Guideline Value for CHOOLAI BAZAR ROAD

Choolai Bazar Road guideline value

The current guideline value of Choolai Bazar Road is Rs 8,800 per sq.ft, effective from 1 July 2024. This road is located in Purasaivakkam village, under the Purasaivakkam SRO, and is classified as Residential Class I Type - II.

How the guideline value of Choolai Bazar Road has changed

Over the years, the guideline value of Choolai Bazar Road has seen significant changes. The 2007 revision set the value at Rs 2,000 per sq.ft, which increased to Rs 8,000 per sq.ft in 2012. However, this figure dropped to Rs 5,360 per sq.ft in 2017, marking a decrease of 33%. The value then rose sharply to Rs 8,000 per sq.ft in 2023, before reaching the current rate of Rs 8,800 per sq.ft in 2024, reflecting a 10% increase.

The overall change from the 2007 revision to the 2024 revision is a substantial increase of 340%. Notably, there are no figures available for the revisions in 2002 and 2003 for this street.

Guideline values in Purasaivakkam

In Purasaivakkam, there are 519 streets under the Purasaivakkam SRO that carry a 2024 guideline value, ranging from Rs 2,200 to Rs 18,100 per sq.ft. The median guideline value for these streets is Rs 5,500 per sq.ft, placing Choolai Bazar Road's 2024 figure above this median.

• Choolai Bazar Lane: Rs 8,800 per sq.ft (2024)
• Church Lane: Rs 6,500 per sq.ft (2024)
• Chokkavel Subramaniya Swamy Koil Street: Rs 4,900 per sq.ft (2024)
• C.I.D Road: Rs 4,900 per sq.ft (2024)
• C.I.D Road 1st Street: Rs 4,900 per sq.ft (2024)
• C.I.D Road 2nd Street: Rs 4,900 per sq.ft (2024)

Stamp duty and registration fee for property in Choolai Bazar Road

For a 1,000 sq.ft plot at the current guideline value of Rs 8,800 per sq.ft, the total guideline value would be Rs 88,00,000. The stamp duty at 7% would amount to Rs 6,16,000, and the registration fee at 2% would be Rs 1,76,000, bringing the total fees together to Rs 7,92,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Choolai Bazar Road?

The Sub Registrar Office that covers Choolai Bazar Road is the Purasaivakkam Sub Registrar Office, located at 93/1, Bricklin Road, Otteri, Chennai- 600 012. You can find your SRO for more information.

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

The guideline value is a critical factor when registering property transactions in Purasaivakkam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government collects appropriate stamp duty and registration fees based on this value.

When buying or selling property, the guideline value helps both buyers and sellers understand the official value of the property, which can influence negotiations. It is essential to be aware of the current guideline value to ensure compliance with local regulations during the transaction process.

Frequently asked questions

What is the current guideline value of Choolai Bazar Road?

The current guideline value of Choolai Bazar Road is Rs 8,800 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 2,000 per sq.ft in 2007 to Rs 8,800 per sq.ft in 2024, marking an overall increase of 340%.

What is the median guideline value in Purasaivakkam?

The median guideline value for streets in Purasaivakkam is Rs 5,500 per sq.ft, with Choolai Bazar Road's 2024 figure being above this median.

Where can I find the Purasaivakkam Sub Registrar Office?

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

How is stamp duty calculated for property in Choolai Bazar Road?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 88,00,000, the stamp duty would be Rs 6,16,000.