Guideline Value for Chengalamman Nagar Annex

Chengalamman Nagar Annex guideline value

The current guideline value of Chengalamman Nagar Annex is Rs 770 per sq.ft, effective from 1 July 2024. This area is located in Sholavaram village under the Redhills SRO and is classified as Residential Class I Type - I.

How the guideline value of Chengalamman Nagar Annex has changed

The guideline value for Chengalamman Nagar Annex has seen significant changes over the years. In 2003, the guideline value was Rs 22 per sq.ft, which increased to Rs 200 per sq.ft in 2007, marking a rise of 809%. The value then jumped to Rs 700 per sq.ft in 2012, a substantial increase of 250%. However, by 2017, it fell to Rs 469 per sq.ft, a decrease of 33%. The value rose again to Rs 700 per sq.ft in 2023, and the most recent revision has set it at Rs 770 per sq.ft in 2024, reflecting a 10% increase from the previous year.

Overall, from 2003 to 2024, the guideline value has increased by 3400%. The register has no figure for this street in 2002.

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, with a median value of Rs 660 per sq.ft. Chengalamman Nagar Annex's 2024 figure is above this median.

• Chengalamman Nagar Extn.: Rs 550 per sq.ft (2024)
• Chengalamman Nagar: Rs 550 per sq.ft (2024)
• Chengallamman Nagar: Rs 550 per sq.ft (2024)
• Chengalamman Garden: Rs 550 per sq.ft (2024)
• Chengalamman Avenue: 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 Nagar Annex

For a 1,000 sq.ft plot at the current rate of Rs 770 per sq.ft, the guideline value would be Rs 7,70,000. The stamp duty at 7% would be Rs 53,900, and the registration fee at 2% would be Rs 15,400, bringing the total to Rs 69,300. It is important to note that the duty is charged on the higher of the guideline value or the sale price. For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Chengalamman Nagar Annex?

The Chengalamman Nagar Annex falls under 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 plays a crucial role in the registration process when buying or selling property in Sholavaram. It determines the minimum value at which the property can be registered and is used to calculate the stamp duty and registration fees applicable to the transaction.

When a property is sold, the buyer must pay stamp duty based on the guideline value or the sale price, whichever is higher. This ensures that the government receives appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Chengalamman Nagar Annex?

The current guideline value of Chengalamman Nagar Annex is Rs 770 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 22 per sq.ft in 2003 to Rs 770 per sq.ft in 2024, reflecting an overall increase of 3400% over this period.

What is the land classification of Chengalamman Nagar Annex?

Chengalamman Nagar Annex is classified as Residential Class I Type - I, indicating its designation for residential use.

Where can I find the registration office for Chengalamman Nagar Annex?

The registration office for Chengalamman Nagar Annex is the Redhills Sub Registrar Office, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052.

How is stamp duty calculated for properties in Chengalamman Nagar Annex?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, for a property with a guideline value of Rs 7,70,000, the stamp duty would be calculated at 7% of that amount.