Guideline Value for CHOLAMANDAL NAGAR I

Cholamandal Nagar I guideline value

The current guideline value of Cholamandal Nagar I is Rs 2,200 per sq.ft, effective from 1 July 2024. This area is located in Enjambakkam village and falls under the Neelankarai SRO, classified as Residential Class III Type - I.

How the guideline value of Cholamandal Nagar I has changed

The guideline value for Cholamandal Nagar I has seen several revisions over the years. Starting from the 2003 revision, the value was Rs 117 per sq.ft. It increased significantly to Rs 1,248 per sq.ft in 2007, marking a rise of 967%. The 2012 revision saw a drop to Rs 2,000 per sq.ft, a decrease of 33%. In 2017, the value was revised again to Rs 1,340 per sq.ft, which was a 49% increase from the previous figure. The 2023 revision set the guideline value at Rs 2,000 per sq.ft, followed by the latest revision in 2024, which increased it to Rs 2,200 per sq.ft, reflecting a 10% rise.

There is no figure available for the 2002 revision for this street. Overall, from 2003 to 2024, the guideline value has increased by 1780%.

Guideline values in Enjambakkam

In Enjambakkam, there are 253 streets under the Neelankarai SRO with a 2024 guideline value ranging from Rs 1,100 to Rs 7,200 per sq.ft. The median value for these streets is Rs 2,200 per sq.ft, which is the same as the current guideline value for Cholamandal Nagar I.

• Cholamandal Nagar 9th Street: Rs 2,200 per sq.ft (2024)
• Cholamandal Nagar II: Rs 2,200 per sq.ft (2024)
• Cholamandal Nagar III: Rs 2,200 per sq.ft (2024)
• Cholamandal Nagar 8th Street: Rs 2,200 per sq.ft (2024)
• Cholamandal Nagar 7th Street: Rs 2,200 per sq.ft (2024)
• Cholamandal Nagar 6th Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Cholamandal Nagar I

For a 1,000 sq.ft plot at the current rate of Rs 2,200 per sq.ft, the guideline value amounts to Rs 22,00,000. The stamp duty at 7% would be Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, totaling Rs 1,98,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. You can use our stamp duty and registration fee calculator for further assistance.

Which Sub Registrar Office covers Cholamandal Nagar I?

The Sub Registrar Office that covers Cholamandal Nagar I is the Neelankarai Sub Registrar Office, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone. You can find your SRO for more information.

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

The guideline value plays a crucial role during the registration process when buying or selling property in Enjambakkam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is documented at a fair value.

When a property is sold, the guideline value is used to calculate the stamp duty and registration fees. Buyers should be aware that these fees are based on the guideline value or the sale price, whichever is higher, which can impact the overall cost of the transaction.

Frequently asked questions

What is the current guideline value of Cholamandal Nagar I?

The current guideline value of Cholamandal Nagar I is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 117 per sq.ft in 2003 to Rs 2,200 per sq.ft in 2024, reflecting an overall increase of 1780% over this period.

What are the stamp duty and registration fees for property in Cholamandal Nagar I?

For a 1,000 sq.ft plot valued at Rs 22,00,000, the stamp duty would be Rs 1,54,000 and the registration fee would be Rs 44,000, totaling Rs 1,98,000.

Which office handles the registration for Cholamandal Nagar I?

The Neelankarai Sub Registrar Office handles the registration for Cholamandal Nagar I, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone.

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

The guideline value is significant as it determines the minimum value for property registration and is used to calculate stamp duty and registration fees during property transactions.