Guideline Value for Cheran Street

Cheran Street guideline value

The current guideline value of Cheran Street in Sembiam village, under the Sembiam SRO, is Rs 2,700 per sq.ft, effective from 1 July 2024. This street falls under the Residential Class I Type - I land classification.

How the guideline value of Cheran Street has changed

The guideline value for Cheran Street has seen several revisions over the years. In 2007, the value was set at Rs 700 per sq.ft, which increased significantly to Rs 2,500 per sq.ft in 2012. However, it experienced a decrease of 33% to Rs 1,675 per sq.ft in 2017. The value then rose to Rs 2,500 per sq.ft in 2023, and the latest revision in 2024 has set it at Rs 2,700 per sq.ft, marking an 8% increase from the previous year.

It is important to note that there are no figures available for Cheran Street for the years 2002 and 2003. Overall, from 2007 to 2024, the guideline value has increased by 286%.

Guideline values in Sembiam

In Sembiam, there are 250 streets under the Sembiam SRO that carry a 2024 guideline value, ranging from Rs 1,700 to Rs 7,100 per sq.ft. The median value is Rs 2,700 per sq.ft, which aligns with the current guideline value of Cheran Street.

• Chidambaranar Street: Rs 2,700 per sq.ft (2024)
• Chinna Kulanthai 1st Cross Street: Rs 2,700 per sq.ft (2024)
• Chinna Kulanthai 1st Street: Rs 2,700 per sq.ft (2024)
• Chinna Kulanthai 2nd Cross Street: Rs 2,700 per sq.ft (2024)
• Chinna Kulanthai 2nd Street: Rs 2,700 per sq.ft (2024)
• Chinna Kulanthai 3rd Cross Street: Rs 2,700 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 2,700 per sq.ft, the total guideline value amounts to Rs 27,00,000. The stamp duty at 7% would be Rs 1,89,000, and the registration fee at 2% would be Rs 54,000, bringing the total fees together to Rs 2,43,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Cheran Street?

Cheran Street is covered by the Sembiam Sub Registrar Office, located at 5, Papermills Road, Sembiam, Chennai - 600011. You can find your SRO for more details.

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

The guideline value is a critical factor during the registration of property transactions in Sembiam. It serves as a benchmark for determining the minimum price at which a property can be sold, ensuring transparency and fairness in property dealings.

When buying or selling property, the guideline value is used to calculate applicable stamp duties and registration fees, which are mandatory for legal documentation. This ensures that both buyers and sellers are aware of the financial obligations associated with property transactions.

Frequently asked questions

What is the current guideline value of Cheran Street?

The current guideline value of Cheran Street is Rs 2,700 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 700 per sq.ft in 2007 to Rs 2,700 per sq.ft in 2024, reflecting an overall increase of 286% over the years.

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

For a property valued at Rs 27,00,000, the stamp duty would be Rs 1,89,000 and the registration fee would be Rs 54,000, totaling Rs 2,43,000.

Which office handles property registrations for Cheran Street?

The Sembiam Sub Registrar Office, located at 5, Papermills Road, Sembiam, Chennai - 600011, handles property registrations for Cheran Street.

What is the land classification for Cheran Street?

Cheran Street is classified as Residential Class I Type - I, indicating its suitability for residential development.