Guideline Value for Chetti Street

Chetti Street guideline value

The current guideline value of Chetti Street in Zaminpallavaram village, under the Pallavaram SRO, is Rs 2,160 per sq.ft, effective from 1 July 2024. This street falls under the Residential Class III Type - I land classification.

How the guideline value of Chetti Street has changed

The guideline value for Chetti Street has seen several revisions over the years. In the 2003 revision, the value was Rs 152 per sq.ft. This increased significantly to Rs 600 per sq.ft in 2007, marking a change of +295%. The 2012 revision saw the value rise to Rs 2,000 per sq.ft, reflecting an increase of +233%. However, in 2017, it decreased to Rs 1,340 per sq.ft, a drop of -33%. The value then increased again to Rs 2,000 per sq.ft in 2023, showing a substantial rise of +49%. The most recent revision in 2024 set the value at Rs 2,160 per sq.ft, which is an increase of +8% from the previous year.

It is important to note that the register has no figure for Chetti Street for the year 2002. Overall, from 2003 to 2024, the guideline value has increased by +1321%.

Guideline values in Zaminpallavaram

In Zaminpallavaram, there are 638 streets under the Pallavaram SRO, with 2024 guideline values ranging from Rs 2,100 to Rs 11,000 per sq.ft. The median guideline value in this area is Rs 3,300 per sq.ft, which means that Chetti Street's 2024 figure is below that median.

• Chinna 1st Street: Rs 3,300 per sq.ft (2024)
• Chinna 2nd Street: Rs 3,300 per sq.ft (2024)
• Chembers Colony Main Road: Rs 3,850 per sq.ft (2024)
• Chembers Colony 9th Cross St.: Rs 3,300 per sq.ft (2024)
• Chembers Colony 8th Cross St.: Rs 3,300 per sq.ft (2024)
• Chembers Colony 7th Cross St.: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Chetti Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,160 per sq.ft, the total guideline value would be Rs 21,60,000. The stamp duty at 7% would amount to Rs 1,51,200, and the registration fee at 2% would be Rs 43,200, bringing the total to Rs 1,94,400. It is important to note that duty is charged on the guideline value or the sale price, whichever is higher. For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Chetti Street?

The Sub Registrar Office that covers Chetti Street is the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, in the Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Zaminpallavaram. It serves as a reference point to determine the minimum value at which a property can be registered. This ensures transparency and helps in calculating the applicable stamp duty and registration fees.

When a property is sold, the guideline value is compared with the sale price. The higher of the two values is used to calculate the stamp duty, ensuring that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Chetti Street?

The current guideline value of Chetti Street is Rs 2,160 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 152 per sq.ft in 2003 to Rs 2,160 per sq.ft in 2024, reflecting an overall increase of +1321% over the years.

What are the other streets in Zaminpallavaram with their guideline values?

Other streets in Zaminpallavaram include Chinna 1st Street and Chinna 2nd Street, both at Rs 3,300 per sq.ft, and Chembers Colony Main Road at Rs 3,850 per sq.ft for 2024.

What is the stamp duty rate applicable in Chetti Street?

The stamp duty rate applicable in Chetti Street is 7% of the guideline value or sale price, whichever is higher.

Where is the Sub Registrar Office for Chetti Street located?

The Sub Registrar Office for Chetti Street is located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, in the Chengalpattu registration zone.