Guideline Value for CHOLAN NAGAR

Cholan Nagar guideline value

The current guideline value of Cholan Nagar is Rs 935 per sq.ft, effective from 1 July 2024. This area is located in Malayambakkam village under the Kunrathur Sub Registrar Office (SRO). The land classification for this street is Residential Class I Type - I.

How the guideline value of Cholan Nagar has changed

Over the years, the guideline value of Cholan Nagar has undergone several revisions. The 2012 revision set the value at Rs 850 per sq.ft, which was then reduced to Rs 569 per sq.ft in the 2017 revision. Following this, the value increased significantly to Rs 850 per sq.ft in the 2023 revision, and finally, it rose to Rs 935 per sq.ft in the 2024 revision, marking a 10% increase from the previous year.

From 2017 to 2023, there was a notable increase of 49%, while the overall change from 2012 to 2024 reflects a 10% increase. The register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Malayambakkam

In Malayambakkam, there are 82 streets under the Kunrathur SRO that carry a 2024 guideline value ranging from Rs 450 to Rs 2,750 per sq.ft. The median value for these streets is Rs 935 per sq.ft, which is the same as the guideline value for Cholan Nagar.

• Chinthamani Nagar: Rs 880 per sq.ft (2024)
• E.V.S. Nagar: Rs 660 per sq.ft (2024)
• Gajalakshmi Nagar: Rs 935 per sq.ft (2024)
• Balaji Nagar: Rs 935 per sq.ft (2024)
• Bakthavatchalam Nagar: Rs 1,210 per sq.ft (2024)
• Gangai Amman Koil St: Rs 660 per sq.ft (2024)

Stamp duty and registration fee for property in Cholan Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 935 per sq.ft, the total guideline value would be Rs 9,35,000. The stamp duty at 7% would amount to Rs 65,450, and the registration fee at 2% would be Rs 18,700, bringing the total fees to Rs 84,150. 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 Cholan Nagar?

The Sub Registrar Office that covers Cholan Nagar is the Kunrathur Sub Registrar Office, located at No.59, Road Street, Kundrathur, Chennai -600 069. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Malayambakkam. It serves as the basis for calculating the stamp duty and registration fees, which are mandatory during property transactions.

When a property is sold, the buyer must ensure that the transaction is registered with the appropriate SRO, using the guideline value to determine the applicable fees. This ensures compliance with local regulations and helps in maintaining a transparent property transaction process.

Frequently asked questions

What is the current guideline value of Cholan Nagar?

The current guideline value of Cholan Nagar is Rs 935 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 850 per sq.ft in 2012 to Rs 569 per sq.ft in 2017, then to Rs 850 per sq.ft in 2023, and finally to Rs 935 per sq.ft in 2024.

What is the registration office for Cholan Nagar?

The registration office for Cholan Nagar is the Kunrathur Sub Registrar Office, located at No.59, Road Street, Kundrathur, Chennai -600 069.

What are the stamp duty rates for properties in Cholan Nagar?

The stamp duty for properties in Cholan Nagar is charged at 7% of the guideline value or sale price, whichever is higher.

How many streets in Malayambakkam have a guideline value?

There are 82 streets in Malayambakkam under the Kunrathur SRO that carry a 2024 guideline value, with rates ranging from Rs 450 to Rs 2,750 per sq.ft.