Guideline Value for Chokkanathan Nagar 1st Street

Chokkanathan Nagar 1st Street guideline value

The current guideline value of Chokkanathan Nagar 1st Street is Rs 3,050 per sq.ft, effective from 1 July 2024. This street is located in Maduravoyal village and falls under the Virugambakkam SRO. The land classification for this area is Residential Class III Type - I.

How the guideline value of Chokkanathan Nagar 1st Street has changed

The guideline value for Chokkanathan Nagar 1st Street has seen several revisions over the years. The earliest recorded figure is from 2002, which was Rs 257 per sq.ft. This increased to Rs 282 per sq.ft in 2003, marking a 10% rise. In 2007, the value jumped significantly to Rs 400 per sq.ft, an increase of 42%. The 2012 revision saw the value rise to Rs 2,750 per sq.ft, reflecting a substantial increase of 588% from the previous figure. However, in 2017, the value dropped to Rs 1,842 per sq.ft, a decrease of 33%. The value then rose to Rs 2,750 per sq.ft in 2023, before reaching the current figure of Rs 3,050 per sq.ft in 2024, which is an increase of 11% from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 1,087%. The register has no figure for this street in the years not mentioned above.

Guideline values in Maduravoyal

In Maduravoyal, there are 636 streets under the Virugambakkam SRO that carry a guideline value for 2024, ranging from Rs 2,200 to Rs 6,050 per sq.ft. The median value for these streets is Rs 3,050 per sq.ft, which is equal to the current guideline value of Chokkanathan Nagar 1st Street.

• Chokkanathan Nagar 2nd Street: Rs 3,050 per sq.ft (2024)
• Chokkanathan Nagar 3rd Street: Rs 3,050 per sq.ft (2024)
• Chokkanathan Nagar 4th Street: Rs 3,050 per sq.ft (2024)
• Chozhan Nagar Main Road 1st Street: Rs 2,750 per sq.ft (2024)
• Chozhan Nagar Main Road 2nd Street: Rs 2,750 per sq.ft (2024)
• Chozhan Nagar Main Road 3rd Street: Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in Chokkanathan Nagar 1st Street

For a 1,000 sq.ft plot at the current guideline value, the total guideline value amounts to Rs 30,50,000. The stamp duty at 7% would be Rs 2,13,500, and the registration fee at 2% would be Rs 61,000, bringing the total to Rs 2,74,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Chokkanathan Nagar 1st Street?

The Sub Registrar Office that covers Chokkanathan Nagar 1st Street is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. You can find your SRO for more information.

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

The guideline value plays a crucial role in property transactions in Maduravoyal. It is used to determine the stamp duty and registration fees that must be paid when a property is bought or sold. Buyers and sellers must be aware of this value to calculate the financial implications of their transactions accurately.

When registering a property, the guideline value is essential for ensuring that the correct fees are paid. It is important for both parties involved in a transaction to understand how this value is applied to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Chokkanathan Nagar 1st Street?

The current guideline value of Chokkanathan Nagar 1st Street is Rs 3,050 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 257 per sq.ft in 2002 to Rs 3,050 per sq.ft in 2024, reflecting an overall increase of 1,087% over this period.

What is the land classification for Chokkanathan Nagar 1st Street?

The land classification for Chokkanathan Nagar 1st Street is Residential Class III Type - I.

What are the stamp duty and registration fees for property in this area?

For a property valued at Rs 30,50,000, the stamp duty would be Rs 2,13,500 and the registration fee would be Rs 61,000, totaling Rs 2,74,500.

Where is the Sub Registrar Office for Chokkanathan Nagar 1st Street located?

The Virugambakkam Sub Registrar Office is located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.