Guideline Value for CHOLAN NAGAR

Cholan Nagar guideline value

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

How the guideline value of Cholan Nagar has changed

The guideline value for Cholan Nagar has seen significant changes over the years. In the 2003 revision, the value was Rs 232 per sq.ft, which increased to Rs 750 per sq.ft in 2007. The 2012 revision saw a further increase to Rs 2,000 per sq.ft, but this was followed by a decrease to Rs 1,340 per sq.ft in 2017. The value then rose sharply to Rs 2,000 per sq.ft in 2023, and the most recent revision in 2024 set the value at Rs 2,200 per sq.ft, reflecting a 10% increase from the previous year.

Overall, from 2003 to 2024, the guideline value has increased by 848%. The register has no figure for the year 2002 for this street.

Guideline values in Enjambakkam

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

• CHOLAN NAGAR 1st STREET: Rs 2,200 per sq.ft (2024)
• CHOLAN NAGAR 2nd STREET: Rs 2,200 per sq.ft (2024)
• CHOLAN NAGAR 3rd STREET: Rs 2,200 per sq.ft (2024)
• CHOLAN NAGAR 4th STREET: Rs 2,200 per sq.ft (2024)
• Cholamandal Nagar III: Rs 2,200 per sq.ft (2024)
• Cholamandal Nagar II: Rs 2,200 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 2,200 per sq.ft, the total guideline value would be Rs 22,00,000. The stamp duty at 7% would amount to Rs 1,54,000, while the registration fee at 2% would be Rs 44,000, bringing the total fees to Rs 1,98,000. It is important to note that duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Cholan Nagar?

The Sub Registrar Office that covers Cholan Nagar 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 is a crucial factor in the registration process for property transactions in Enjambakkam. It serves as a benchmark for determining the minimum value at which properties can be registered, ensuring that all transactions are recorded fairly and transparently.

When buying or selling property, the guideline value will influence the stamp duty and registration fees that need to be paid. This ensures that both buyers and sellers are aware of the financial obligations that come with property transactions in the area.

Frequently asked questions

What is the current guideline value for Cholan Nagar?

The current guideline value for Cholan Nagar 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 significantly, from Rs 232 per sq.ft in 2003 to Rs 2,200 per sq.ft in 2024, showing an overall increase of 848% over the years.

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

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

Where is the Neelankarai Sub Registrar Office located?

The Neelankarai Sub Registrar Office is located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone.

What is the land classification for Cholan Nagar?

Cholan Nagar falls under the Residential Class III Type - I land classification.