 2023, and finally to Rs 1,600 per sq.ft in 2024.

What is the land classification of Chockalingam Street?

Chockalingam Street is classified as Residential Class III Type - III.

Where can I find the Villivakkam Sub Registrar Office?

The Villivakkam Sub Registrar Office is located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office.

How is the stamp duty calculated for properties in Chockalingam Street?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, a property valued at Rs 16,00,000 would incur a stamp duty of Rs 1,12,000 at 7%.