Guideline Value for Chakkili Street

Chakkili Street guideline value

The current guideline value of Chakkili Street in Seemapuram village is Rs 110 per sq.ft, effective from 1 July 2024. This street falls under the Redhills SRO and is classified as Residential Class II Type - I.

How the guideline value of Chakkili Street has changed

The guideline value for Chakkili Street has undergone several revisions over the years. In 2007, the value was Rs 50 per sq.ft, which increased to Rs 100 per sq.ft in 2012. However, it then decreased to Rs 67 per sq.ft in 2017. The 2023 revision saw a significant increase to Rs 100 per sq.ft, followed by the latest revision in 2024, which set the value at Rs 110 per sq.ft. The register has no figures for the years 2002 and 2003 for this street.

Between the revisions, the changes were notable: from 2007 to 2012, there was a 100% increase, followed by a decrease of 33% from 2012 to 2017. The period from 2017 to 2023 saw a substantial increase of 49%, and finally, from 2023 to 2024, there was a 10% rise. Overall, from 2007 to 2024, the guideline value has increased by 120%.

Guideline values in Seemapuram

In Seemapuram, there are 13 streets under the Redhills SRO that carry a 2024 guideline value ranging from Rs 110 to Rs 1,600 per sq.ft, with a median value of Rs 220 per sq.ft. Chakkili Street's 2024 guideline value is below this median.

• Ashok Pushpavanam Phase-II: Rs 1,500 per sq.ft (2024)
• Ashok Pushpavanam: Rs 1,075 per sq.ft (2024)
• Anaikkattu Street: Rs 110 per sq.ft (2024)
• Kadaisi Street: Rs 110 per sq.ft (2024)
• Kavarai Street: Rs 220 per sq.ft (2024)
• Kinaru Street: Rs 220 per sq.ft (2024)

Stamp duty and registration fee for property in Chakkili Street

For a 1,000 sq.ft plot at the current guideline value of Rs 110 per sq.ft, the total guideline value would be Rs 1,10,000. The stamp duty at 7% would amount to Rs 7,700, and the registration fee at 2% would be Rs 2,200, making the total fees together Rs 9,900. Please note that the duty is charged on the higher of the guideline value and the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Chakkili Street?

The Sub Registrar Office that covers Chakkili Street is the Redhills Sub Registrar Office, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052. You can find your SRO for more information.

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

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

When buying or selling property, the guideline value helps both parties understand the fair valuation of the property. It is important for buyers to be aware of the guideline value to avoid overpaying and for sellers to set realistic expectations based on the official rates.

Frequently asked questions

What is the current guideline value of Chakkili Street?

The current guideline value of Chakkili Street is Rs 110 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 50 per sq.ft in 2007 to Rs 110 per sq.ft in 2024, reflecting an overall increase of 120% over this period.

What is the land classification for Chakkili Street?

Chakkili Street is classified as Residential Class II Type - I, indicating its suitability for residential development.

Which Sub Registrar Office covers Chakkili Street?

The Redhills Sub Registrar Office covers Chakkili Street, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052.

How is stamp duty calculated for properties in Chakkili Street?

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 1,10,000, the stamp duty would be Rs 7,700.