Guideline Value for Chakra Nagar part I

Chakra Nagar part I guideline value

The current guideline value for Chakra Nagar part I is Rs 2,200 per sq.ft, effective from 1 July 2024. This area is located in Mangadu -A village and falls under the Kunrathur SRO. The land classification is Residential Special Type - I.

How the guideline value of Chakra Nagar part I has changed

The guideline value for Chakra Nagar part I has seen several revisions over the years. In 2017, the guideline value was Rs 1,340 per sq.ft. This increased to Rs 2,000 per sq.ft in 2023, marking a significant rise of 49%. The latest revision in 2024 set the value at Rs 2,200 per sq.ft, which is a further increase of 10% from the previous year.

Overall, from the 2017 revision to the 2024 revision, the guideline value has increased by 64%. It is important to note that there are no figures available for this street in the years 2002, 2003, 2007, and 2012.

Guideline values in Mangadu -A

In Mangadu -A, there are 208 streets under the Kunrathur SRO that carry a 2024 guideline value ranging from Rs 1,320 to Rs 3,300 per sq.ft. The median value for these streets is Rs 1,870 per sq.ft, placing Chakra Nagar part I's 2024 figure above this median.

• Chakra Nagar: Rs 2,200 per sq.ft (2024)
• Chakra Nagar Part IV: Rs 2,200 per sq.ft (2024)
• Bruel Ground Road: Rs 2,200 per sq.ft (2024)
• Chinna Mangadu IInd Street: Rs 1,870 per sq.ft (2024)
• Chinna Mangadu Ist Street: Rs 1,870 per sq.ft (2024)
• Chinna Mangadu Met Street: Rs 1,870 per sq.ft (2024)

Stamp duty and registration fee for property in Chakra Nagar part I

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, charged at 7%, would amount to Rs 1,54,000, while the registration fee at 2% would be Rs 44,000. Together, the total cost for stamp duty and registration fee would be Rs 1,98,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Chakra Nagar part I?

The Chakra Nagar part I area is covered by the Kunrathur Sub Registrar Office, located at No.59, Road Street, Kundrathur, Chennai -600 069. You can find your SRO for more details.

How the guideline value is used when you buy or sell in Mangadu -A

The guideline value is a crucial factor when registering property transactions in Mangadu -A. It serves as the benchmark for calculating the stamp duty and registration fees, ensuring that the government receives the appropriate revenue from property sales.

When you buy or sell property, the guideline value helps determine the minimum price at which a property can be registered. This ensures transparency and fairness in property transactions within the region.

Frequently asked questions

What is the current guideline value for Chakra Nagar part I?

The current guideline value for Chakra Nagar part I is Rs 2,200 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

The guideline value has increased from Rs 1,340 per sq.ft in 2017 to Rs 2,200 per sq.ft in 2024, reflecting an overall increase of 64% over this period.

What is the land classification for Chakra Nagar part I?

The land classification for Chakra Nagar part I is Residential Special Type - I, indicating its suitability for residential development.

What are the stamp duty and registration fees for properties in Chakra Nagar part I?

The stamp duty is charged at 7% and the registration fee at 2% of the guideline value or sale price, whichever is higher. For example, on a 1,000 sq.ft plot valued at Rs 22,00,000, the total fees would be Rs 1,98,000.

Which office handles registrations in Chakra Nagar part I?

The Kunrathur Sub Registrar Office handles registrations for Chakra Nagar part I, located at No.59, Road Street, Kundrathur, Chennai -600 069.