Guideline Value for CHOZHAN STREET

Chozhan Street guideline value

The current guideline value of Chozhan Street in Medavakkam village is Rs 2,200 per sq.ft, effective from 1 July 2024. This street falls under the Chennai South Joint I SRO and is classified as Residential Class I Type - I.

How the guideline value of Chozhan Street has changed

The guideline value for Chozhan Street has seen several revisions over the years. In 2012, the value was set at Rs 2,000 per sq.ft, which then decreased to Rs 1,340 per sq.ft in 2017. Following this, the 2023 revision increased the value to Rs 2,000 per sq.ft, and the most recent revision in 2024 raised it to Rs 2,200 per sq.ft, marking a 10% increase from the previous year.

From 2012 to 2017, there was a decrease of 33%, but from 2017 to 2023, the value increased by 49%. Overall, from 2012 to 2024, there has been a 10% increase in the guideline value for Chozhan Street.

Guideline values in Medavakkam

In Medavakkam, there are 379 streets under the Chennai South Joint I SRO that carry a 2024 guideline value ranging from Rs 1,540 to Rs 7,500 per sq.ft. The median value for these streets is Rs 2,200 per sq.ft, which is equal to the current guideline value of Chozhan Street.

• Dac Medallion: Rs 5,400 per sq.ft (2024)
• Cheran Street: Rs 2,200 per sq.ft (2024)
• Chellakumar Avenue: Rs 2,200 per sq.ft (2024)
• Chandra Street: Rs 2,200 per sq.ft (2024)
• Devi Karuvizhi Nagar: Rs 2,200 per sq.ft (2024)
• C.B.I Police Officer Colony: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Chozhan Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value would be Rs 22,00,000. The stamp duty at 7% would amount to Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, totaling Rs 1,98,000. 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 Chozhan Street?

The Sub Registrar Office that covers Chozhan 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 more information.

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

The guideline value is a crucial factor during the registration of property transactions in Medavakkam. It serves as the minimum value on which stamp duty and registration fees are calculated, ensuring that these costs are based on the official valuation rather than the sale price alone.

When buying or selling property, it is essential to be aware of the guideline value as it directly impacts the financial obligations involved in the transaction. Buyers should ensure that they are informed about the current guideline value to avoid any unexpected costs during the registration process.

Frequently asked questions

What is the current guideline value of Chozhan Street?

The current guideline value of Chozhan Street is Rs 2,200 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 2012 to Rs 1,340 per sq.ft in 2017, then to Rs 2,000 per sq.ft in 2023, and finally to Rs 2,200 per sq.ft in 2024.

What is the median guideline value in Medavakkam?

The median guideline value in Medavakkam for the year 2024 is Rs 2,200 per sq.ft, which is the same as the guideline value for Chozhan Street.

What are the stamp duty and registration fees for properties in Chozhan Street?

For a property valued at Rs 22,00,000, the stamp duty would be Rs 1,54,000, and the registration fee would be Rs 44,000, totaling Rs 1,98,000.

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

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