Guideline Value for Chakrapani Nagar 8th Street

Chakrapani Nagar 8th Street guideline value

The current guideline value of Chakrapani Nagar 8th 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 falls under the Residential Class I Type - II land classification.

How the guideline value of Chakrapani Nagar 8th Street has changed

The guideline value for Chakrapani Nagar 8th Street has undergone several revisions over the years. The earliest recorded figure is from 2002, which was Rs 275 per sq.ft. This value increased to Rs 301 per sq.ft in 2003, marking a 9% rise. The next revision in 2007 saw a significant increase to Rs 600 per sq.ft, reflecting a 99% change. In 2012, the value rose to Rs 3,250 per sq.ft, showing a remarkable 442% increase from the previous revision. However, in 2017, it decreased to Rs 2,177 per sq.ft, indicating a decline of 33% from 2012. The guideline value then increased to Rs 3,250 per sq.ft in 2023, followed by the current value 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%. There are no figures available for the years not mentioned in this register for this street.

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 8th Street's 2024 figure above this median.

• Chakrapani Nagar 7th Street: Rs 3,600 per sq.ft (2024)
• Chakrapani Nagar 9th Street: Rs 3,600 per sq.ft (2024)
• Chakrapani Nagar 6th Street: Rs 3,600 per sq.ft (2024)
• Chakrapani Nagar Main Road: Rs 3,850 per sq.ft (2024)
• Chakrapani Nagar 5th Street: Rs 3,600 per sq.ft (2024)
• Chakrapani Nagar 5th Cross Street: Rs 3,600 per sq.ft (2024)

Stamp duty and registration fee for property in Chakrapani Nagar 8th 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 details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Chakrapani Nagar 8th Street?

The Sub Registrar Office that covers Chakrapani Nagar 8th Street is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. For more information, you can find your SRO.

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

The guideline value plays a crucial role in the registration process of property transactions in Maduravoyal. It serves as a benchmark for determining the minimum value at which a property can be sold or purchased, ensuring that the transaction is recorded accurately with the appropriate fees applied.

When buying or selling property, the guideline value is utilized to calculate the stamp duty and registration fees, which are mandatory for the legal transfer of ownership. This ensures that all transactions are conducted transparently and in accordance with the regulations set by the Registration Department.

Frequently asked questions

What is the current guideline value of Chakrapani Nagar 8th Street?

The current guideline value of Chakrapani Nagar 8th 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 an overall increase of 1,209% over this period.

What are the stamp duty and registration fees for properties in Chakrapani Nagar 8th Street?

For a property valued at Rs 36,00,000, the stamp duty would be Rs 2,52,000 and the registration fee would be Rs 72,000, totaling Rs 3,24,000.

Which Sub Registrar Office is responsible for Chakrapani Nagar 8th Street?

The Virugambakkam Sub Registrar Office is responsible for Chakrapani Nagar 8th Street, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

What is the land classification for Chakrapani Nagar 8th Street?

Chakrapani Nagar 8th Street is classified as Residential Class I Type - II, according to the guidelines set by the Registration Department.