Guideline Value for Chitthirai Nagar

Chitthirai Nagar guideline value

The current guideline value of Chitthirai Nagar, located in Pozhichalur village under the Pammal SRO, is Rs 1,320 per sq.ft, effective from 1 July 2024. This area is classified as Residential Class I Type - II.

How the guideline value of Chitthirai Nagar has changed

The guideline value for Chitthirai Nagar has undergone several revisions over the years. The 2017 revision set the guideline value at Rs 804 per sq.ft, which increased to Rs 1,200 per sq.ft in the 2023 revision. The most recent 2024 revision further raised the value to Rs 1,320 per sq.ft, marking a 10% increase from the previous year. Overall, from 2017 to 2024, the guideline value has increased by 64%.

It is important to note that there are no figures available for the revisions in the years 2002, 2003, 2007, and 2012 for this street. The changes between the revisions highlight a significant increase in the guideline value, particularly from 2017 to 2023, where it rose by 49%.

Guideline values in Pozhichalur

In Pozhichalur, there are 299 streets under the Pammal SRO that carry a 2024 guideline value ranging from Rs 1,100 to Rs 4,500 per sq.ft. The median value for these streets is Rs 1,320 per sq.ft, which matches the guideline value of Chitthirai Nagar.

• Chittirai Nagar Main Road: Rs 1,320 per sq.ft (2024)
• Commissioner Colony 1st Street (2): Rs 2,200 per sq.ft (2024)
• Commissioner Colony 1st Street 2nd Cross Street: Rs 2,200 per sq.ft (2024)
• Commissioner Colony 1st Street (3): Rs 2,200 per sq.ft (2024)
• Commissioner Colony 1st Street 3rd Cross Street: Rs 2,200 per sq.ft (2024)
• Commissioner Colony 1st Street 4th Cross Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Chitthirai Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 1,320 per sq.ft, the total guideline value would be Rs 13,20,000. The stamp duty at 7% would amount to Rs 92,400, while the registration fee at 2% would be Rs 26,400, bringing the total cost for these fees to Rs 1,18,800. 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 Chitthirai Nagar?

The Sub Registrar Office that covers Chitthirai Nagar is the Pammal Sub Registrar Office, located at Kamarajapuram Thiruneermalai Main Road, Pammal, Chennai-600075, in the Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a critical factor in the registration of property transactions in Pozhichalur. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid when buying or selling property in the area.

When registering a property, the guideline value is compared with the sale price, and the higher of the two is used to calculate the applicable fees. This ensures that the government receives revenue based on the true value of the transaction.

Frequently asked questions

What is the current guideline value of Chitthirai Nagar?

The current guideline value of Chitthirai Nagar is Rs 1,320 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 804 per sq.ft in 2017 to Rs 1,320 per sq.ft in 2024, with significant increases in the years 2023 and 2024.

What is the land classification of Chitthirai Nagar?

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

Where can I find the registration office for Chitthirai Nagar?

The registration office for Chitthirai Nagar is the Pammal Sub Registrar Office, located at Kamarajapuram Thiruneermalai Main Road, Pammal, Chennai-600075.

How is the stamp duty calculated in Chitthirai Nagar?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, a plot valued at Rs 13,20,000 would incur a stamp duty of Rs 92,400 at 7%.