Guideline Value for Chokkanathan Nagar 2nd Street

Chokkanathan Nagar 2nd Street guideline value

The current guideline value of Chokkanathan Nagar 2nd Street is Rs 3,050 per sq.ft, effective from 1 July 2024. This street is located in Maduravoyal village under the Virugambakkam SRO and is classified as Residential Class III Type - I.

How the guideline value of Chokkanathan Nagar 2nd Street has changed

The guideline value for Chokkanathan Nagar 2nd Street has undergone several revisions over the years. In 2002, the guideline value was Rs 257 per sq.ft, which increased to Rs 282 per sq.ft in 2003, marking a 10% rise. The value saw a significant jump to Rs 400 per sq.ft in 2007, reflecting a 42% increase. By 2012, the value was Rs 2,750 per sq.ft, showing a remarkable increase of 588% from the previous figure. However, it decreased to Rs 1,842 per sq.ft in 2017, a decline of 33%.

From 2017 to 2023, the guideline value rose to Rs 2,750 per sq.ft, which was a substantial increase of 49%. The most recent revision in 2024 set the guideline value at Rs 3,050 per sq.ft, reflecting an 11% increase from the previous year. There are no figures available for the years not mentioned in the register for this street.

Guideline values in Maduravoyal

In Maduravoyal, there are 636 streets under the Virugambakkam SRO that have a 2024 guideline value ranging from Rs 2,200 to Rs 6,050 per sq.ft. The median value is Rs 3,050 per sq.ft, which is the same as the 2024 guideline value for Chokkanathan Nagar 2nd Street.

• Chokkanathan Nagar 1st 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 2nd Street

For a 1,000 sq.ft plot at the current rate of Rs 3,050 per sq.ft, the 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, totaling Rs 2,74,500. It is important to note that 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 details.

Which Sub Registrar Office covers Chokkanathan Nagar 2nd Street?

The Sub Registrar Office that covers Chokkanathan Nagar 2nd 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 is an essential factor during the registration of property transactions in Maduravoyal. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring transparency and compliance with legal requirements.

When buying or selling property, the guideline value helps in calculating the applicable stamp duty and registration fees. Buyers should be aware that these fees are based on the guideline value or the sale price, whichever is higher, to ensure they are prepared for the financial obligations involved in the transaction.

Frequently asked questions

What is the current guideline value of Chokkanathan Nagar 2nd Street?

The current guideline value of Chokkanathan Nagar 2nd 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, showing an overall increase of 1,087% over the years.

What is the land classification for Chokkanathan Nagar 2nd Street?

Chokkanathan Nagar 2nd Street is classified as Residential Class III Type - I.

Where can I find the Sub Registrar Office for Chokkanathan Nagar 2nd Street?

The Sub Registrar Office for Chokkanathan Nagar 2nd Street is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

How is the stamp duty calculated for properties in Chokkanathan Nagar 2nd Street?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, for a property with a guideline value of Rs 30,50,000, the stamp duty at 7% would amount to Rs 2,13,500.