Guideline Value for Chakrapani Nagar 2nd Street

Chakrapani Nagar 2nd Street guideline value

The current guideline value of Chakrapani Nagar 2nd Street is Rs 3,600 per sq.ft, effective from 1 July 2024. This street is located in Maduravoyal village, under the Virugambakkam SRO, and is classified as Residential Class I Type - II.

How the guideline value of Chakrapani Nagar 2nd Street has changed

The guideline value for Chakrapani Nagar 2nd Street has seen several revisions over the years. In 2002, the value was Rs 275 per sq.ft, which increased to Rs 301 per sq.ft in 2003. The value rose significantly to Rs 600 per sq.ft in 2007, and then it jumped to Rs 3,250 per sq.ft in 2012. However, it decreased to Rs 2,177 per sq.ft in 2017, before climbing back to Rs 3,250 per sq.ft in 2023. The latest revision in 2024 set the value at Rs 3,600 per sq.ft.

Between these revisions, notable changes include an increase of 11% from 2023 to 2024 and a significant rise of 49% from 2017 to 2023. The value saw a decrease of 33% from 2012 to 2017, while it experienced a remarkable increase of 442% from 2007 to 2012. Additionally, there was a 99% increase from 2003 to 2007 and a 9% increase from 2002 to 2003. Overall, from 2002 to 2024, the guideline value has increased by 1209%.

Guideline values in Maduravoyal

In Maduravoyal, there are 636 streets under the Virugambakkam SRO that carry a 2024 guideline value, ranging from Rs 2,200 to Rs 6,050 per sq.ft. The median guideline value for these streets is Rs 3,050 per sq.ft, placing Chakrapani Nagar 2nd Street's 2024 figure above this median.

• Chakrapani Nagar 2nd Cross Street: Rs 3,600 per sq.ft (2024)
• Chakrapani Nagar 3nd Cross Street: Rs 3,600 per sq.ft (2024)
• Chakrapani Nagar 1st Street: Rs 3,850 per sq.ft (2024)
• Chakrapani Nagar 3rd Street: Rs 3,600 per sq.ft (2024)
• Chakrapani Nagar 1st Cross Street: Rs 3,600 per sq.ft (2024)
• Chakrapani Nagar 4th Cross Street: Rs 3,600 per sq.ft (2024)

Stamp duty and registration fee for property in Chakrapani Nagar 2nd Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,600 per sq.ft, the total guideline value would be Rs 36,00,000. The stamp duty, charged at 7%, would amount to Rs 2,52,000, while the registration fee at 2% would be Rs 72,000, bringing the total to Rs 3,24,000. It is important to note that 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 Chakrapani Nagar 2nd Street?

The Chakrapani Nagar 2nd Street falls under the jurisdiction of the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Maduravoyal. It serves as a benchmark for determining the stamp duty and registration fees applicable to the transaction.

When a property is registered, the guideline value is used to calculate the fees, ensuring that the government receives the appropriate revenue based on the property's assessed value, which is essential for maintaining transparency in property transactions.

Frequently asked questions

What is the current guideline value of Chakrapani Nagar 2nd Street?

The current guideline value of Chakrapani Nagar 2nd Street is Rs 3,600 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 275 per sq.ft in 2002 to Rs 3,600 per sq.ft in 2024, reflecting a total increase of 1209% over this period.

What is the land classification for Chakrapani Nagar 2nd Street?

Chakrapani Nagar 2nd Street is classified as Residential Class I Type - II.

What are the stamp duty and registration fees for property in this area?

The stamp duty is 7% of the guideline value, and the registration fee is 2%. For example, for a 1,000 sq.ft plot at Rs 3,600 per sq.ft, the total fees would amount to Rs 3,24,000.

Which office handles registrations for Chakrapani Nagar 2nd Street?

The Virugambakkam Sub Registrar Office handles registrations for Chakrapani Nagar 2nd Street, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.