Guideline Value for Chockalingam Colony 2nd Cross Street

Chockalingam Colony 2nd Cross Street guideline value

The current guideline value of Chockalingam Colony 2nd Cross Street is Rs 8,700 per sq.ft, effective from 1 July 2024. This street is located in Mylapore Part 1 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 2nd Cross Street has changed

The guideline value register has no figures for the years 2002, 2003, 2007, 2012, and 2017 for Chockalingam Colony 2nd Cross Street. 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.

Comparing the revisions, the 2023 figure of Rs 8,000 per sq.ft was the last recorded value before the 2024 increase. The current guideline value reflects a significant change, indicating a revised valuation effective from July 2024.

Guideline values in Mylapore Part 1

In Mylapore Part 1, there are 333 streets under the Chennai Central Joint I SRO with 2024 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, positioning Chockalingam Colony 2nd Cross Street below this median.

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

Stamp duty and registration fee for property in Chockalingam Colony 2nd 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 would be Rs 87,00,000. The stamp duty at 7% would be Rs 6,09,000, and the registration fee at 2% would amount to Rs 1,74,000, making the total cost for these fees 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 details on calculating fees, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Chockalingam Colony 2nd Cross Street?

The Sub Registrar Office that covers Chockalingam Colony 2nd 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 1

The guideline value is a crucial factor in property transactions, as it determines the minimum value at which a property can be registered. When buying or selling property in Mylapore Part 1, the guideline value helps establish the stamp duty and registration fees that need to be paid during the registration process.

Additionally, the guideline value serves as a benchmark for both buyers and sellers, ensuring that property transactions are conducted transparently and in accordance with the regulations set by the registration department.

Frequently asked questions

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

The current guideline value of Chockalingam Colony 2nd 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 for Chockalingam Colony 2nd Cross Street was Rs 8,000 per sq.ft in 2023, which 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 for streets in Mylapore Part 1?

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

What are the stamp duty and registration fees for property transactions?

Stamp duty is charged at 7%, and the registration fee is charged at 2% of the guideline value or the sale price, whichever is higher. For example, a property valued at Rs 87,00,000 would incur a total fee of Rs 7,83,000.

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

The Sub Registrar Office for Chockalingam Colony 2nd Cross Street is located at No.182 Bharati Salai (Pycrafts Road), Royapettah, Chennai-600014. This office falls under the Chennai Central Joint I SRO.