Guideline Value for CHOLAN STREET

Cholan Street guideline value

The current guideline value of Cholan Street in Pallikaranai village is Rs 1,650 per sq.ft, effective from 1 July 2024. This street falls under the Chennai South Joint I SRO and is classified as Residential Class IV Type - I.

How the guideline value of Cholan Street has changed

In the 2012 revision, the guideline value for Cholan Street was Rs 1,500 per sq.ft. This figure remained unchanged in the 2017 revision, where it dropped to Rs 1,005 per sq.ft. However, in the 2023 revision, the value increased to Rs 1,500 per sq.ft, and further rose to Rs 1,650 per sq.ft in the 2024 revision. The register has no figures for the years 2002, 2003, and 2007.

From 2012 to 2017, there was a decrease of 33%. The value then increased by 49% from 2017 to 2023, and from 2023 to 2024, it saw an increase of 10%. Overall, from 2012 to 2024, the guideline value increased by 10%.

Guideline values in Pallikaranai

Pallikaranai village has a total of 749 streets under the Chennai South Joint I SRO with a 2024 guideline value ranging from Rs 1,110 to Rs 8,580 per sq.ft. The median guideline value is Rs 1,650 per sq.ft, which is equal to the current guideline value of Cholan Street.

• Church Avenue Vgp Shanthi Nagar Extension: Rs 2,750 per sq.ft (2024)
• Chittibabu Nagar: Rs 2,420 per sq.ft (2024)
• Chitheri Sudukadu Salai: Rs 1,320 per sq.ft (2024)
• Cittibabu Nagar 1st Street: Rs 2,420 per sq.ft (2024)
• Cittibabu Nagar 2nd Street: Rs 2,420 per sq.ft (2024)
• Cittibabu Nagar 3rd Street: Rs 2,420 per sq.ft (2024)

Stamp duty and registration fee for property in Cholan Street

For a 1,000 sq.ft plot at the current rate, the guideline value is Rs 16,50,000. The stamp duty at 7% would be Rs 1,15,500, and the registration fee at 2% would be Rs 33,000, making the total Rs 1,48,500. Duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Cholan Street?

The Sub Registrar Office covering Cholan Street is the Chennai South Joint I Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035. You can find your SRO for further assistance.

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

The guideline value is a crucial factor when buying or selling property in Pallikaranai, as it determines the minimum value at which property transactions must be registered. This value is used to calculate the stamp duty and registration fees that are applicable during the property registration process.

When a property is sold, the guideline value serves as a benchmark for the sale price. If the sale price is lower than the guideline value, the stamp duty is calculated based on the guideline value to ensure compliance with registration norms.

Frequently asked questions

What is the current guideline value of Cholan Street?

The current guideline value of Cholan Street is Rs 1,650 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,500 per sq.ft in 2012 to Rs 1,005 per sq.ft in 2017, then increased to Rs 1,500 per sq.ft in 2023 and finally to Rs 1,650 per sq.ft in 2024.

What is the land classification for Cholan Street?

Cholan Street is classified as Residential Class IV Type - I under the Chennai South Joint I SRO.

Where can I find the Sub Registrar Office for Cholan Street?

The Sub Registrar Office for Cholan Street is located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035.

How is the stamp duty calculated for properties in Cholan Street?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 16,50,000, the stamp duty would be Rs 1,15,500 at a rate of 7%.