Guideline Value for Chakkrapani Colony

Chakkrapani Colony guideline value

The current guideline value of Chakkrapani Colony is Rs 3,850 per sq.ft, effective from 1 July 2024. This area is located in Parangimalai village, under the Chennai South Joint II SRO, and is classified as Residential Class II Type - I.

How the guideline value of Chakkrapani Colony has changed

The guideline value for Chakkrapani Colony has seen several revisions over the years. In 2002, the guideline value was Rs 236 per sq.ft, which increased to Rs 320 per sq.ft in 2003. By 2007, it rose significantly to Rs 800 per sq.ft, marking a 150% increase from the previous revision. The value then jumped to Rs 3,500 per sq.ft in 2012, reflecting a 338% increase. However, it decreased to Rs 2,345 per sq.ft in 2017, a decline of 33%. The guideline value then increased to Rs 3,500 per sq.ft in 2023, followed by a further increase to Rs 3,850 per sq.ft in 2024, which is a 10% rise from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 1531%. There are no figures available for the revisions in years not listed for this street.

Guideline values in Parangimalai

In Parangimalai, there are 233 streets under the Chennai South Joint II SRO that carry a 2024 figure, ranging from Rs 2,750 to Rs 11,000 per sq.ft. The median guideline value for these streets is Rs 3,850 per sq.ft, which is equal to the current value for Chakkrapani Colony.

• Cementary Road: Rs 5,500 per sq.ft (2024)
• Butt Road: Rs 5,500 per sq.ft (2024)
• Butt Lane: Rs 4,400 per sq.ft (2024)
• Chinna Mudali Street: Rs 3,300 per sq.ft (2024)
• Chittibabu Street: Rs 3,300 per sq.ft (2024)
• Chittibabu Street (Kalaignar Nagar): Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Chakkrapani Colony

For a 1,000 sq.ft plot at the current rate of Rs 3,850 per sq.ft, the guideline value would be Rs 38,50,000. The stamp duty at 7% would amount to Rs 2,69,500, and the registration fee at 2% would be Rs 77,000. Together, the total cost would be Rs 3,46,500. It is important to note that the duty is charged on the higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for further calculations.

Which Sub Registrar Office covers Chakkrapani Colony?

The Sub Registrar Office that covers Chakkrapani Colony is the Chennai South Joint II 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 Parangimalai

The guideline value plays a crucial role in the registration process when buying or selling property in Parangimalai. It is used to determine the stamp duty and registration fees that need to be paid at the time of registration. Buyers should be aware that the stamp duty is calculated based on the higher of the guideline value or the sale price of the property.

When a property is registered, the guideline value serves as a benchmark for assessing the value of the property. This ensures that the transaction is recorded accurately and that the appropriate taxes are collected by the government.

Frequently asked questions

What is the current guideline value of Chakkrapani Colony?

The current guideline value of Chakkrapani Colony is Rs 3,850 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

Since 2002, the guideline value has increased from Rs 236 per sq.ft to Rs 3,850 per sq.ft in 2024, marking an overall increase of 1531%.

What is the land classification for Chakkrapani Colony?

Chakkrapani Colony is classified as Residential Class II Type - I.

What are the other streets in Parangimalai with their guideline values?

Other streets in Parangimalai include Cementary Road at Rs 5,500 per sq.ft, Butt Road at Rs 5,500 per sq.ft, Butt Lane at Rs 4,400 per sq.ft, and Chinna Mudali Street, Chittibabu Street, and Chittibabu Street (Kalaignar Nagar) at Rs 3,300 per sq.ft.

Where can I find the Sub Registrar Office for Chakkrapani Colony?

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