Guideline Value for Chippai Nagar

Chippai Nagar guideline value

The current guideline value of Chippai Nagar is Rs 2,090 per sq.ft, effective from 1 July 2024. This area is located in Kattupakkam village and falls under the Kunrathur SRO. The land classification for this street is Residential Class I Type - I.

How the guideline value of Chippai Nagar has changed

The guideline value for Chippai Nagar has undergone several revisions over the years. The most recent revision in 2024 set the value at Rs 2,090 per sq.ft, a 10% increase from Rs 1,900 per sq.ft in 2023. Prior to that, in 2017, the value was Rs 1,273 per sq.ft, reflecting a significant increase of 49% over the six years leading to 2023. The 2012 revision also recorded a value of Rs 1,900 per sq.ft, which was a decrease of 33% from the 2017 figure.

It is important to note that the guideline value register has no figures for the years 2002, 2003, and 2007 for this street. Overall, from 2012 to 2024, the guideline value has increased by 10%.

Guideline values in Kattupakkam

Kattupakkam village has a total of 75 streets under the Kunrathur SRO that carry a 2024 guideline value ranging from Rs 1,980 to Rs 4,290 per sq.ft. The median value for these streets is Rs 2,090 per sq.ft, which is equal to the guideline value of Chippai Nagar.

• Chinna Pattu Street: Rs 1,980 per sq.ft (2024)
• Chokkammal Nagar: Rs 2,090 per sq.ft (2024)
• Chendurpuram Main Road: Rs 3,960 per sq.ft (2024)
• Chandra Nagar: Rs 2,090 per sq.ft (2024)
• C.T.A. Nagar & Phase I: Rs 1,980 per sq.ft (2024)
• Bhaskar Avenue: Rs 2,090 per sq.ft (2024)

Stamp duty and registration fee for property in Chippai Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 2,090 per sq.ft, the total guideline value would be Rs 20,90,000. The stamp duty at 7% would amount to Rs 1,46,300, and the registration fee at 2% would be Rs 41,800, making the total fees Rs 1,88,100. 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 detailed calculations.

Which Sub Registrar Office covers Chippai Nagar?

The Sub Registrar Office that covers Chippai Nagar is the Kunrathur Sub Registrar Office, located at No.59, Road Street, Kundrathur, Chennai -600 069. For more information, you can find your SRO.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Kattupakkam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is documented at a fair value.

When a property is sold, the buyer must pay stamp duty and registration fees based on the guideline value or the sale price, whichever is higher. This ensures that the government receives appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Chippai Nagar?

The current guideline value of Chippai Nagar is Rs 2,090 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

Since 2012, the guideline value has seen various changes, with the most recent increase being from Rs 1,900 per sq.ft in 2023 to Rs 2,090 per sq.ft in 2024.

What is the land classification of Chippai Nagar?

Chippai Nagar is classified as Residential Class I Type - I, indicating its suitability for residential development.

What are the stamp duty rates in Chippai Nagar?

The stamp duty rate in Chippai Nagar is 7%, while the registration fee is 2% of the guideline value or sale price, whichever is higher.

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

The Kunrathur Sub Registrar Office, which covers Chippai Nagar, is located at No.59, Road Street, Kundrathur, Chennai -600 069.