Guideline Value for Cheran Street

Cheran Street guideline value

The current guideline value of Cheran Street in Madanandapuram village is Rs 3,190 per sq.ft, effective from 1 July 2024. This street falls under the jurisdiction of the Kunrathur SRO and is classified as Residential Special Type - III.

How the guideline value of Cheran Street has changed

The guideline value of Cheran Street has seen significant changes over the years. In 2007, the guideline value was Rs 400 per sq.ft, which increased dramatically to Rs 2,900 per sq.ft in 2012, marking a rise of 625%. However, from 2012 to 2017, the value decreased to Rs 1,943 per sq.ft, a decline of 33%. The value then rose to Rs 2,900 per sq.ft in 2023, reflecting a 49% increase. The most recent revision in 2024 has set the guideline value at Rs 3,190 per sq.ft, a 10% increase from the previous year.

It is important to note that the register does not have figures for the years 2002 and 2003 for this street. Overall, from 2007 to 2024, the guideline value has increased by 698%.

Guideline values in Madanandapuram

In Madanandapuram, there are 94 streets under the Kunrathur SRO that carry a guideline value for 2024, ranging from Rs 2,530 to Rs 5,830 per sq.ft. The median value for these streets is Rs 3,520 per sq.ft, placing Cheran Street's current guideline value below this median.

• Blackberry Street: Rs 2,530 per sq.ft (2024)
• Bell Nagar: Rs 3,520 per sq.ft (2024)
• Dr. Shivaji Nagar: Rs 3,190 per sq.ft (2024)
• Dr.Sivaji Nagar Extension: Rs 3,190 per sq.ft (2024)
• Balraj Nagar: Rs 3,190 per sq.ft (2024)
• Balaji Avenue: Rs 3,190 per sq.ft (2024)

Stamp duty and registration fee for property in Cheran Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,190 per sq.ft, the total guideline value amounts to Rs 31,90,000. The stamp duty at 7% would be Rs 2,23,300, and the registration fee at 2% would be Rs 63,800, bringing the total to Rs 2,87,100. It is important to note that duty is charged on the higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Cheran Street?

The Sub Registrar Office that covers Cheran Street is the Kunrathur Sub Registrar Office, located at No.59, Road Street, Kundrathur, Chennai -600 069. You can find your SRO for more information.

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

The guideline value plays a crucial role in property transactions in Madanandapuram. When buying or selling property, the guideline value is used to determine the stamp duty and registration fees that need to be paid at the time of registration. This ensures that the government receives a fair revenue from property transactions based on the established guideline values.

Additionally, the guideline value helps in assessing the market worth of properties in the area, aiding buyers and sellers in making informed decisions. It is essential for all parties involved in a transaction to be aware of the current guideline value to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Cheran Street?

The current guideline value of Cheran Street is Rs 3,190 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly, increasing from Rs 400 per sq.ft in 2007 to Rs 3,190 per sq.ft in 2024, which represents an overall increase of 698%.

What is the median guideline value in Madanandapuram?

The median guideline value for streets in Madanandapuram is Rs 3,520 per sq.ft, which is higher than the current guideline value of Cheran Street.

What are the stamp duty and registration fees for properties on Cheran Street?

For a property valued at Rs 31,90,000, the stamp duty would be Rs 2,23,300 and the registration fee would be Rs 63,800, totaling Rs 2,87,100.

Which office handles registrations for properties on Cheran Street?

The Kunrathur Sub Registrar Office handles registrations for properties on Cheran Street, located at No.59, Road Street, Kundrathur, Chennai -600 069.