Guideline Value for Chellammal Nagar 1st Street

Chellammal Nagar 1st Street guideline value

The current guideline value of Chellammal Nagar 1st Street is Rs 3,100 per sq.ft, effective from 1 July 2024. This street is located in Ramapuram village and falls under the Chennai South Joint II SRO. The land classification for this area is Residential Class II Type - I.

How the guideline value of Chellammal Nagar 1st Street has changed

In the 2012 revision, the guideline value was Rs 2,800 per sq.ft. This figure remained the same in the 2012 revision and then decreased to Rs 1,876 per sq.ft in the 2017 revision, marking a decline of 33%. The value then increased significantly to Rs 2,800 per sq.ft in the 2023 revision, followed by a further increase to Rs 3,100 per sq.ft in the 2024 revision, reflecting an 11% rise.

Overall, from the 2012 revision to the 2024 revision, the guideline value has increased by 11%. The changes from 2017 to 2023 saw a substantial increase of 49%, and from 2023 to 2024, there was an increase of 11%. The register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Ramapuram

In Ramapuram, there are 394 streets under the Chennai South Joint II SRO that carry a 2024 guideline value, ranging from Rs 1,950 to Rs 6,600 per sq.ft. The median value for these streets is Rs 3,100 per sq.ft, placing Chellammal Nagar 1st Street at the median value.

• Chellammal Nagar 2nd Street: Rs 3,100 per sq.ft (2024)
• Chellammal Nagar/Main Road/ 1st & 2nd Cross Street: Rs 3,100 per sq.ft (2024)
• Chellammal Link Road: Rs 3,100 per sq.ft (2024)
• Chengavalrayan Street: Rs 3,550 per sq.ft (2024)
• Chidambaram Nagar: Rs 3,100 per sq.ft (2024)
• Chidambaram Nagar 2nd Street: Rs 3,100 per sq.ft (2024)

Stamp duty and registration fee for property in Chellammal Nagar 1st Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,100 per sq.ft, the total guideline value would be Rs 31,00,000. The stamp duty at 7% would amount to Rs 2,17,000, and the registration fee at 2% would be Rs 62,000, bringing the total fees together to Rs 2,79,000. Duty is charged on the higher of the guideline value and the sale price.

For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Chellammal Nagar 1st Street?

The Sub Registrar Office that covers Chellammal Nagar 1st Street is the Chennai South Joint II Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035. You can find your SRO for more details.

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

The guideline value is a critical factor during property registration in Ramapuram. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue from stamp duty and registration fees.

When buying or selling property, the guideline value helps both parties understand the legal value of the property. It is essential to note that the stamp duty is charged on the higher of the guideline value or the sale price, ensuring compliance with local regulations.

Frequently asked questions

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

The current guideline value of Chellammal Nagar 1st Street is Rs 3,100 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,800 per sq.ft in 2012 to Rs 1,876 per sq.ft in 2017, then increased to Rs 2,800 per sq.ft in 2023, and finally to Rs 3,100 per sq.ft in 2024.

What is the land classification for Chellammal Nagar 1st Street?

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

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

For a property valued at Rs 31,00,000, the stamp duty would be Rs 2,17,000 and the registration fee would be Rs 62,000, totaling Rs 2,79,000.

Which office handles property registrations for Chellammal Nagar 1st Street?

The Chennai South Joint II Sub Registrar Office handles property registrations for Chellammal Nagar 1st Street, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035.