Guideline Value for Chokkanathan Nagar 3rd Street

Chokkanathan Nagar 3rd Street guideline value

The current guideline value of Chokkanathan Nagar 3rd 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 falls under the Residential Class III Type - I land classification.

How the guideline value of Chokkanathan Nagar 3rd Street has changed

The guideline value for Chokkanathan Nagar 3rd Street has undergone several revisions over the years. In 2002, the 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 guideline value was Rs 2,750 per sq.ft, which represented a substantial increase of 588%. However, between 2012 and 2017, the value decreased to Rs 1,842 per sq.ft, indicating a decline of 33%.

From 2017 to 2023, the guideline value rose sharply to Rs 2,750 per sq.ft, a 49% increase. The most recent revision in 2024 raised the value to Rs 3,050 per sq.ft, reflecting an 11% increase from the previous year. The overall change from 2002 to 2024 shows an increase of 1,087% in the guideline value for this street.

Guideline values in Maduravoyal

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

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

For a 1,000 sq.ft plot at the current guideline value of Rs 3,050 per sq.ft, the total guideline value would be Rs 30,50,000. The stamp duty at 7% would amount to Rs 2,13,500, and the registration fee at 2% would be Rs 61,000, bringing the total fees to Rs 2,74,500. It is important to note that duty is charged on the higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Chokkanathan Nagar 3rd Street?

The Sub Registrar Office that covers Chokkanathan Nagar 3rd 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 a crucial factor in the registration process when buying or selling property in Maduravoyal. It is used to determine the stamp duty and registration fees payable, ensuring that the transaction is recorded accurately in the official register.

When a property is sold, the guideline value serves as a benchmark for the transaction price. Buyers and sellers must consider this value to avoid discrepancies during the registration process, as the fees are calculated based on the guideline value or the sale price, whichever is higher.

Frequently asked questions

What is the current guideline value of Chokkanathan Nagar 3rd Street?

The current guideline value of Chokkanathan Nagar 3rd 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 significantly 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 the years.

What are the stamp duty and registration fees for property in Chokkanathan Nagar 3rd Street?

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.

Which Sub Registrar Office covers this area?

The Virugambakkam Sub Registrar Office covers Chokkanathan Nagar 3rd Street, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

What is the land classification for Chokkanathan Nagar 3rd Street?

Chokkanathan Nagar 3rd Street falls under the Residential Class III Type - I land classification.