Guideline Value for Chengalamman Nagar Extn.

Chengalamman Nagar Extn. guideline value

The current guideline value of Chengalamman Nagar Extn. is Rs 550 per sq.ft, effective from 1 July 2024. This area is located in Sholavaram village and falls under the Redhills SRO. The land classification for this street is Residential Class III Type - I.

How the guideline value of Chengalamman Nagar Extn. has changed

The guideline value for Chengalamman Nagar Extn. has seen several revisions over the years. Starting with the 2003 revision, the value was Rs 21 per sq.ft. This increased significantly to Rs 200 per sq.ft in 2007, marking a change of +852%. In 2012, the value rose to Rs 500 per sq.ft, which was a +150% increase from the previous revision. However, in 2017, it decreased to Rs 335 per sq.ft, reflecting a drop of -33%.

From 2017 to 2023, the guideline value increased to Rs 500 per sq.ft, a rise of +49%. The most recent revision in 2024 set the value at Rs 550 per sq.ft, which is a +10% increase from the previous year. Overall, from 2003 to 2024, the guideline value has increased by +2,519%. The register has no figure for this street for the year 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. The median value for these streets is Rs 660 per sq.ft, placing the 2024 guideline value of Chengalamman Nagar Extn. below that median.

• Chengalamman Nagar Annex: Rs 770 per sq.ft (2024)
• Chengallamman Nagar: Rs 550 per sq.ft (2024)
• Chengalamman 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 Extn.

For a 1,000 sq.ft plot at the current rate of Rs 550 per sq.ft, the guideline value would be Rs 5,50,000. The stamp duty, charged at 7%, would amount to Rs 38,500, while the registration fee at 2% would be Rs 11,000. Together, these fees would total Rs 49,500. It is important to note that 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 information.

Which Sub Registrar Office covers Chengalamman Nagar Extn.?

The Sub Registrar Office that covers Chengalamman Nagar Extn. is 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 is used to determine the stamp duty and registration fees that need to be paid at the time of registration. Buyers should be aware that the guideline value may differ from the actual sale price, and the higher amount will be taken into account for calculating these fees.

When a property is registered, the guideline value ensures that the transaction is documented accurately for taxation purposes. It helps in maintaining transparency in property transactions and ensures that the appropriate fees are collected by the government.

Frequently asked questions

What is the current guideline value of Chengalamman Nagar Extn.?

The current guideline value of Chengalamman Nagar Extn. 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 21 per sq.ft in 2003 to Rs 550 per sq.ft in 2024, showing an overall increase of +2,519% over the years.

What are the registration fees for properties in Chengalamman Nagar Extn.?

For a property valued at Rs 5,50,000, the stamp duty would be Rs 38,500 and the registration fee would be Rs 11,000, totaling Rs 49,500.

Which Sub Registrar Office is responsible for Chengalamman Nagar Extn.?

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

What is the median guideline value in Sholavaram?

The median guideline value for streets in Sholavaram is Rs 660 per sq.ft, while Chengalamman Nagar Extn. has a guideline value of Rs 550 per sq.ft, which is below the median.