Guideline Value for Chokalingam Street

Chokalingam Street guideline value

The current guideline value of Chokalingam Street is Rs 8,800 per sq.ft, effective from 1 July 2024. This street is located in Nungambakkam village and falls under the Chennai Central Joint II SRO. The land classification for this area is Residential Special Type - II.

How the guideline value of Chokalingam Street has changed

In the 2007 revision, the guideline value was Rs 2,000 per sq.ft. This figure increased significantly to Rs 8,000 per sq.ft in the 2012 revision, marking a substantial rise of 300%. However, in the 2017 revision, the value decreased to Rs 5,360 per sq.ft, which was a drop of 33%. The subsequent revision in 2023 saw the value rise to Rs 8,000 per sq.ft, and the most recent revision in 2024 set the value at Rs 8,800 per sq.ft, reflecting a 10% increase.

There are no figures available for the years 2002 and 2003 in the register for this street. Overall, from 2007 to 2024, the guideline value has increased by 340%.

Guideline values in Nungambakkam

Nungambakkam village contains 270 streets under the Chennai Central Joint II SRO, with guideline values ranging from Rs 3,300 to Rs 22,000 per sq.ft. The median guideline value for these streets is Rs 8,800 per sq.ft, which is the same as the current value for Chokalingam Street.

• Chokatan Street: Rs 8,800 per sq.ft (2024)
• Choudry Road: Rs 8,800 per sq.ft (2024)
• Cochin House (Polic Quarters): Rs 7,700 per sq.ft (2024)
• College Lane: Rs 8,800 per sq.ft (2024)
• College Road (Part II) (Haddows Road to Greems Road Junction): Rs 13,200 per sq.ft (2024)
• College Road (Part I) (Valluvarkottam High Road to Haddows Road): Rs 13,200 per sq.ft (2024)

Stamp duty and registration fee for property in Chokalingam Street

For a 1,000 sq.ft plot at the current guideline value of Rs 8,800 per sq.ft, the total guideline value would be Rs 88,00,000. The stamp duty at 7% would amount to Rs 6,16,000, while the registration fee at 2% would be Rs 1,76,000. Together, the total cost for stamp duty and registration fee would be Rs 7,92,000. It is important to note that 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 more details.

Which Sub Registrar Office covers Chokalingam Street?

The Sub Registrar Office that covers Chokalingam Street is the Chennai Central Joint II Sub Registrar Office, located at No:5/9, Kavigar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018. You can find your SRO for more information.

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

The guideline value is a crucial factor during property transactions in Nungambakkam. It serves as a benchmark for determining the minimum value at which a property can be registered. Buyers and sellers must consider this value to ensure compliance with local regulations during the registration process.

When a property is sold, the guideline value is used to calculate the applicable stamp duty and registration fees. This ensures that all transactions are recorded accurately and that the appropriate taxes are collected by the government.

Frequently asked questions

What is the current guideline value of Chokalingam Street?

The current guideline value of Chokalingam Street is Rs 8,800 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen several changes, starting from Rs 2,000 per sq.ft in 2007, increasing to Rs 8,000 in 2012, dropping to Rs 5,360 in 2017, and rising to Rs 8,000 in 2023, before reaching Rs 8,800 in 2024.

What is the median guideline value in Nungambakkam?

The median guideline value in Nungambakkam is Rs 8,800 per sq.ft, which is the same as the current guideline value for Chokalingam Street.

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

The stamp duty for properties in Chokalingam Street is 7%, and the registration fee is 2% of the guideline value or sale price, whichever is higher.

Where can I find the Sub Registrar Office for Chokalingam Street?

The Sub Registrar Office for Chokalingam Street is the Chennai Central Joint II Sub Registrar Office, located at No:5/9, Kavigar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018.