Guideline Value for CHOKKAVEL SUBRAMANIYA SWAMY KOIL STREET

Chokkavel Subramaniya Swamy Koil Street guideline value

The current guideline value of Chokkavel Subramaniya Swamy Koil Street is Rs 4,900 per sq.ft, effective from 1 July 2024. This street is located in Purasaivakkam village, under the Purasaivakkam SRO, and falls under the Residential Class III Type - II land classification.

How the guideline value of Chokkavel Subramaniya Swamy Koil Street has changed

In the 2007 revision, the guideline value was Rs 1,800 per sq.ft. This increased significantly to Rs 4,500 per sq.ft in the 2012 revision, marking a 150% rise. However, in the 2017 revision, the value decreased to Rs 3,015 per sq.ft, reflecting a 33% drop. The value then rose again to Rs 4,500 per sq.ft in the 2023 revision, which was a 49% increase. The most recent revision in 2024 saw the guideline value increase to Rs 4,900 per sq.ft, which is a 9% rise from the previous year.

Overall, from the 2007 revision to the current 2024 figure, there has been a substantial increase of 172%. It is important to note that the register has no figures for Chokkavel Subramaniya Swamy Koil Street for the years 2002 and 2003.

Guideline values in Purasaivakkam

In Purasaivakkam, there are 519 streets under the Purasaivakkam SRO that carry a 2024 guideline value, ranging from Rs 2,200 to Rs 18,100 per sq.ft. The median guideline value in this area is Rs 5,500 per sq.ft, placing Chokkavel Subramaniya Swamy Koil Street's 2024 figure below that median.

• Chithalu Chetty Street: Rs 5,500 per sq.ft (2024)
• Choolai Bazar Lane: Rs 8,800 per sq.ft (2024)
• Choolai Bazar Road: Rs 8,800 per sq.ft (2024)
• Chinnathambi Naicken Street: Rs 5,500 per sq.ft (2024)
• Church Lane: Rs 6,500 per sq.ft (2024)
• C.I.D Road: Rs 4,900 per sq.ft (2024)

Stamp duty and registration fee for property in Chokkavel Subramaniya Swamy Koil Street

For a 1,000 sq.ft plot at the current guideline value of Rs 4,900 per sq.ft, the total guideline value amounts to Rs 49,00,000. The stamp duty at 7% would be Rs 3,43,000, and the registration fee at 2% would be Rs 98,000, bringing the total cost to Rs 4,41,000. Please note that the duty is charged on the higher of the guideline value and the sale price.

You can use the stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Chokkavel Subramaniya Swamy Koil Street?

The Sub Registrar Office that covers Chokkavel Subramaniya Swamy Koil Street is the Purasaivakkam Sub Registrar Office, located at 93/1, Bricklin Road, Otteri, Chennai- 600 012. You can find your SRO for more information.

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

The guideline value is a crucial factor in property transactions in Purasaivakkam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that both buyers and sellers adhere to a standard valuation during the sale process.

When registering a property, the guideline value is used to calculate the stamp duty and registration fees, which are mandatory costs associated with the transaction. This ensures that the government receives the appropriate revenue from property sales.

Frequently asked questions

What is the current guideline value of Chokkavel Subramaniya Swamy Koil Street?

The current guideline value of Chokkavel Subramaniya Swamy Koil Street is Rs 4,900 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly over the years, from Rs 1,800 per sq.ft in 2007 to Rs 4,900 per sq.ft in 2024, marking an overall increase of 172%.

What are the stamp duty and registration fees for properties in this area?

The stamp duty is 7% of the guideline value, and the registration fee is 2%. For a property valued at Rs 49,00,000, the total stamp duty would be Rs 3,43,000, and the registration fee would be Rs 98,000.

Which office handles property registrations for this street?

The Purasaivakkam Sub Registrar Office handles property registrations for Chokkavel Subramaniya Swamy Koil Street, located at 93/1, Bricklin Road, Otteri, Chennai- 600 012.

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

The guideline value serves as a benchmark for property valuation during registration. It is used to calculate the stamp duty and registration fees, ensuring that all transactions adhere to a standard valuation.