Guideline Value for CHOLAHIL NAGAR (PILLAIYAR KOIL STREET)

Cholahil Nagar (Pillaiyar Koil Street) guideline value

The current guideline value of Cholahil Nagar (Pillaiyar Koil Street) is Rs 5,400 per sq.ft, effective from 1 July 2024. This street is located in Padi village and falls under the Villivakkam SRO. The land classification for this area is Residential Class III Type - I.

How the guideline value of Cholahil Nagar (Pillaiyar Koil Street) has changed

The guideline value for Cholahil Nagar has undergone several revisions over the years. The oldest recorded figure is from the 2012 revision, which was Rs 5,000 per sq.ft. This was followed by a decrease to Rs 3,350 per sq.ft in the 2017 revision. In the 2023 revision, the value increased to Rs 5,000 per sq.ft, and the most recent revision in 2024 set the value at Rs 5,400 per sq.ft, marking an 8% increase from the previous year.

From 2012 to 2017, the value decreased by 33%. However, from 2017 to 2023, there was a significant increase of 49%. Overall, comparing the 2012 revision to the 2024 revision, there has been an 8% increase. The register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Padi

Padi village has a total of 354 streets under the Villivakkam SRO, with guideline values ranging from Rs 2,200 to Rs 13,200 per sq.ft as of 2024. The median guideline value for these streets is Rs 3,800 per sq.ft, placing Cholahil Nagar's 2024 figure above this median.

• CLASSIC APARTMENTS (Estate Road): Rs 9,900 per sq.ft (2024)
• COLLECTOR NAGAR (Bazzar Road): Rs 9,900 per sq.ft (2024)
• Chennai Flats: Rs 6,600 per sq.ft (2024)
• Chengal Choolai Pallam (Padikuppam Road): Rs 5,400 per sq.ft (2024)
• Dr.Ambedkar Nagar "anbu Street": Rs 2,500 per sq.ft (2024)
• Dr.Ambedkar Nagar "bharathi Street": Rs 2,500 per sq.ft (2024)

Stamp duty and registration fee for property in Cholahil Nagar (Pillaiyar Koil Street)

For a 1,000 sq.ft plot at the current guideline value of Rs 5,400 per sq.ft, the total guideline value amounts to Rs 54,00,000. The stamp duty at 7% would be Rs 3,78,000, and the registration fee at 2% would be Rs 1,08,000, bringing the total to Rs 4,86,000. 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 Cholahil Nagar (Pillaiyar Koil Street)?

The Sub Registrar Office that covers Cholahil Nagar (Pillaiyar Koil Street) is the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037 (Near By Nolambur Eb Office). You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Padi. It serves as a benchmark for determining the stamp duty and registration fees applicable to the transaction, ensuring that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Cholahil Nagar (Pillaiyar Koil Street)?

The current guideline value of Cholahil Nagar (Pillaiyar Koil Street) is Rs 5,400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 5,000 per sq.ft in 2012 to Rs 3,350 per sq.ft in 2017, then back to Rs 5,000 per sq.ft in 2023, and finally to Rs 5,400 per sq.ft in 2024.

What is the land classification for Cholahil Nagar?

The land classification for Cholahil Nagar (Pillaiyar Koil Street) is Residential Class III Type - I.

Where can I find the registration office for Cholahil Nagar?

The registration office for Cholahil Nagar is the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037.

How is stamp duty calculated in Padi?

Stamp duty in Padi is calculated based on the guideline value or the sale price, whichever is higher. The current rate is 7% for stamp duty and 2% for the registration fee.