Guideline Value for Cherian Thottam

Cherian Thottam guideline value

The current guideline value of Cherian Thottam is Rs 1,700 per sq.ft, effective from 1 July 2024. This street is located in the village of Sholinganallur - 1 under the Neelankarai SRO, and it falls under the Residential Class IV Type - I land classification.

How the guideline value of Cherian Thottam has changed

The guideline value of Cherian Thottam has undergone several revisions over the years. The 2017 revision set the value at Rs 1,005 per sq.ft. This increased to Rs 1,500 per sq.ft in the 2023 revision, marking a significant rise of 49%. The most recent 2024 revision further increased the value to Rs 1,700 per sq.ft, reflecting a change of 13% from the previous year.

Overall, from the 2017 revision to the 2024 revision, the guideline value has increased by 69%. It is important to note that the register has no figures for the years 2002, 2003, 2007, and 2012 for this street.

Guideline values in Sholinganallur - 1

In Sholinganallur - 1, there are 754 streets under the Neelankarai SRO that carry a 2024 guideline value ranging from Rs 1,000 to Rs 8,800 per sq.ft, with a median value of Rs 2,200 per sq.ft. The guideline value for Cherian Thottam is below this median.

• Chidambaram Co-Operative Housing Society Colony: Rs 4,400 per sq.ft (2024)
• Chidambaram Nagar 1st Street: Rs 4,400 per sq.ft (2024)
• Chidambaram Nagar Main Street: Rs 4,400 per sq.ft (2024)
• Chockalingam Street (Grama Nedunchalai 7th Cross Street): Rs 2,200 per sq.ft (2024)
• C.G.S. Farms Main Road: Rs 2,800 per sq.ft (2024)
• C.G.S. Farms 1st Street Cross Extension: Rs 2,800 per sq.ft (2024)

Stamp duty and registration fee for property in Cherian Thottam

For a 1,000 sq.ft plot at the current guideline value of Rs 1,700 per sq.ft, the total guideline value would be Rs 17,00,000. The stamp duty at 7% would amount to Rs 1,19,000, while the registration fee at 2% would be Rs 34,000. Therefore, the total cost for stamp duty and registration would be Rs 1,53,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Cherian Thottam?

The Sub Registrar Office that covers Cherian Thottam is the Neelankarai Sub Registrar Office, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone. You can find your SRO for more information.

How the guideline value is used when you buy or sell in Sholinganallur - 1

The guideline value is a crucial factor in the registration process when buying or selling property in Sholinganallur - 1. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid, ensuring that the transaction is in compliance with legal requirements.

When a property is sold, the guideline value is compared to the sale price, and the higher of the two is used to calculate the applicable stamp duty. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Cherian Thottam?

The current guideline value of Cherian Thottam is Rs 1,700 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

Since the 2017 revision, the guideline value has increased from Rs 1,005 per sq.ft to Rs 1,700 per sq.ft in 2024, marking an overall increase of 69% over the seven years.

What is the land classification for Cherian Thottam?

Cherian Thottam falls under the Residential Class IV Type - I land classification, which is relevant for determining its guideline value.

Where can I find the Sub Registrar Office for Cherian Thottam?

The Sub Registrar Office for Cherian Thottam is the Neelankarai Sub Registrar Office, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone.

How is stamp duty calculated for property in Cherian Thottam?

Stamp duty for property in Cherian Thottam is calculated based on the higher of the guideline value or the sale price. For example, for a plot valued at Rs 1,700 per sq.ft, the stamp duty would be calculated accordingly.