Guideline Value for Cheran Street(Prakash Nagar)

Cheran Street(Prakash Nagar) guideline value

The current guideline value of Cheran Street(Prakash Nagar) is Rs 2,400 per sq.ft, effective from 1 July 2024. This street is located in Oragadam village, under the Ambattur SRO, and is classified as Residential Special Type - I.

How the guideline value of Cheran Street(Prakash Nagar) has changed

Over the years, the guideline value of Cheran Street(Prakash Nagar) has seen several revisions. The earliest recorded value was Rs 600 per sq.ft in 2007, which increased significantly to Rs 2,200 per sq.ft in 2012. However, this value decreased to Rs 1,474 per sq.ft in 2017. The 2023 revision set the value at Rs 2,200 per sq.ft, and the most recent 2024 revision raised it to Rs 2,400 per sq.ft. Notably, there are no figures available for the years 2002 and 2003 for this street.

The changes between the revisions indicate a substantial increase in value. From 2007 to 2012, there was a remarkable increase of 267%, followed by a decrease of 33% from 2012 to 2017. However, the value surged by 49% from 2017 to 2023, and the latest revision reflects a 9% increase from 2023 to 2024. Overall, from 2007 to 2024, the guideline value has increased by 300%.

Guideline values in Oragadam

In Oragadam, there are 596 streets under the Ambattur SRO that carry a 2024 guideline value ranging from Rs 1,100 to Rs 3,500 per sq.ft, with a median value of Rs 2,200 per sq.ft. Cheran Street(Prakash Nagar) is above this median with its current value of Rs 2,400 per sq.ft.

• Chengalvaraiyan Street (Gandhi Nagar): Rs 1,800 per sq.ft (2024)
• Chellamuthu Street: Rs 1,400 per sq.ft (2024)
• Chellammal Kovil Street: Rs 1,400 per sq.ft (2024)
• Chozhan Street (Prakash Nagar): Rs 2,400 per sq.ft (2024)
• Church Street (Gandhi Nagar): Rs 1,800 per sq.ft (2024)
• Church Street (Venkatesara Nagar): Rs 1,600 per sq.ft (2024)

Stamp duty and registration fee for property in Cheran Street(Prakash Nagar)

For a 1,000 sq.ft plot at the current guideline value of Rs 2,400 per sq.ft, the total guideline value would be Rs 24,00,000. The stamp duty at 7% would amount to Rs 1,68,000, and the registration fee at 2% would be Rs 48,000, making the total fees together Rs 2,16,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Cheran Street(Prakash Nagar)?

The Sub Registrar Office that covers Cheran Street(Prakash Nagar) is the Ambattur Sub Registrar Office, located at Villivakkam Panchayat Union Board, Office Compound, Dunlop Bus Stop, Ambattur - 600 053, Chennai registration zone. You can find your SRO for more information.

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

The guideline value plays a crucial role when buying or selling property in Oragadam. It is used to determine the stamp duty and registration fees that must be paid during the registration process. Buyers should be aware that these fees are calculated based on the higher of the guideline value or the actual sale price of the property.

When a property is registered, the guideline value ensures that the transaction is recorded at a fair value. This helps in maintaining transparency in property transactions and aids in government revenue collection through stamp duty and registration fees.

Frequently asked questions

What is the current guideline value of Cheran Street(Prakash Nagar)?

The current guideline value of Cheran Street(Prakash Nagar) is Rs 2,400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 600 per sq.ft in 2007 to Rs 2,400 per sq.ft in 2024, reflecting a total increase of 300% over the years.

What is the land classification for Cheran Street(Prakash Nagar)?

Cheran Street(Prakash Nagar) is classified as Residential Special Type - I, which influences its guideline value.

Where can I find the Sub Registrar Office for Cheran Street(Prakash Nagar)?

The Sub Registrar Office for Cheran Street(Prakash Nagar) is the Ambattur Sub Registrar Office, located at Villivakkam Panchayat Union Board, Office Compound, Dunlop Bus Stop, Ambattur - 600 053, Chennai registration zone.

How is stamp duty calculated for property transactions in Oragadam?

Stamp duty is calculated based on the higher of the guideline value or the actual sale price of the property. For example, if the guideline value is Rs 24,00,000, the stamp duty at 7% would be Rs 1,68,000.