Guideline Value for Chinnammal Nagar Layout

Chinnammal Nagar Layout guideline value

The current guideline value of Chinnammal Nagar Layout is Rs 2,750 per sq.ft, effective from 1 July 2024. This layout is located in Madipakkam-1 village, under the Velacheri SRO. The land classification for this area is Residential Class I Type - III.

How the guideline value of Chinnammal Nagar Layout has changed

The guideline value for Chinnammal Nagar Layout has undergone several revisions over the years. The register does not have figures for the years 2002, 2003, 2007, 2012, and 2017. In the 2023 revision, the guideline value was Rs 2,500 per sq.ft, which increased by 10% to Rs 2,750 per sq.ft in the 2024 revision.

This recent increase reflects a consistent adjustment in the guideline values within the area. The 2024 guideline value aligns with the median value of Rs 2,750 per sq.ft for the 1823 streets in Madipakkam-1 under the Velacheri SRO, which range from Rs 1,650 to Rs 5,500 per sq.ft.

Guideline values in Madipakkam-1

In Madipakkam-1, the guideline values vary significantly across different streets. The 2024 guideline value for Chinnammal Nagar Layout matches the median value of Rs 2,750 per sq.ft. Below are other streets in Madipakkam-1 with their respective guideline values:

• Chenkazhani Amman Koil Street: Rs 2,750 per sq.ft (2024)
• Church Street: Rs 2,750 per sq.ft (2024)
• Church Street/Kanmalar Pon Nagar: Rs 2,750 per sq.ft (2024)
• C.L.M.Bank Staff Colony, Ramalinga Nagar, Sivasubramaniam Street: Rs 2,750 per sq.ft (2024)
• Central Land Margeni Bank Ltd: Rs 2,200 per sq.ft (2024)
• Bus Terminus Road: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Chinnammal Nagar Layout

For a 1,000 sq.ft plot at the current guideline value of Rs 2,750 per sq.ft, the total guideline value would be Rs 27,50,000. The stamp duty at 7% would be Rs 1,92,500, and the registration fee at 2% would be Rs 55,000, bringing the total cost to Rs 2,47,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Chinnammal Nagar Layout?

The Chinnammal Nagar Layout falls under the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. You can find your SRO for more information.

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

The guideline value is a crucial factor in property transactions in Madipakkam-1. It is used to determine the stamp duty and registration fees that are payable when buying or selling property. This ensures that the government receives appropriate revenue based on the property’s assessed value.

When registering a property, the guideline value will be compared to the sale price, and the higher amount will be used to calculate the applicable duties and fees. This means that buyers and sellers should be aware of the guideline value to avoid any surprises during the transaction process.

Frequently asked questions

What is the current guideline value for Chinnammal Nagar Layout?

The current guideline value for Chinnammal Nagar Layout is Rs 2,750 per sq.ft, effective from 1 July 2024.

How has the guideline value changed recently?

In the 2023 revision, the guideline value was Rs 2,500 per sq.ft, which increased by 10% to Rs 2,750 per sq.ft in the 2024 revision.

What is the land classification for Chinnammal Nagar Layout?

The land classification for Chinnammal Nagar Layout is Residential Class I Type - III.

Where can I find the Velacheri Sub Registrar Office?

The Velacheri Sub Registrar Office is located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

How is stamp duty calculated for properties in Chinnammal Nagar Layout?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, for a 1,000 sq.ft plot at the current rate, the total guideline value would be Rs 27,50,000.