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 falls under Mylapore Part 2 village and is registered with the Chennai Central Joint I SRO. The land classification for this street is Residential Special Type - IV.

How the guideline value of Chockalingam Nagar has changed

The guideline value for Chockalingam Nagar has undergone several revisions over the years. The most recent revision in 2024 set the value at Rs 14,300 per sq.ft, an increase of 10% from the 2023 revision, which was Rs 13,000 per sq.ft. Prior to 2023, the register has no figures for this street from the years 2002, 2003, 2007, 2012, and 2017.

In summary, the guideline value has increased from Rs 13,000 per sq.ft in 2023 to Rs 14,300 per sq.ft in 2024. The absence of figures for the previous years indicates that the value has not been recorded for Chockalingam Nagar in those revisions.

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 value for these streets is Rs 8,800 per sq.ft, placing Chockalingam Nagar's 2024 figure above 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 amounts to Rs 1,43,00,000. The stamp duty at 7% would be Rs 10,01,000, and the registration fee at 2% would be Rs 2,86,000, bringing the total fees to Rs 12,87,000. It is important to note that the 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 Nagar?

The Sub Registrar Office that covers Chockalingam Nagar 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 plays a crucial role in the registration process when buying or selling property in Mylapore Part 2. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the transaction.

When a property is registered, the guideline value is considered to ensure that the appropriate taxes are levied based on the value of the property being transferred. This helps maintain transparency and fairness in property transactions.

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 much has the guideline value changed recently?

The guideline value increased from Rs 13,000 per sq.ft in 2023 to Rs 14,300 per sq.ft in 2024, marking a 10% increase.

What is the land classification for Chockalingam Nagar?

The land classification for Chockalingam Nagar is Residential Special Type - IV.

Where can I find the registration office for Chockalingam Nagar?

The registration office for Chockalingam Nagar is the Chennai Central Joint I Sub Registrar Office, located at No.182 Bharati Salai (Pycrafts Road), Royapettah, Chennai-600014.

How is the stamp duty calculated for properties in Chockalingam Nagar?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a 1,000 sq.ft plot at the current rate, the total stamp duty would be Rs 10,01,000.