Guideline Value for CHOZHAN STREET (WARD -5)

Chozhan Street (Ward -5) guideline value

The current guideline value of Chozhan Street (Ward -5) is Rs 1,321 per sq.ft, effective from 1 July 2024. This street is located in Ninna Karai village, under the Chengleput Joint II SRO. The land classification for this area is Residential Special Type - V.

How the guideline value of Chozhan Street (Ward -5) has changed

Over the years, the guideline value of Chozhan Street has seen several revisions. The 2012 revision set the value at Rs 1,200 per sq.ft, which was then reduced to Rs 804 per sq.ft in the 2017 revision. Following this, the value increased significantly to Rs 1,200 per sq.ft in the 2023 revision, and finally, it reached Rs 1,321 per sq.ft in the 2024 revision, marking a 10% increase from the previous year. The register has no figure for this street for the years 2002, 2003, and 2007.

From 2012 to 2017, there was a decrease of 33% in the guideline value, but from 2017 to 2023, it increased by 49%. Overall, comparing the 2012 and 2024 revisions, there has been a 10% increase in the guideline value, indicating a notable change in the property valuation over the years.

Guideline values in Ninna Karai

Ninna Karai village has a total of 449 streets under the Chengleput Joint II SRO, with guideline values ranging from Rs 440 to Rs 3,500 per sq.ft. The median guideline value in this area is Rs 1,100 per sq.ft, placing Chozhan Street's 2024 figure above this median.

• Chitra Nagar (Sa): Rs 440 per sq.ft (2024)
• Cmda Layout Nennaikarai (Ward -3): Rs 1,321 per sq.ft (2024)
• Cmda Nagar G.S.T. Road (Ward -3): Rs 2,200 per sq.ft (2024)
• Cheran Street (Ward -5): Rs 1,321 per sq.ft (2024)
• Cs Nh1 (Ward -5): Rs 1,321 per sq.ft (2024)
• Chelliyamman Kovil Street(Kr): Rs 660 per sq.ft (2024)

Stamp duty and registration fee for property in Chozhan Street (Ward -5)

For a 1,000 sq.ft plot at the current guideline value of Rs 1,321 per sq.ft, the total guideline value would be Rs 13,21,000. The stamp duty at 7% would amount to Rs 92,470, while the registration fee at 2% would be Rs 26,420. Together, the total cost for these fees would be Rs 1,18,890. It is important 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 Chozhan Street (Ward -5)?

The Sub Registrar Office that covers Chozhan Street (Ward -5) is the Chengleput Joint II Sub Registrar Office, located at 10, Kancheepuram Main Road, Chengalpattu 603 002, in the Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a critical factor in property transactions in Ninna Karai. It serves as the minimum value for which properties can be registered, ensuring that the government receives appropriate revenue from property transactions. Buyers and sellers must consider this value when negotiating sale prices, as the registration fees and stamp duties are calculated based on the guideline value or the sale price, whichever is higher.

When a property is sold, the guideline value helps in determining the stamp duty and registration fees payable at the time of registration. It is essential for both parties to be aware of the current guideline value to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Chozhan Street (Ward -5)?

The current guideline value of Chozhan Street (Ward -5) is Rs 1,321 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,200 per sq.ft in 2012 to Rs 804 per sq.ft in 2017, then increased to Rs 1,200 per sq.ft in 2023, and finally to Rs 1,321 per sq.ft in 2024.

What is the land classification for Chozhan Street (Ward -5)?

The land classification for Chozhan Street (Ward -5) is Residential Special Type - V, indicating its designated use for residential purposes.

What are the stamp duty and registration fees for property in Chozhan Street (Ward -5)?

For a property valued at Rs 13,21,000, the stamp duty would be Rs 92,470, and the registration fee would be Rs 26,420, totaling Rs 1,18,890.

Where is the Sub Registrar Office for Chozhan Street (Ward -5) located?

The Sub Registrar Office for Chozhan Street (Ward -5) is located at 10, Kancheepuram Main Road, Chengalpattu 603 002, under the Chengalpattu registration zone.