Guideline Value for Chembers Colony 3rd Main Road

Chembers Colony 3rd Main Road guideline value

The current guideline value of Chembers Colony 3rd 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, classified as Residential Class I Type - II.

How the guideline value of Chembers Colony 3rd Main Road has changed

The guideline value for Chembers Colony 3rd Main Road has undergone several revisions over the years. The oldest recorded value is from 2003, set at Rs 690 per sq.ft. This value increased to Rs 1,000 per sq.ft in 2007, marking a 45% rise. By 2012, the value had significantly increased to Rs 3,000 per sq.ft, reflecting a 200% jump. However, in 2017, the value decreased to Rs 2,010 per sq.ft, which is a drop of 33%. The most recent revision in 2024 set the value at Rs 3,300 per sq.ft, representing a 64% increase from 2017.

It is important to note that there are no figures available for the years 2023 and 2002 in the register for this street. Overall, from the initial value in 2003 to the current value in 2024, there has been a remarkable increase of 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, with the median value being Rs 3,300 per sq.ft. The guideline value for Chembers Colony 3rd Main Road is equal to this median.

• Chembers Colony 3rd Cross St.: Rs 3,300 per sq.ft (2024)
• Chembers Colony 4th Cross St.: Rs 3,300 per sq.ft (2024)
• Chembers Colony 2nd Main Road: Rs 3,300 per sq.ft (2024)
• Chembers Colony 5th Cross St.: Rs 3,300 per sq.ft (2024)
• Chembers Colony 2nd Cross St.: Rs 3,300 per sq.ft (2024)
• Chembers Colony 6th Cross St.: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Chembers Colony 3rd 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 amounts to Rs 33,00,000. The stamp duty at 7% would be Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, totaling Rs 2,97,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Chembers Colony 3rd Main Road?

The Sub Registrar Office that covers Chembers Colony 3rd 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 information.

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

The guideline value is a crucial factor when buying or selling property in Zaminpallavaram. It serves as a benchmark for determining the minimum value of a property during registration, ensuring that the transaction is recorded at a fair value as per government regulations.

When a property is registered, the guideline value is used to calculate the stamp duty and registration fees, which are mandatory costs associated with property transactions. Buyers and sellers must be aware of the current guideline value to understand their financial obligations during the registration process.

Frequently asked questions

What is the current guideline value of Chembers Colony 3rd Main Road?

The current guideline value of Chembers Colony 3rd Main Road is Rs 3,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

Over the years, the guideline value has seen significant fluctuations, starting from Rs 690 per sq.ft in 2003 and reaching Rs 3,300 per sq.ft in 2024, an increase of 378% overall.

What is the land classification for Chembers Colony 3rd Main Road?

Chembers Colony 3rd Main Road is classified as Residential Class I Type - II, which indicates its suitability for residential development.

Which office handles registrations for properties in this area?

The Pallavaram Sub Registrar Office handles registrations for properties in Chembers Colony 3rd Main Road, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044.

How is the stamp duty calculated for properties in this area?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, a property valued at Rs 33,00,000 would incur a stamp duty of Rs 2,31,000 at 7%.