Guideline Value for Chitra Nagar

Chitra Nagar guideline value

The current guideline value of Chitra Nagar is Rs 5,500 per sq.ft, effective from 1 July 2024. This area is part of Adayar village and falls under the Adayar Sub Registrar Office (SRO). The land classification for Chitra Nagar is Residential Class IV Type - I.

How the guideline value of Chitra Nagar has changed

The guideline value for Chitra Nagar has seen several revisions over the years. In 2007, the value was Rs 2,000 per sq.ft, which increased to Rs 5,000 per sq.ft in 2012. However, this was a decrease of 33% from the previous figure. The value then rose significantly to Rs 3,350 per sq.ft in 2017, marking a 49% increase. Following this, the 2023 revision set the value at Rs 5,000 per sq.ft, and in 2024, it increased to Rs 5,500 per sq.ft, reflecting a 10% rise.

It is important to note that there are no figures available for the years 2002 and 2003 for Chitra Nagar in the register. Overall, from 2007 to 2024, the guideline value has increased by 175%.

Guideline values in Adayar

In Adayar, there are 92 streets under the Adayar SRO with a 2024 guideline value ranging from Rs 3,300 to Rs 15,400 per sq.ft. The median guideline value for these streets is Rs 6,100 per sq.ft, placing Chitra Nagar's 2024 figure below that median.

• Circular Road: Rs 6,600 per sq.ft (2024)
• Cresent Park Road: Rs 9,400 per sq.ft (2024)
• Cresent Road: Rs 9,400 per sq.ft (2024)
• Bharathi Nagar Tank Square Street: Rs 6,100 per sq.ft (2024)
• Bharathi Nagar Nethaji Street: Rs 6,100 per sq.ft (2024)
• Bharathi Nagar Main Road: Rs 6,100 per sq.ft (2024)

Stamp duty and registration fee for property in Chitra Nagar

For a property measuring 1,000 sq.ft at the current guideline value of Rs 5,500 per sq.ft, the total guideline value would be Rs 55,00,000. The stamp duty at 7% would amount to Rs 3,85,000, while the registration fee at 2% would be Rs 1,10,000, bringing the total fees to Rs 4,95,000. It is important to note that duty is charged on the guideline value or the sale price, whichever is higher. You can also use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Chitra Nagar?

The Sub Registrar Office that covers Chitra Nagar is the Adayar Sub Registrar Office, located at 51, Kamaraj Avenue, Second Street, Adyar, Chennai-20. You can find your SRO for more information.

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

The guideline value is a crucial factor when registering property in Adayar. It serves as a benchmark for determining the stamp duty and registration fees that must be paid during the transaction. Buyers and sellers must be aware of the current guideline value to ensure compliance with legal requirements.

When a property is sold, the guideline value is used to calculate the applicable fees, ensuring that both parties are aware of the financial implications of the sale. This value helps maintain transparency in property transactions in the region.

Frequently asked questions

What is the current guideline value of Chitra Nagar?

The current guideline value of Chitra Nagar is Rs 5,500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,000 per sq.ft in 2007 to Rs 5,500 per sq.ft in 2024, reflecting an overall increase of 175% over the years.

What is the land classification of Chitra Nagar?

Chitra Nagar is classified as Residential Class IV Type - I.

Where can I find the Adayar Sub Registrar Office?

The Adayar Sub Registrar Office is located at 51, Kamaraj Avenue, Second Street, Adyar, Chennai-20.

How is the stamp duty calculated for properties in Chitra Nagar?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, a property valued at Rs 55,00,000 would incur a stamp duty of Rs 3,85,000 at a rate of 7%.