Guideline Value for CHOLAN NAGAR

Cholan Nagar guideline value

The current guideline value of Cholan Nagar is Rs 3,200 per sq.ft, effective from 1 July 2024. This area is located in Perambur village, under the Purasaivakkam SRO, and is classified as Residential Class III Type - I.

How the guideline value of Cholan Nagar has changed

The guideline value for Cholan Nagar has seen several revisions over the years. In 2002, the value was Rs 420 per sq.ft, which increased to Rs 461 per sq.ft in 2003, marking a 10% rise. The value then rose by 30% to Rs 600 per sq.ft in 2007. Following this, there was a significant increase of 400%, bringing the value to Rs 3,000 per sq.ft in 2012. However, from 2012 to 2017, the value decreased by 33% to Rs 2,010 per sq.ft. After this decline, the value rose by 49% to Rs 3,000 per sq.ft in 2023, and it has further increased by 7% to the current value of Rs 3,200 per sq.ft in 2024.

The overall increase from 2002 to 2024 is 662%. There are no figures available for the revisions in years not listed.

Guideline values in Perambur

In Perambur, there are 1,114 streets under the Purasaivakkam SRO that carry a 2024 guideline value ranging from Rs 1,600 to Rs 7,100 per sq.ft, with a median value of Rs 2,700 per sq.ft. Cholan Nagar's guideline value of Rs 3,200 per sq.ft is above this median.

• Chinnayya Street: Rs 4,900 per sq.ft (2024)
• Chinnayya New Colony Link (Inaippu) Street: Rs 4,900 per sq.ft (2024)
• Chinnayya New Colony 4th Street: Rs 4,900 per sq.ft (2024)
• Chinnayya New Colony 3rd Street: Rs 4,900 per sq.ft (2024)
• Chinnayya New Colony 2nd Street: Rs 4,900 per sq.ft (2024)
• Chinnayya New Colony 2nd Main Road: Rs 4,900 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 3,200 per sq.ft, the total guideline value would be Rs 32,00,000. The stamp duty at 7% would be Rs 2,24,000, and the registration fee at 2% would be Rs 64,000, making a total of Rs 2,88,000. It is important to note that 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 Purasaivakkam Sub Registrar Office, located at 93/1, Bricklin Road, Otteri, Chennai- 600 012. To find your SRO, you can visit find your SRO.

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

The guideline value is an essential factor in the registration process when buying or selling property in Perambur. It determines the minimum value at which the property must be registered, ensuring that the transaction is officially documented and taxed appropriately.

When a property is sold, the guideline value helps in calculating the stamp duty and registration fees. These fees are based on the guideline value or the sale price, whichever is higher, ensuring that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Cholan Nagar?

The current guideline value of Cholan Nagar is Rs 3,200 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 420 per sq.ft in 2002 to Rs 3,200 per sq.ft in 2024, reflecting an overall increase of 662% over this period.

What is the land classification of Cholan Nagar?

Cholan Nagar is classified as Residential Class III Type - I, indicating its designation for residential purposes.

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

For a property valued at Rs 32,00,000, the stamp duty would be Rs 2,24,000 and the registration fee would be Rs 64,000, totaling Rs 2,88,000.

Where is the Sub Registrar Office for Cholan Nagar located?

The Sub Registrar Office for Cholan Nagar is the Purasaivakkam Sub Registrar Office, located at 93/1, Bricklin Road, Otteri, Chennai- 600 012.