Guideline Value for Cholan Street / Muthamzahi Nagar

Cholan Street / Muthamzahi Nagar guideline value

The current guideline value of Cholan Street / Muthamzahi Nagar is Rs 2,475 per sq.ft, effective from 1 July 2024. This area is located in Pammal village, under the Pammal SRO, and is classified as Residential Class I Type - II.

How the guideline value of Cholan Street / Muthamzahi Nagar has changed

The guideline value for Cholan Street / Muthamzahi Nagar has seen significant changes over the years. Starting from the 2002 revision, the value was Rs 242 per sq.ft. It increased to Rs 274 per sq.ft in 2003, marking a 13% rise. The value continued to grow, reaching Rs 360 per sq.ft in 2007, a 31% increase from the previous revision. By 2017, the value surged to Rs 1,507 per sq.ft, reflecting a substantial 319% increase. The 2023 revision set the value at Rs 2,250 per sq.ft, which was a 49% increase from 2017. The latest revision in 2024 has raised the guideline value to Rs 2,475 per sq.ft, a 10% increase from 2023.

It is important to note that there is no figure available for the 2012 revision for this street.

Guideline values in Pammal

In Pammal, there are 926 streets under the Pammal SRO that carry a 2024 guideline value, ranging from Rs 880 to Rs 3,300 per sq.ft. The median value for these streets is Rs 2,090 per sq.ft, placing Cholan Street / Muthamzahi Nagar's 2024 figure above this median.

• Cholavaram Nagar: Rs 1,980 per sq.ft (2024)
• Cholavaram Nagar, 1st Street: Rs 1,980 per sq.ft (2024)
• Cholavaram Nagar, 2nd Street: Rs 1,980 per sq.ft (2024)
• Cholavaram Nagar, 3rd Street: Rs 1,980 per sq.ft (2024)
• Church Street / Ponni Nagar: Rs 1,980 per sq.ft (2024)
• Children Street, Muthamiaz Nagar: Rs 2,475 per sq.ft (2024)

Stamp duty and registration fee for property in Cholan Street / Muthamzahi Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 2,475 per sq.ft, the total guideline value is Rs 24,75,000. The stamp duty at 7% would amount to Rs 1,73,250, while the registration fee at 2% would be Rs 49,500. The total cost for stamp duty and registration fee together would be Rs 2,22,750. It is essential to note that the duty is charged on the higher of the guideline value and the sale price.

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

Which Sub Registrar Office covers Cholan Street / Muthamzahi Nagar?

The Sub Registrar Office that covers Cholan Street / Muthamzahi Nagar is the Pammal Sub Registrar Office, located at Kamarajapuram Thiruneermalai Main Road, Pammal, Chennai-600075, in the Chengalpattu registration zone.

You can find your SRO for more details.

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

The guideline value is a crucial factor when buying or selling property in Pammal. It serves as a benchmark for determining the minimum value at which a property can be registered. This value is used to calculate the stamp duty and registration fees applicable during the transaction.

When a property is sold, the actual sale price or the guideline value, whichever is higher, is considered for calculating the stamp duty. 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 Cholan Street / Muthamzahi Nagar?

The current guideline value of Cholan Street / Muthamzahi Nagar is Rs 2,475 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased significantly from Rs 242 per sq.ft in 2002 to Rs 2,475 per sq.ft in 2024, marking an overall increase of 923% over the years.

What is the median guideline value for streets in Pammal?

The median guideline value for streets in Pammal is Rs 2,090 per sq.ft, with Cholan Street / Muthamzahi Nagar's value being above this median.

Where is the Pammal Sub Registrar Office located?

The Pammal Sub Registrar Office is located at Kamarajapuram Thiruneermalai Main Road, Pammal, Chennai-600075, in the Chengalpattu registration zone.

How is stamp duty calculated for properties in Pammal?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. It is typically charged at 7%, along with a registration fee of 2% on the guideline value.