Guideline Value for CHOZAN STREET

Chozan Street guideline value

The current guideline value of Chozan Street in Nemilicherry village is Rs 2,160 per sq.ft, effective from 1 July 2024. This street falls under the Pallavaram SRO and is classified as Residential Class II Type - I.

How the guideline value of Chozan Street has changed

The guideline value for Chozan Street has undergone several revisions over the years. The most recent revision in 2024 set the value at Rs 2,160 per sq.ft, an increase of 8% from the 2023 revision of Rs 2,000 per sq.ft. Prior to that, in 2017, the value was Rs 1,340 per sq.ft, marking a significant increase of 49% from the 2017 figure to the 2023 figure. The 2012 revision also recorded a value of Rs 2,000 per sq.ft, which represented a decrease of 33% from the 2017 figure.

It is important to note that there are no figures available for Chozan Street in the revisions from the years 2002, 2003, and 2007. Overall, from the 2012 revision to the 2024 revision, the guideline value has increased by 8%.

Guideline values in Nemilicherry

In Nemilicherry, there are 172 streets under the Pallavaram SRO that have a guideline value for 2024, ranging from Rs 1,100 to Rs 3,300 per sq.ft. The median value for these streets is Rs 2,160 per sq.ft, which is equal to the guideline value of Chozan Street.

• Chinna 2nd Street: Rs 2,160 per sq.ft (2024)
• Chinna 1st Street: Rs 2,160 per sq.ft (2024)
• Chidhambaram Street: Rs 2,750 per sq.ft (2024)
• Cheran Street: Rs 2,160 per sq.ft (2024)
• Chandra Street: Rs 2,160 per sq.ft (2024)
• Dhanalakshmi Colony: Rs 2,160 per sq.ft (2024)

Stamp duty and registration fee for property in Chozan Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,160 per sq.ft, the total guideline value amounts to Rs 21,60,000. The stamp duty at 7% would be Rs 1,51,200, and the registration fee at 2% would be Rs 43,200, bringing the total fees to Rs 1,94,400. It is important to note that duty is charged on the higher of the guideline value and the sale price.

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

Which Sub Registrar Office covers Chozan Street?

The Sub Registrar Office that covers Chozan Street is the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, in the Chengalpattu registration zone. You can find your SRO for more details.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Nemilicherry. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the transaction.

When a property is sold, the selling price or the guideline value, whichever is higher, is used to calculate the applicable duties and fees. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Chozan Street?

The current guideline value of Chozan Street is Rs 2,160 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,000 per sq.ft in 2023 to Rs 2,160 per sq.ft in 2024, an increase of 8%. It was Rs 1,340 per sq.ft in 2017 and Rs 2,000 per sq.ft in 2012.

What is the classification of Chozan Street?

Chozan Street is classified as Residential Class II Type - I under the Pallavaram SRO.

Where can I find the registration office for Chozan Street?

The registration office for Chozan Street is the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044.

How is stamp duty calculated for properties in Nemilicherry?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. The rates are typically 7% for stamp duty and 2% for the registration fee.