Guideline Value for Chakrapani Nagar 1st Cross Street

Chakrapani Nagar 1st Cross Street guideline value

The current guideline value of Chakrapani Nagar 1st Cross 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 1st Cross Street has changed

The guideline value for Chakrapani Nagar 1st Cross 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. 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. The value was Rs 3,250 per sq.ft again in 2023, before reaching the current rate of Rs 3,600 per sq.ft in 2024.

The changes between these revisions indicate a varied growth pattern. From 2002 to 2003, the increase was +9%. The jump from 2003 to 2007 was +99%, followed by a substantial rise of +442% from 2007 to 2012. However, from 2012 to 2017, there was a decrease of -33%. The value then increased by +49% from 2017 to 2023, and finally, there was an increase of +11% 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, with a median value of Rs 3,050 per sq.ft. The guideline value for Chakrapani Nagar 1st Cross Street is above this median.

• Chakrapani Nagar 15th Street: Rs 3,600 per sq.ft (2024)
• Chakrapani Nagar 1st Street: Rs 3,850 per sq.ft (2024)
• Chakrapani Nagar 14th Street: Rs 3,600 per sq.ft (2024)
• Chakrapani Nagar 2nd Cross Street: Rs 3,600 per sq.ft (2024)
• Chakrapani Nagar 13th Street: Rs 3,600 per sq.ft (2024)
• Chakrapani Nagar 2nd Street: Rs 3,600 per sq.ft (2024)

Stamp duty and registration fee for property in Chakrapani Nagar 1st Cross 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, making the total cost for these fees 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 1st Cross Street?

The Sub Registrar Office that covers Chakrapani Nagar 1st Cross 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 is an essential factor when registering property transactions in Maduravoyal. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the sale or purchase of property.

When a property is sold, the buyer must ensure that the transaction is registered at the Sub Registrar Office, where the guideline value will be used to calculate the applicable fees. This ensures that the transaction is legally recognized and that the necessary taxes are paid.

Frequently asked questions

What is the current guideline value of Chakrapani Nagar 1st Cross Street?

The current guideline value of Chakrapani Nagar 1st Cross 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, with various increases and decreases in between.

What is the land classification for Chakrapani Nagar 1st Cross Street?

The land classification for Chakrapani Nagar 1st Cross Street is Residential Class I Type - II.

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

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.

Where is the Sub Registrar Office located for this area?

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