Guideline Value for Chidambaram Nagar

Chidambaram Nagar guideline value

The current guideline value of Chidambaram Nagar, located in Ramapuram village under the Chennai South Joint II SRO, is Rs 3,100 per sq.ft, effective from 1 July 2024. This area is classified as Residential Class II Type - I.

How the guideline value of Chidambaram Nagar has changed

The guideline value for Chidambaram Nagar has seen several revisions over the years. The 2012 revision set the value at Rs 2,800 per sq.ft, which then decreased to Rs 1,876 per sq.ft in the 2017 revision. Following this, the value increased significantly to Rs 2,800 per sq.ft in 2023 and further rose to the current rate of Rs 3,100 per sq.ft in 2024. The register has no figures for the years 2002, 2003, and 2007.

Between the revisions, the changes are notable. From 2017 to 2023, there was a 49% increase, while the value decreased by 33% from 2012 to 2017. The overall change from the 2012 revision to the current 2024 value shows an increase of 11%.

Guideline values in Ramapuram

In Ramapuram, there are 394 streets under the Chennai South Joint II SRO that carry a 2024 guideline value, ranging from Rs 1,950 to Rs 6,600 per sq.ft. The median value is Rs 3,100 per sq.ft, which is the same as the current guideline value for Chidambaram Nagar. Below are other streets in Ramapuram:

• Chidambaram Nagar 2nd Street: Rs 3,100 per sq.ft (2024)
• Chidambaram Nagar Ist Main Road: Rs 3,100 per sq.ft (2024)
• Chidambaram Nagar Ist Street: Rs 3,100 per sq.ft (2024)
• Chengavalrayan Street: Rs 3,550 per sq.ft (2024)
• Chinna Street: Rs 3,100 per sq.ft (2024)
• Chellammal Nagar/Main Road/ 1st & 2nd Cross Street: Rs 3,100 per sq.ft (2024)

Stamp duty and registration fee for property in Chidambaram Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 3,100 per sq.ft, the total guideline value amounts to Rs 31,00,000. The stamp duty at 7% would be Rs 2,17,000, and the registration fee at 2% would be Rs 62,000, bringing the total to Rs 2,79,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can calculate your fees using the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Chidambaram Nagar?

The Chidambaram Nagar area falls under the jurisdiction of the Chennai South Joint II Sub Registrar Office, located at Integrated Building For Offices Of The Commerrcial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035. You can find your SRO for more details.

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

The guideline value is a crucial factor in the registration process for property transactions in Ramapuram. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees.

When buying or selling property, the guideline value helps in assessing the fair value of the property, which is essential for both buyers and sellers. It is important to refer to the latest guideline value to ensure compliance with registration requirements.

Frequently asked questions

What is the current guideline value of Chidambaram Nagar?

The current guideline value of Chidambaram Nagar is Rs 3,100 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

Over the years, the guideline value has changed from Rs 2,800 per sq.ft in 2012 to Rs 1,876 per sq.ft in 2017, then to Rs 2,800 per sq.ft in 2023, and finally to Rs 3,100 per sq.ft in 2024.

What is the land classification for Chidambaram Nagar?

Chidambaram Nagar is classified as Residential Class II Type - I according to the guideline value register.

What are the other streets with the same guideline value in Ramapuram?

Other streets in Ramapuram with the same guideline value of Rs 3,100 per sq.ft include Chidambaram Nagar 2nd Street, Chidambaram Nagar Ist Main Road, Chidambaram Nagar Ist Street, Chinna Street, and Chellammal Nagar/Main Road/ 1st & 2nd Cross Street.

Where can I find the Sub Registrar Office for Chidambaram Nagar?

The Sub Registrar Office covering Chidambaram Nagar is located at Integrated Building For Offices Of The Commerrcial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035.