Guideline Value for Chockalingam Colony 1st Cross Street

Chockalingam Colony 1st Cross Street guideline value

The current guideline value of Chockalingam Colony 1st Cross 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 Colony 1st Cross Street has changed

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

In summary, the guideline value increased from Rs 8,000 per sq.ft in 2023 to Rs 8,700 per sq.ft in 2024. This change reflects a significant adjustment in the valuation of properties 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 guideline values 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 Chockalingam Colony 1st Cross Street's 2024 figure below this median.

• Chockalingam 2nd Street: Rs 8,700 per sq.ft (2024)
• Chockalingam Colony 2nd Cross Street: Rs 8,700 per sq.ft (2024)
• Chockalingam 1st 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 Colony 1st Cross 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 at 7% would be Rs 6,09,000, and the registration fee at 2% would be Rs 1,74,000, leading to a total of Rs 7,83,000. It is important to note that the stamp duty is charged on the higher of the guideline value or the sale price.

For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Chockalingam Colony 1st Cross Street?

The Sub Registrar Office that covers Chockalingam Colony 1st Cross 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 information.

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

The guideline value plays a crucial role in the registration process of property transactions. When buying or selling property in Mylapore Part 2, the guideline value is used to determine the stamp duty and registration fees applicable to the transaction.

It is essential for buyers and sellers to be aware of the current guideline value, as it directly impacts the financial obligations during the registration of property. This ensures that all parties involved are informed of the costs associated with the transaction.

Frequently asked questions

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

The current guideline value of Chockalingam Colony 1st Cross 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 has changed from Rs 8,000 per sq.ft in 2023 to Rs 8,700 per sq.ft in 2024, reflecting a 9% increase. There are no figures available for the years 2002, 2003, 2007, 2012, and 2017.

What are the guideline values of other streets in Mylapore Part 2?

Other streets in Mylapore Part 2 have varying guideline values, with rates 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.

What are the stamp duty and registration fees for properties in this area?

Stamp duty is calculated at 7% of the guideline value, while the registration fee is 2%. For example, a property valued at Rs 87,00,000 would incur a total of Rs 7,83,000 in fees.

Where is the Sub Registrar Office for Chockalingam Colony 1st Cross Street?

The Sub Registrar Office for Chockalingam Colony 1st Cross Street is located at No.182 Bharati Salai (Pycrafts Road), Royapettah, Chennai-600014, under the Chennai Central Joint I SRO.