Guideline Value for Chockalingam 1st Street

Chockalingam 1st Street guideline value

The current guideline value of Chockalingam 1st Street is Rs 8,700 per sq.ft, effective from 1 July 2024. This street is located in Mylapore Part 2 village and falls under the Chennai Central Joint I SRO. The land classification for this area is Residential Class I Type - III.

How the guideline value of Chockalingam 1st Street has changed

Over the years, the guideline value for Chockalingam 1st Street has seen several revisions. The register has no figures for the years 2002, 2003, 2007, 2012, and 2017. In the 2023 revision, the guideline value was Rs 8,000 per sq.ft, which increased by 9% to Rs 8,700 per sq.ft in the 2024 revision.

This change reflects a notable increase in the guideline value, moving from Rs 8,000 in 2023 to Rs 8,700 in 2024. The current figure indicates a positive adjustment in the valuation for this street.

Guideline values in Mylapore Part 2

In Mylapore Part 2, there are 332 streets under the Chennai Central Joint I SRO with a 2024 guideline value ranging from Rs 4,400 to Rs 25,300 per sq.ft. The median guideline value for these streets is Rs 8,800 per sq.ft, placing the guideline value of Chockalingam 1st Street below this median.

• Chockalingam 2nd Street: Rs 8,700 per sq.ft (2024)
• Chockalingam Colony 1st Cross Street: Rs 8,700 per sq.ft (2024)
• Chockalingam Colony 2nd Cross Street: Rs 8,700 per sq.ft (2024)
• Chockalingam Main Road: Rs 14,300 per sq.ft (2024)
• Chittaranjan Salai: Rs 15,400 per sq.ft (2024)
• Chockalingam Nagar: Rs 14,300 per sq.ft (2024)

Stamp duty and registration fee for property in Chockalingam 1st Street

For a 1,000 sq.ft plot at the current guideline value of Rs 8,700 per sq.ft, the total guideline value would be Rs 87,00,000. The stamp duty at 7% would amount to Rs 6,09,000, and the registration fee at 2% would be Rs 1,74,000, bringing the total cost together to Rs 7,83,000. It is important to note that duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Chockalingam 1st Street?

The Sub Registrar Office that covers Chockalingam 1st Street is the Chennai Central Joint I Sub Registrar Office, located at No.182 Bharati Salai (Pycrafts Road), Royapettah, Chennai-600014. You can find your SRO for more details.

How the guideline value is used when you buy or sell in Mylapore Part 2

The guideline value is a critical factor in the registration process when buying or selling property in Mylapore Part 2. It establishes the minimum value at which a property can be registered, ensuring that the transaction reflects an official valuation.

When a property is sold, the guideline value is used to calculate the applicable stamp duty and registration fees, which are essential for completing the registration process. Buyers should be aware of these values to understand their financial obligations during a property transaction.

Frequently asked questions

What is the current guideline value of Chockalingam 1st Street?

The current guideline value of Chockalingam 1st Street is Rs 8,700 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value for Chockalingam 1st Street was Rs 8,000 per sq.ft in 2023 and increased by 9% to Rs 8,700 per sq.ft in 2024. There are no figures available for the years 2002, 2003, 2007, 2012, and 2017.

What is the median guideline value in Mylapore Part 2?

The median guideline value for streets in Mylapore Part 2 is Rs 8,800 per sq.ft. Chockalingam 1st Street's current guideline value is below this median.

What are the registration fees for property transactions?

The registration fees for property transactions are calculated based on the guideline value. For example, for a property valued at Rs 87,00,000, the stamp duty would be Rs 6,09,000 and the registration fee would be Rs 1,74,000.

Where is the Sub Registrar Office located?

The Sub Registrar Office for Chockalingam 1st Street is located at No.182 Bharati Salai (Pycrafts Road), Royapettah, Chennai-600014. This office handles all registrations for properties in this area.