Guideline Value for Chockalingam Street

Chockalingam Street guideline value

The current guideline value of Chockalingam Street in Sembiam village, under the Sembiam SRO, is Rs 2,700 per sq.ft, effective from 1 July 2024. This street falls under the Residential Class I Type - I land classification.

How the guideline value of Chockalingam Street has changed

Over the years, the guideline value of Chockalingam Street has seen several revisions. The 2007 revision set the value at Rs 800 per sq.ft, which then increased significantly to Rs 2,500 per sq.ft in 2012, marking a rise of 213%. However, the value dropped to Rs 1,675 per sq.ft in 2017, reflecting a decrease of 33%. The 2023 revision brought the value back up to Rs 2,500 per sq.ft, and the most recent 2024 revision has set it at Rs 2,700 per sq.ft, which is an increase of 8% from the previous year.

It is important to note that the guideline value register has no figures for Chockalingam Street in the years 2002 and 2003. Overall, from 2007 to 2024, the guideline value has increased by 238%.

Guideline values in Sembiam

In Sembiam, there are 250 streets under the Sembiam SRO that carry a 2024 guideline value ranging from Rs 1,700 to Rs 7,100 per sq.ft. The median guideline value for these streets is Rs 2,700 per sq.ft, which is equal to the current figure for Chockalingam Street.

• Cholan Street: Rs 1,900 per sq.ft (2024)
• Chinna Kulanthai West Street: Rs 2,700 per sq.ft (2024)
• Chinna Kulanthai South Street: Rs 2,700 per sq.ft (2024)
• Chinna Kulanthai South Main Road: Rs 2,700 per sq.ft (2024)
• Chinna Kulanthai North Street: Rs 2,700 per sq.ft (2024)
• Chinna Kulanthai North Main Road: Rs 2,700 per sq.ft (2024)

Stamp duty and registration fee for property in Chockalingam Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,700 per sq.ft, the total guideline value would be Rs 27,00,000. The stamp duty at 7% would amount to Rs 1,89,000, and the registration fee at 2% would be Rs 54,000, making the total cost for these fees Rs 2,43,000. It is essential to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can use our stamp duty and registration fee calculator for further calculations.

Which Sub Registrar Office covers Chockalingam Street?

The Sub Registrar Office that covers Chockalingam Street is the Sembiam Sub Registrar Office, located at 5, Papermills Road, Sembiam, Chennai - 600011. You can find your SRO for more details.

How the guideline value is used when you buy or sell in Sembiam

The guideline value is a critical factor when buying or selling property in Sembiam, as it determines the minimum value at which a property can be registered. This value is used to calculate the stamp duty and registration fees that need to be paid during the transaction.

When a buyer makes a purchase, the guideline value ensures that the property is registered at a fair price, preventing undervaluation. It is essential for both buyers and sellers to be aware of the current guideline value to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Chockalingam Street?

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

How has the guideline value changed over the years?

The guideline value has increased from Rs 800 per sq.ft in 2007 to Rs 2,700 per sq.ft in 2024, marking an overall increase of 238%.

What are the stamp duty and registration fees for properties in Chockalingam Street?

The stamp duty is charged at 7% and the registration fee at 2% of the guideline value. For a 1,000 sq.ft property, the total fees would amount to Rs 2,43,000.

Which Sub Registrar Office covers Chockalingam Street?

The Sembiam Sub Registrar Office covers Chockalingam Street, located at 5, Papermills Road, Sembiam, Chennai - 600011.

What is the land classification for Chockalingam Street?

Chockalingam Street falls under the Residential Class I Type - I land classification, indicating its suitability for residential purposes.