Guideline Value for Chengalamman Avenue

Chengalamman Avenue guideline value

The current guideline value of Chengalamman Avenue in Sholavaram village is Rs 550 per sq.ft, effective from 1 July 2024. This property falls under the Residential Class III Type - I land classification and is registered with the Redhills SRO.

How the guideline value of Chengalamman Avenue has changed

The guideline value for Chengalamman Avenue has undergone several revisions since 2003. The earliest recorded figure is from 2003, where it was Rs 19 per sq.ft. This figure saw a significant increase to Rs 200 per sq.ft in 2007, marking a change of +953%. The value then rose to Rs 500 per sq.ft in 2012, reflecting an increase of +150%. However, it experienced a decrease to Rs 335 per sq.ft in 2017, which is a drop of -33%. The guideline value was revised to Rs 500 per sq.ft in 2023, followed by the current figure of Rs 550 per sq.ft in 2024, representing a +10% increase.

Overall, from 2003 to 2024, the guideline value has increased by +2,795%. The register has no figure for the year 2002 for this street.

Guideline values in Sholavaram

In Sholavaram, there are 98 streets under the Redhills SRO that carry a 2024 guideline value, ranging from Rs 515 to Rs 3,500 per sq.ft. The median value for these streets is Rs 660 per sq.ft, indicating that the guideline value of Chengalamman Avenue is below this median.

• Chengalamman Garden: Rs 550 per sq.ft (2024)
• Chengalamman Nagar: Rs 550 per sq.ft (2024)
• Chengalamman Nagar Annex: Rs 770 per sq.ft (2024)
• Chengalamman Nagar Extn.: Rs 550 per sq.ft (2024)
• Chengallamman Nagar: Rs 550 per sq.ft (2024)
• Chenglamman Nagar (S.No.611/1A): Rs 1,650 per sq.ft (2024)

Stamp duty and registration fee for property in Chengalamman Avenue

For a 1,000 sq.ft plot at the current guideline value of Rs 550 per sq.ft, the total guideline value would be Rs 5,50,000. The stamp duty at 7% would amount to Rs 38,500, and the registration fee at 2% would be Rs 11,000, bringing the total fees to Rs 49,500. Duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more information.

Which Sub Registrar Office covers Chengalamman Avenue?

The Chengalamman Avenue is covered by the Redhills Sub Registrar Office, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052. You can find your SRO for more details.

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

The guideline value is a crucial factor during the registration of property transactions in Sholavaram. It is used to determine the stamp duty and registration fees applicable to the property being bought or sold.

When a property is registered, the guideline value is assessed to ensure that the transaction is in line with the current market standards. This value helps maintain transparency in property dealings and ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Chengalamman Avenue?

The current guideline value of Chengalamman Avenue is Rs 550 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 19 per sq.ft in 2003 to Rs 550 per sq.ft in 2024, reflecting an overall increase of +2,795% over this period.

What is the land classification for Chengalamman Avenue?

Chengalamman Avenue is classified as Residential Class III Type - I, indicating its suitability for residential development.

Where can I find the Redhills Sub Registrar Office?

The Redhills Sub Registrar Office is located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052.

How are stamp duty and registration fees calculated?

Stamp duty is calculated at 7% of the guideline value or sale price, whichever is higher, while the registration fee is charged at 2% of the same value. For example, a 1,000 sq.ft plot at Rs 550 per sq.ft would incur total fees of Rs 49,500.