Guideline Value for Chakrapani Nagar 7th Street

Chakrapani Nagar 7th Street guideline value

The current guideline value for Chakrapani Nagar 7th 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 7th Street has changed

The guideline value for Chakrapani Nagar 7th Street has seen significant changes over the years. In 2002, the value was Rs 275 per sq.ft, which increased to Rs 301 per sq.ft in 2003, marking a 9% rise. The value then rose to Rs 600 per sq.ft in 2007, an increase of 99%. Following this, the value surged to Rs 3,250 per sq.ft in 2012, reflecting a remarkable 442% increase. However, it decreased to Rs 2,177 per sq.ft in 2017, a drop of 33%. The value then climbed to Rs 3,250 per sq.ft in 2023, before reaching the current rate of Rs 3,600 per sq.ft in 2024, which is an 11% increase from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 1,209%. Notably, the register has no figure for Chakrapani Nagar 6th Street, 8th Street, or 9th Street for the years not mentioned in this summary.

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 is Rs 3,050 per sq.ft, placing Chakrapani Nagar 7th Street above this median.

• Chakrapani Nagar 6th Street: Rs 3,600 per sq.ft (2024)
• Chakrapani Nagar 8th Street: Rs 3,600 per sq.ft (2024)
• Chakrapani Nagar 5th Street: Rs 3,600 per sq.ft (2024)
• Chakrapani Nagar 9th Street: Rs 3,600 per sq.ft (2024)
• Chakrapani Nagar 5th Cross Street: Rs 3,600 per sq.ft (2024)
• Chakrapani Nagar Main Road: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Chakrapani Nagar 7th Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,600 per sq.ft, the total guideline value amounts to Rs 36,00,000. The stamp duty at 7% would be 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 further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Chakrapani Nagar 7th Street?

The Sub Registrar Office covering Chakrapani Nagar 7th Street is 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 plays a crucial role in property transactions in Maduravoyal. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the registration process. Buyers and sellers must be aware of this value to ensure compliance with legal requirements.

During the registration of a property, the guideline value is used to calculate the applicable fees. It is essential to note that the fees are based on the higher of the guideline value or the sale price, which ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Chakrapani Nagar 7th Street?

The current guideline value of Chakrapani Nagar 7th Street is Rs 3,600 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

The guideline value has changed significantly, increasing from Rs 275 per sq.ft in 2002 to Rs 3,600 per sq.ft in 2024, which is an overall increase of 1,209%.

What is the land classification for Chakrapani Nagar 7th Street?

Chakrapani Nagar 7th Street is classified as Residential Class I Type - II.

What are the stamp duty and registration fees for properties 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, the total fees would amount to Rs 3,24,000.

Where is the Sub Registrar Office for Chakrapani Nagar 7th Street located?

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