Guideline Value for Chokatan Street

Chokatan Street guideline value

The current guideline value of Chokatan 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 Chokatan Street has changed

The guideline value for Chokatan Street has experienced significant changes over the years. In the 2007 revision, the value was Rs 2,000 per sq.ft. This increased to Rs 8,000 per sq.ft in 2012, marking a substantial increase of 300%. However, in 2017, the value dropped to Rs 5,360 per sq.ft, a decrease of 33%. The value then rose to Rs 8,000 per sq.ft in 2023, before reaching the current figure of Rs 8,800 per sq.ft in 2024, reflecting a 10% increase.

Overall, from the 2007 revision to the 2024 revision, the guideline value has increased by 340%. It is important to note that there are no figures available for the years 2002 and 2003 in the register for Chokatan Street.

Guideline values in Nungambakkam

In Nungambakkam, there are 270 streets under the Chennai Central Joint II SRO that carry a 2024 guideline value ranging from Rs 3,300 to Rs 22,000 per sq.ft. The median value is Rs 8,800 per sq.ft, which is equal to the current guideline value of Chokatan Street.

• Chokalingam 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 Chokatan Street

For a 1,000 sq.ft plot at the current guideline value of Rs 8,800 per sq.ft, the total guideline value amounts to Rs 88,00,000. The stamp duty at 7% would be Rs 6,16,000, and the registration fee at 2% would be Rs 1,76,000, bringing the total to Rs 7,92,000. Please note that the duty is charged on the higher of the guideline value or the sale price.

You can use the stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Chokatan Street?

Chokatan Street is covered by 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 in the registration process when buying or selling property in Nungambakkam. It determines the minimum value at which the property can be registered, ensuring that the transaction is recorded at a fair value.

When you register a property, the stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. This ensures that the government receives appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Chokatan Street?

The current guideline value of Chokatan 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 changed significantly, from Rs 2,000 per sq.ft in 2007 to Rs 8,800 per sq.ft in 2024, marking an overall increase of 340%.

What is the land classification for Chokatan Street?

The land classification for Chokatan Street is Residential Special Type - II.

What are the stamp duty and registration fees for properties on Chokatan Street?

For a 1,000 sq.ft property, the total guideline value is Rs 88,00,000, with stamp duty at Rs 6,16,000 and registration fee at Rs 1,76,000, totaling Rs 7,92,000.

Which Sub Registrar Office is responsible for Chokatan Street?

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