Guideline Value for Chengalamman Nagar

Chengalamman Nagar guideline value

The current guideline value of Chengalamman Nagar, located in Karanodai village under the Redhills SRO, is Rs 440 per sq.ft, effective from 1 July 2024. This area is classified as Residential Class III Type - I.

How the guideline value of Chengalamman Nagar has changed

The guideline value for Chengalamman Nagar has undergone several revisions over the years. In 2002, the value was Rs 259 per sq.ft, which then decreased to Rs 27 per sq.ft in 2003, marking a significant drop of 90%. The value saw a remarkable increase to Rs 200 per sq.ft in 2007, a change of 641%. Following that, it doubled to Rs 400 per sq.ft in 2012, reflecting a 100% increase. However, it then fell to Rs 268 per sq.ft in 2017, a decrease of 33%. The value rose again to Rs 400 per sq.ft in 2023, and most recently, it increased to Rs 440 per sq.ft in 2024, which is a 10% rise.

Overall, from 2002 to 2024, the guideline value has increased by 70%. There are no figures available for the years not mentioned in the revisions for this street.

Guideline values in Karanodai

Karanodai village has 38 streets under the Redhills SRO with a 2024 guideline value ranging from Rs 440 to Rs 2,000 per sq.ft. The median value for these streets is Rs 1,210 per sq.ft, placing Chengalamman Nagar's 2024 figure below this median.

• Chendur Murugan Nagar: Rs 440 per sq.ft (2024)
• Chelliamman Koil Street: Rs 1,210 per sq.ft (2024)
• Bungalaw Mettu Street: Rs 1,210 per sq.ft (2024)
• Bharathidasan Nagar: Rs 440 per sq.ft (2024)
• Dharmaraja Koil Street: Rs 1,210 per sq.ft (2024)
• Dr. Ambedkar Street: Rs 440 per sq.ft (2024)

Stamp duty and registration fee for property in Chengalamman Nagar

For a 1,000 sq.ft plot at the current rate of Rs 440 per sq.ft, the guideline value amounts to Rs 4,40,000. The stamp duty at 7% would be Rs 30,800, and the registration fee at 2% would be Rs 8,800, totaling Rs 39,600. Please note that the duty is charged on the higher of the guideline value or the sale price. You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Chengalamman Nagar?

The Chengalamman Nagar area falls under the jurisdiction of 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 information.

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

The guideline value is a crucial factor when registering property transactions in Karanodai. It serves as a benchmark for determining the minimum value at which properties can be registered, ensuring that the government receives appropriate stamp duty and registration fees.

When buying or selling property, the guideline value helps both parties understand the official valuation of the property. It is important to note that the actual sale price may be higher than the guideline value, and in such cases, the higher amount will be used for calculating duties and fees.

Frequently asked questions

What is the current guideline value of Chengalamman Nagar?

The current guideline value of Chengalamman Nagar is Rs 440 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 259 per sq.ft in 2002 to Rs 440 per sq.ft in 2024, reflecting various increases and decreases in between.

What is the classification of land in Chengalamman Nagar?

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

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 is the stamp duty calculated for property in Chengalamman Nagar?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 4,40,000, the stamp duty would be Rs 30,800 at 7%.