Guideline Value for Chokkanathar Street

Chokkanathar Street guideline value

The current guideline value of Chokkanathar Street is Rs 2,750 per sq.ft, effective from 1 July 2024. This street is located in Chitlapakkam village, under the Tambaram Joint 1 SRO, and is classified as Residential Class I Type - II.

How the guideline value of Chokkanathar Street has changed

The guideline value for Chokkanathar Street has undergone several revisions over the years. The 2012 revision set the value at Rs 2,500 per sq.ft, which was a decrease of 33% from the previous revision in 2017, where the value was Rs 1,675 per sq.ft. The 2023 revision saw an increase to Rs 2,500 per sq.ft, and the most recent revision in 2024 raised the value to Rs 2,750 per sq.ft, marking a 10% increase from the previous year.

It is important to note that there are no figures available for the revisions in 2002, 2003, and 2007 for Chokkanathar Street. Overall, from the 2012 revision to the 2024 revision, the guideline value has seen a 10% increase.

Guideline values in Chitlapakkam

Chitlapakkam village has a total of 548 streets under the Tambaram Joint 1 SRO, with guideline values ranging from Rs 1,100 to Rs 8,800 per sq.ft. The median guideline value for these streets is Rs 1,650 per sq.ft, positioning Chokkanathar Street's 2024 figure above this median.

• Cholamannan Street: Rs 1,650 per sq.ft (2024)
• Chotta John Street: Rs 1,100 per sq.ft (2024)
• Chitlapakkam Ist Main Road: Rs 3,300 per sq.ft (2024)
• Chitlapakkam IInd Main Road: Rs 3,850 per sq.ft (2024)
• Chitlapakkam IIIrd Main Road ( Thirumurugan Salai ): Rs 3,850 per sq.ft (2024)
• Chithambaranar St: Rs 1,650 per sq.ft (2024)

Stamp duty and registration fee for property in Chokkanathar Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,750 per sq.ft, the total guideline value would be Rs 27,50,000. The stamp duty at 7% would be Rs 1,92,500, and the registration fee at 2% would be Rs 55,000, bringing the total to Rs 2,47,500. It is important to 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 information on fees applicable to your property transaction.

Which Sub Registrar Office covers Chokkanathar Street?

The Sub Registrar Office that covers Chokkanathar Street is the Tambaram Joint 1 Sub Registrar Office, located at No.26, Mes Road, East Tambaram, Chennai-600059, in the Chengalpattu registration zone. You can find your SRO for further assistance.

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

The guideline value is a critical factor when buying or selling property in Chitlapakkam, as it serves as a benchmark for determining the stamp duty and registration fees. Buyers and sellers must consider this value during the transaction process to ensure compliance with local regulations.

When a property is registered, the stamp duty is calculated based on the higher of the guideline value or the sale price. This ensures that the government receives the appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Chokkanathar Street?

The current guideline value of Chokkanathar Street is Rs 2,750 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,500 per sq.ft in 2023 to Rs 2,750 per sq.ft in 2024, reflecting a 10% increase. The value also increased by 49% from Rs 1,675 per sq.ft in 2017 to Rs 2,500 per sq.ft in 2023.

What is the land classification of Chokkanathar Street?

Chokkanathar Street is classified as Residential Class I Type - II, indicating its suitability for residential development.

What are the stamp duty and registration fees for properties on this street?

For a property valued at Rs 27,50,000, the stamp duty would be Rs 1,92,500 and the registration fee would be Rs 55,000, totaling Rs 2,47,500. These fees are based on the guideline value or the sale price, whichever is higher.

Where is the Sub Registrar Office for Chokkanathar Street located?

The Tambaram Joint 1 Sub Registrar Office is located at No.26, Mes Road, East Tambaram, Chennai-600059, in the Chengalpattu registration zone.