Guideline Value for Chockalingam 2nd Street

Chockalingam 2nd Street guideline value

The current guideline value of Chockalingam 2nd Street is Rs 8,700 per sq.ft. This street is located in Mylapore Part 2 village, 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 2nd Street has changed

The guideline value for Chockalingam 2nd Street has seen several revisions over the years. 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, and it increased by 9% to Rs 8,700 per sq.ft in the 2024 revision.

This change from Rs 8,000 to Rs 8,700 per sq.ft reflects a notable increase in the guideline value. The current value, effective from 1 July 2024, marks the latest adjustment in the ongoing assessments of property values in this area.

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 value for these streets is Rs 8,800 per sq.ft, placing Chockalingam 2nd Street's 2024 figure below the median.

• Chockalingam 1st 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)
• Chockalingam Nagar: Rs 14,300 per sq.ft (2024)
• Chittaranjan Salai: Rs 15,400 per sq.ft (2024)

Stamp duty and registration fee for property in Chockalingam 2nd Street

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

For more information on calculating these fees, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Chockalingam 2nd Street?

The Sub Registrar Office that covers Chockalingam 2nd 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 crucial factor in the registration of property transactions in Mylapore Part 2. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that all transactions reflect a fair assessment of property worth.

When buying or selling a property, the guideline value is used to calculate the stamp duty and registration fees, which are mandatory for completing the transaction. This ensures that the government receives the appropriate revenue from property transfers.

Frequently asked questions

What is the current guideline value of Chockalingam 2nd Street?

The current guideline value of Chockalingam 2nd Street is Rs 8,700 per sq.ft, effective from 1 July 2024.

How much did the guideline value change from 2023 to 2024?

From the 2023 revision to the 2024 revision, the guideline value increased from Rs 8,000 per sq.ft to Rs 8,700 per sq.ft, marking a change of 9%.

What is the land classification for Chockalingam 2nd Street?

The land classification for Chockalingam 2nd Street is Residential Class I Type - III, indicating its designation for residential use.

Where is the Sub Registrar Office for Chockalingam 2nd Street located?

The Sub Registrar Office covering Chockalingam 2nd Street is located at No.182 Bharati Salai (Pycrafts Road), Royapettah, Chennai-600014.

How are stamp duty and registration fees calculated for properties in this area?

Stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. For example, a 1,000 sq.ft property at the current guideline value incurs a total fee of Rs 7,83,000.