Guideline Value for Cherian Nagar Main Street

Cherian Nagar Main Street guideline value

The current guideline value of Cherian Nagar Main Street is Rs 1,300 per sq.ft, effective from 1 July 2024. This street is located in Tondaiarpet village, under the Royapuram SRO, and is classified as Residential Class II Type - I.

How the guideline value of Cherian Nagar Main Street has changed

The guideline value for Cherian Nagar Main Street has seen several revisions over the years. The earliest available revision is from 2007, where the value was Rs 600 per sq.ft. This increased to Rs 1,200 per sq.ft in 2012, marking a significant rise of 100%. However, between 2012 and 2017, the value decreased to Rs 804 per sq.ft, reflecting a decline of 33%. The subsequent revision in 2023 set the value at Rs 1,200 per sq.ft, followed by the latest revision in 2024, which raised it to Rs 1,300 per sq.ft, an increase of 8%.

Overall, from 2007 to 2024, the guideline value has increased by 117%. It is important to note that there are no figures available for the years 2002 and 2003 in the register for this street.

Guideline values in Tondaiarpet

In Tondaiarpet village, there are 1,384 streets under the Royapuram SRO that carry a 2024 guideline value, ranging from Rs 1,100 to Rs 10,100 per sq.ft. The median value for these streets is Rs 1,600 per sq.ft, which means that the guideline value of Cherian Nagar Main Street is below that median.

• Cherian Nagar 4th Street: Rs 1,300 per sq.ft (2024)
• Cherian Nagar 3rd Street: Rs 1,300 per sq.ft (2024)
• Cherian Nagar 2nd Street: Rs 1,300 per sq.ft (2024)
• Cherian Nagar 2nd Cross Street: Rs 1,300 per sq.ft (2024)
• Cherian Nagar 1st Street: Rs 1,300 per sq.ft (2024)
• Cherian Nagar 1st Cross Street: Rs 1,300 per sq.ft (2024)

Stamp duty and registration fee for property in Cherian Nagar Main Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,300 per sq.ft, the total guideline value amounts to Rs 13,00,000. The stamp duty at 7% would be Rs 91,000, and the registration fee at 2% would be Rs 26,000, bringing the total to Rs 1,17,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Cherian Nagar Main Street?

The Sub Registrar Office that covers Cherian Nagar Main Street is the Royapuram Sub Registrar Office, located at 535, Tondaiyarpet High Road, Near Maharani Theatre, Chennai 600021. You can find your SRO for more details.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Tondaiarpet. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the transaction.

When a property is sold, the guideline value is compared with the sale price, and the duty is charged on the higher of the two. This ensures that the government receives appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Cherian Nagar Main Street?

The current guideline value of Cherian Nagar Main Street is Rs 1,300 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

The guideline value has changed from Rs 600 per sq.ft in 2007 to Rs 1,300 per sq.ft in 2024, representing an overall increase of 117% over the years.

What is the land classification for Cherian Nagar Main Street?

Cherian Nagar Main Street is classified as Residential Class II Type - I.

What are the stamp duty and registration fees for property in Cherian Nagar Main Street?

For a property valued at Rs 13,00,000, the stamp duty would be Rs 91,000 and the registration fee would be Rs 26,000, totaling Rs 1,17,000.

Which office handles registrations for Cherian Nagar Main Street?

The Royapuram Sub Registrar Office handles registrations for Cherian Nagar Main Street, located at 535, Tondaiyarpet High Road, Near Maharani Theatre, Chennai 600021.