Guideline Value for Chakravarthy Colony

Chakravarthy Colony guideline value

The current guideline value of Chakravarthy Colony is Rs 5,500 per sq.ft, effective from 1 July 2024. This area is located in Ayanavaram village and falls under the AnnaNagar SRO. The land classification for this street is Residential Class I Type - II.

How the guideline value of Chakravarthy Colony has changed

The guideline value for Chakravarthy Colony has seen several revisions over the years. In 2007, the guideline value was Rs 1,000 per sq.ft. This increased significantly to Rs 5,000 per sq.ft in 2012, marking a 400% rise. However, in 2017, the value decreased to Rs 3,350 per sq.ft, a reduction of 33%. The value then rose again to Rs 5,000 per sq.ft in 2023, and subsequently increased to the current rate of Rs 5,500 per sq.ft in 2024, reflecting a 10% increase from the previous year. Notably, the register has no figures for the years 2002 and 2003 for this street.

Overall, from 2007 to 2024, the guideline value has increased by 450%. The changes between the revisions illustrate the fluctuations in the guideline value, with the most significant increase occurring between 2007 and 2012.

Guideline values in Ayanavaram

Ayanavaram has a total of 369 streets under the AnnaNagar SRO, with guideline values ranging from Rs 2,700 to Rs 20,000 per sq.ft as per the 2024 revision. The median guideline value in this area is Rs 4,900 per sq.ft, making Chakravarthy Colony's current value of Rs 5,500 per sq.ft above this median.

• Chelliamman Koil Street: Rs 4,900 per sq.ft (2024)
• Chengalvarayan Street: Rs 4,900 per sq.ft (2024)
• Butmedu (G.K.M. Colony) Chennai 82: Rs 2,700 per sq.ft (2024)
• Chetty Street: Rs 5,500 per sq.ft (2024)
• Chetty Street Lane: Rs 5,500 per sq.ft (2024)
• Chetty Thoppu street: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in Chakravarthy Colony

For a 1,000 sq.ft plot in Chakravarthy Colony at the current guideline value of Rs 5,500 per sq.ft, the total guideline value amounts to Rs 55,00,000. The stamp duty at 7% would be Rs 3,85,000, and the registration fee at 2% would be Rs 1,10,000, bringing the total cost to Rs 4,95,000. It is important to note that 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 Chakravarthy Colony?

The Sub Registrar Office that covers Chakravarthy Colony is the AnnaNagar Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office. You can find your SRO for more information.

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

When buying or selling property in Ayanavaram, the guideline value plays a crucial role in determining the stamp duty and registration fees. The guideline value is set by the government and serves as a benchmark for property transactions in the area.

At the time of registration, the stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Chakravarthy Colony?

The current guideline value of Chakravarthy Colony is Rs 5,500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,000 per sq.ft in 2007 to Rs 5,500 per sq.ft in 2024, marking an overall increase of 450% over the years.

What is the land classification of Chakravarthy Colony?

Chakravarthy Colony is classified as Residential Class I Type - II, indicating its designation for residential purposes.

What are the stamp duty rates for property transactions?

The stamp duty for property transactions in Chakravarthy Colony is charged at a rate of 7% on the guideline value or the sale price, whichever is higher.

Where is the AnnaNagar Sub Registrar Office located?

The AnnaNagar Sub Registrar Office is located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office.