Guideline Value for Chakrapani Nagar 5th Street

Chakrapani Nagar 5th Street guideline value

The current guideline value of Chakrapani Nagar 5th Street is Rs 3,600 per sq.ft, effective from 1 July 2024. This street is located in Maduravoyal village and falls under the Virugambakkam SRO. The land classification for this area is Residential Class I Type - II.

How the guideline value of Chakrapani Nagar 5th Street has changed

The guideline value of Chakrapani Nagar 5th Street has seen several revisions over the years. In 2002, the guideline value was Rs 275 per sq.ft, which increased to Rs 301 per sq.ft in 2003. Following that, the value rose significantly to Rs 600 per sq.ft in 2007, and then to Rs 3,250 per sq.ft in 2012. However, it dropped to Rs 2,177 per sq.ft in 2017 before increasing to Rs 3,250 per sq.ft in 2023. The most recent revision in 2024 set the value at Rs 3,600 per sq.ft.

In terms of percentage changes, the guideline value increased by 9% from 2002 to 2003, followed by a 99% rise from 2003 to 2007. There was a significant increase of 442% from 2007 to 2012, but then a decrease of 33% from 2012 to 2017. The value saw a 49% increase from 2017 to 2023, and finally, an 11% rise from 2023 to 2024. 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 value for these streets is Rs 3,050 per sq.ft, placing Chakrapani Nagar 5th Street above this median.

• Chakrapani Nagar 5th Cross Street: Rs 3,600 per sq.ft (2024)
• Chakrapani Nagar 6th Street: Rs 3,600 per sq.ft (2024)
• Chakrapani Nagar 4th Street: Rs 3,600 per sq.ft (2024)
• Chakrapani Nagar 7th Street: Rs 3,600 per sq.ft (2024)
• Chakrapani Nagar 4th Cross Street: Rs 3,600 per sq.ft (2024)
• Chakrapani Nagar 8th Street: Rs 3,600 per sq.ft (2024)

Stamp duty and registration fee for property in Chakrapani Nagar 5th 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 at 7% would amount to Rs 2,52,000, and the registration fee at 2% would be Rs 72,000, bringing the total cost for these fees to Rs 3,24,000. 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 Chakrapani Nagar 5th Street?

The Sub Registrar Office that covers Chakrapani Nagar 5th Street is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. To find your SRO, you can visit find your SRO.

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 that need to be paid at the time of registration.

When a property is sold, the guideline value is considered alongside the sale price. The higher of the two values is used to calculate the applicable stamp duty and registration fees, ensuring that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Chakrapani Nagar 5th Street?

The current guideline value of Chakrapani Nagar 5th 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 from Rs 275 per sq.ft in 2002 to Rs 3,600 per sq.ft in 2024, reflecting a significant increase over the years.

What is the median guideline value for streets in Maduravoyal?

The median guideline value for streets in Maduravoyal is Rs 3,050 per sq.ft, with Chakrapani Nagar 5th Street's value being above this median.

What are the stamp duty and registration fees for a property in Chakrapani Nagar 5th Street?

For a 1,000 sq.ft plot at the current guideline value, the total stamp duty would be Rs 2,52,000 and the registration fee would be Rs 72,000, totaling Rs 3,24,000.

Where is the Sub Registrar Office for Chakrapani Nagar 5th Street located?

The Virugambakkam Sub Registrar Office is located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.