Guideline Value for CHORMPET SALAI 1 TO 3 STREET

Chormpet Salai 1 To 3 Street guideline value

The current guideline value of Chormpet Salai 1 To 3 Street is Rs 3,850 per sq.ft, effective from 1 July 2024. This street is located in Nanmangalam village and falls under the Pallavaram SRO with a land classification of Mixed Type - I.

How the guideline value of Chormpet Salai 1 To 3 Street has changed

The guideline value for Chormpet Salai 1 To 3 Street has undergone several revisions over the years. In the 2012 revision, the guideline value was set at Rs 3,500 per sq.ft. This figure remained unchanged in the 2017 revision, where it dropped to Rs 2,345 per sq.ft. The 2023 revision saw a significant increase to Rs 3,500 per sq.ft, followed by the current 2024 revision, which raised the value to Rs 3,850 per sq.ft, marking a 10% increase from the previous year.

Between the revisions, the most notable changes occurred from 2017 to 2023, where the value increased by 49%. Overall, from 2012 to 2024, the guideline value has increased by 10%. It is important to note that there are no figures available for the years 2002, 2003, and 2007 in the register for this street.

Guideline values in Nanmangalam

Nanmangalam village has a total of 139 streets under the Pallavaram SRO that carry a 2024 guideline value ranging from Rs 1,960 to Rs 3,850 per sq.ft. The median guideline value in this area is Rs 2,750 per sq.ft, placing Chormpet Salai 1 To 3 Street above the median.

• Chockalingam Street: Rs 1,980 per sq.ft (2024)
• Cromepet Nanmangalam Road: Rs 2,750 per sq.ft (2024)
• Bramin Street: Rs 2,750 per sq.ft (2024)
• Dr. Ambedkar Street: Rs 2,750 per sq.ft (2024)
• Bharathi Street: Rs 1,960 per sq.ft (2024)
• Durga Nagar: Rs 1,980 per sq.ft (2024)

Stamp duty and registration fee for property in Chormpet Salai 1 To 3 Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,850 per sq.ft, the total guideline value amounts to Rs 38,50,000. The stamp duty at 7% would be Rs 2,69,500, and the registration fee at 2% would be Rs 77,000, bringing the total to Rs 3,46,500. It is essential to note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Chormpet Salai 1 To 3 Street?

The Sub Registrar Office that covers Chormpet Salai 1 To 3 Street is the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, Chengalpattu registration zone.

You can find your SRO for more information.

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

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

When a property is sold, the buyer must ensure that the sale price is at least equal to the guideline value. If the sale price is lower than the guideline value, the stamp duty will be calculated based on the guideline value, ensuring that the government receives the appropriate revenue from the transaction.

Frequently asked questions

What is the current guideline value of Chormpet Salai 1 To 3 Street?

The current guideline value of Chormpet Salai 1 To 3 Street is Rs 3,850 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 3,500 per sq.ft in 2023 to Rs 3,850 per sq.ft in 2024, marking a 10% increase. The value has also increased from Rs 2,345 per sq.ft in 2017 to Rs 3,500 per sq.ft in 2023, which is a 49% increase.

What is the median guideline value in Nanmangalam?

The median guideline value in Nanmangalam is Rs 2,750 per sq.ft. Chormpet Salai 1 To 3 Street's guideline value is above this median.

What are the stamp duty and registration fees for property in Chormpet Salai 1 To 3 Street?

For a property valued at Rs 38,50,000, the stamp duty is Rs 2,69,500 and the registration fee is Rs 77,000, totaling Rs 3,46,500.

Which office handles registrations for Chormpet Salai 1 To 3 Street?

The Pallavaram Sub Registrar Office handles registrations for Chormpet Salai 1 To 3 Street, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044.