Guideline Value for Chakrapani Nagar 5th Cross Street

Chakrapani Nagar 5th Cross Street guideline value

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

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

Over the years, the guideline value of Chakrapani Nagar 5th Cross Street has seen significant changes. The 2007 revision set the value at Rs 600 per sq.ft, which increased dramatically to Rs 3,250 per sq.ft in 2012, marking a rise of 442%. However, the value then decreased to Rs 2,177 per sq.ft in 2017, a decline of 33%. Following this, the value rose to Rs 3,250 per sq.ft in 2023, and finally, the current rate is Rs 3,600 per sq.ft from the 2024 revision, reflecting an increase of 11% from the previous year.

From 2017 to 2023, there was a notable increase of 49%. Overall, from the 2007 revision to the 2024 revision, the guideline value has increased by 500%. The register has no figures for the years 2002 and 2003 for this street.

Guideline values in Maduravoyal

In Maduravoyal, there are 636 streets under the Virugambakkam SRO that have 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 5th Cross Street is above this median.

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

Stamp duty and registration fee for property in Chakrapani Nagar 5th Cross Street

For a 1,000 sq.ft plot at the current rate of Rs 3,600 per sq.ft, the guideline value would be 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, totaling Rs 3,24,000. It is important to note that duty is charged on the guideline value or the sale price, whichever is higher. You can also use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Chakrapani Nagar 5th Cross Street?

The Sub Registrar Office that covers Chakrapani Nagar 5th 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 a crucial factor during the registration of property transactions in Maduravoyal. It serves as the minimum value on which stamp duty and registration fees are calculated, ensuring that the government receives the appropriate revenue from property transactions.

When buying or selling property, the guideline value helps determine the official value of the property, which can influence negotiations and the final sale price. Buyers and sellers should be aware of the current guideline value to make informed decisions during the transaction process.

Frequently asked questions

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

The current guideline value of Chakrapani Nagar 5th 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 significantly, increasing from Rs 600 per sq.ft in 2007 to Rs 3,600 per sq.ft in 2024, marking an overall increase of 500%.

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

The stamp duty is charged at 7% on the guideline value, and the registration fee is 2%. For a 1,000 sq.ft plot, the total cost for these fees would be Rs 3,24,000.

Which Sub Registrar Office covers this street?

The Virugambakkam Sub Registrar Office covers Chakrapani Nagar 5th Cross Street, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

What is the land classification for Chakrapani Nagar 5th Cross Street?

The land classification for Chakrapani Nagar 5th Cross Street is Residential Class I Type - II.