Guideline Value for Chetty Street

Chetty Street guideline value

The current guideline value of Chetty Street, located in Kodambakkam village under the Ashok Nagar SRO, is Rs 4,900 per sq.ft, effective from 1 July 2024. This street falls under the Residential Class III Type - II land classification.

How the guideline value of Chetty Street has changed

The guideline value for Chetty Street has seen significant changes over the years. In 2007, the guideline value was Rs 1,210 per sq.ft, which increased to Rs 3,015 per sq.ft in 2017, marking a substantial rise of 149%. By 2023, the value further increased to Rs 4,500 per sq.ft, reflecting a 49% growth from the previous revision. The latest revision in 2024 has set the guideline value at Rs 4,900 per sq.ft, which is a 9% increase from 2023.

There are no figures available for the revisions in 2002, 2003, and 2012 for Chetty Street. Overall, from 2007 to 2024, the guideline value has increased by 305%.

Guideline values in Kodambakkam

In Kodambakkam, there are 1,031 streets under the Ashok Nagar SRO, with guideline values ranging from Rs 2,200 to Rs 11,000 per sq.ft. The median guideline value is Rs 4,900 per sq.ft, which is equal to the current value of Chetty Street.

• Cheran Street (Parri Nagar): Rs 5,500 per sq.ft (2024)
• Cheran Street (MGR Nagar): Rs 3,300 per sq.ft (2024)
• Chidambaram Street (S.V) (JPT): Rs 4,900 per sq.ft (2024)
• Chidambaranar Street: Rs 4,900 per sq.ft (2024)
• Chippaithottam 1st Street: Rs 4,100 per sq.ft (2024)
• Chippaithottam 2nd Street: Rs 4,100 per sq.ft (2024)

Stamp duty and registration fee for property in Chetty Street

For a 1,000 sq.ft plot at the current guideline value of Rs 4,900 per sq.ft, the total guideline value amounts to Rs 49,00,000. The stamp duty at 7% would be Rs 3,43,000, and the registration fee at 2% would be Rs 98,000, totaling Rs 4,41,000. It is important to note that duty is charged on the higher of the guideline value or the sale price. You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Chetty Street?

The Sub Registrar Office that covers Chetty Street is the Ashok Nagar Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office. To find your SRO, you can visit find your SRO.

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

The guideline value is a crucial factor when buying or selling property in Kodambakkam, as it determines the minimum price at which a property can be registered. Buyers and sellers must consider this value to ensure compliance with registration requirements and to calculate applicable fees.

When a property is sold, the guideline value is used to calculate stamp duty and registration fees, which are mandatory costs in the transaction process. These fees are based on the guideline value or the sale price, whichever is higher, ensuring that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Chetty Street?

The current guideline value of Chetty Street is Rs 4,900 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

Since 2007, the guideline value has increased significantly from Rs 1,210 per sq.ft to Rs 4,900 per sq.ft in 2024, reflecting a total increase of 305% over the years.

What is the land classification for Chetty Street?

Chetty Street is classified under Residential Class III Type - II, which indicates its suitability for residential development.

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

For a property valued at Rs 49,00,000, the stamp duty would be Rs 3,43,000 and the registration fee would be Rs 98,000, totaling Rs 4,41,000.

Where can I find the Sub Registrar Office for Chetty Street?

The Ashok Nagar Sub Registrar Office is located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037. You can find more information by visiting the provided link.