Guideline Value for Chockalingam Nagar

Chockalingam Nagar guideline value

The current guideline value of Chockalingam Nagar is Rs 14,300 per sq.ft, effective from 1 July 2024. This area is part of Mylapore Part 1 village under the Chennai Central Joint I SRO, classified as Residential Special Type - IV.

How the guideline value of Chockalingam Nagar has changed

Over the years, the guideline value for Chockalingam Nagar has seen several revisions. The register has no figure for this street for the years 2002, 2003, 2007, 2012, and 2017. The 2023 revision set the guideline value at Rs 13,000 per sq.ft, which was an increase from the previous revisions. The most recent 2024 revision has raised the guideline value to Rs 14,300 per sq.ft, marking a 10% increase from the 2023 figure.

This change reflects the ongoing adjustments in property values within the region, with the current figure now standing above the median guideline value of Rs 8,800 per sq.ft for the 333 streets in Mylapore Part 1 under the Chennai Central Joint I SRO.

Guideline values in Mylapore Part 1

The guideline values in Mylapore Part 1 range from Rs 4,400 to Rs 25,300 per sq.ft, with the median value being Rs 8,800 per sq.ft. Chockalingam Nagar's current guideline value of Rs 14,300 per sq.ft is higher than this median.

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

For a 1,000 sq.ft plot at the current guideline value of Rs 14,300 per sq.ft, the total guideline value would be Rs 1,43,00,000. The stamp duty at 7% would amount to Rs 10,01,000, and the registration fee at 2% would be Rs 2,86,000, bringing the total cost for these fees to Rs 12,87,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Chockalingam Nagar?

Chockalingam Nagar falls under 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 critical factor in the registration process when buying or selling property in Mylapore Part 1. It serves as a benchmark for determining the stamp duty and registration fees, ensuring that these costs are calculated based on the established values rather than arbitrary figures.

When a property is registered, the guideline value helps to standardize the transaction process, providing transparency and consistency. Buyers and sellers must be aware of the current guideline value to ensure they are meeting legal requirements during the transaction.

Frequently asked questions

What is the current guideline value of Chockalingam Nagar?

The current guideline value of Chockalingam Nagar is Rs 14,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 13,000 per sq.ft in 2023 to Rs 14,300 per sq.ft in 2024, marking a 10% increase. The register has no figure for this street for the years 2002, 2003, 2007, 2012, and 2017.

What is the land classification of Chockalingam Nagar?

Chockalingam Nagar is classified as Residential Special Type - IV. This classification is important for understanding the type of development and usage permitted in the area.

What is the median guideline value in Mylapore Part 1?

The median guideline value in Mylapore Part 1 is Rs 8,800 per sq.ft. Chockalingam Nagar's guideline value is above this median, indicating its relative value within the area.

Where can I find more information about stamp duty and registration fees?

For detailed information regarding stamp duty and registration fees, you can use the stamp duty and registration fee calculator. This tool can help you estimate the costs associated with property transactions in Chockalingam Nagar.