Guideline Value for Chembers Colony 2nd Main Road

Chembers Colony 2nd Main Road guideline value

The current guideline value for Chembers Colony 2nd Main Road is Rs 3,300 per sq.ft, effective from 1 July 2024. This street is located in Zaminpallavaram village, under the Pallavaram SRO, and is classified as Residential Class I Type - II.

How the guideline value of Chembers Colony 2nd Main Road has changed

The guideline value for Chembers Colony 2nd Main Road has seen several revisions over the years. In 2003, the value was Rs 690 per sq.ft, which increased to Rs 1,000 per sq.ft in 2007, marking a 45% rise. By 2012, the value reached Rs 3,000 per sq.ft, reflecting a significant increase of 200% from the previous revision. However, in 2017, the value dropped to Rs 2,010 per sq.ft, a decrease of 33%.

As of the 2024 revision, the guideline value stands at Rs 3,300 per sq.ft, which is a substantial increase of 64% from the 2017 figure. Overall, from 2003 to 2024, the guideline value has increased by 378%.

Guideline values in Zaminpallavaram

In Zaminpallavaram, there are 638 streets under the Pallavaram SRO that carry a 2024 guideline value, ranging from Rs 2,100 to Rs 11,000 per sq.ft. The median value for these streets is Rs 3,300 per sq.ft, which is the same as the current value for Chembers Colony 2nd Main Road.

• Chembers Colony 2nd Cross St.: Rs 3,300 per sq.ft (2024)
• Chembers Colony 3rd Cross St.: Rs 3,300 per sq.ft (2024)
• Chembers Colony 1st Watchman Quars.: Rs 3,300 per sq.ft (2024)
• Chembers Colony 3rd Main Road: Rs 3,300 per sq.ft (2024)
• Chembers Colony 1st Main Road: Rs 3,300 per sq.ft (2024)
• Chembers Colony 4th Cross St.: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Chembers Colony 2nd Main Road

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value would be Rs 33,00,000. The stamp duty at 7% would amount to Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, bringing the total to Rs 2,97,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

You can use the stamp duty and registration fee calculator for more information.

Which Sub Registrar Office covers Chembers Colony 2nd Main Road?

The Sub Registrar Office that covers Chembers Colony 2nd Main Road is the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, Chengalpattu registration zone. You can find your SRO for more details.

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

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

When buying or selling property, it is essential to be aware of the current guideline value, as it can significantly impact the overall costs involved in the transaction. Buyers and sellers should ensure that the sale price is in line with or above the guideline value to avoid any legal complications during registration.

Frequently asked questions

What is the current guideline value for Chembers Colony 2nd Main Road?

The current guideline value for Chembers Colony 2nd Main Road is Rs 3,300 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 690 per sq.ft in 2003 to Rs 3,300 per sq.ft in 2024, reflecting an overall increase of 378% over the years.

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

For a property valued at Rs 33,00,000, the stamp duty would be Rs 2,31,000 and the registration fee would be Rs 66,000, totaling Rs 2,97,000.

Which Sub Registrar Office handles registrations for this street?

The Pallavaram Sub Registrar Office is responsible for registrations in Chembers Colony 2nd Main Road, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, Chengalpattu registration zone.

What is the land classification for Chembers Colony 2nd Main Road?

Chembers Colony 2nd Main Road is classified as Residential Class I Type - II, indicating its suitability for residential purposes.