Guideline Value for Cholan Street

Cholan Street guideline value

The current guideline value of Cholan Street in Sembiam village is Rs 1,900 per sq.ft, effective from 1 July 2024. This street falls under the Sembiam Sub Registrar Office (SRO) and is classified as Residential Class II Type - I.

How the guideline value of Cholan Street has changed

The guideline value for Cholan Street has seen several revisions over the years. In 2007, the value was set at Rs 700 per sq.ft, which increased significantly to Rs 1,800 per sq.ft in 2012. However, it then decreased to Rs 1,206 per sq.ft in 2017. The 2023 revision saw a notable increase to Rs 1,800 per sq.ft, and the current 2024 revision has raised it further to Rs 1,900 per sq.ft, marking a 6% increase from the previous year.

Overall, from 2007 to 2024, the guideline value has increased by 171%. Notably, the register has no figures for Cholan Street for the years 2002 and 2003.

Guideline values in Sembiam

In Sembiam, there are 250 streets under the Sembiam SRO that have a 2024 guideline value ranging from Rs 1,700 to Rs 7,100 per sq.ft, with a median value of Rs 2,700 per sq.ft. Cholan Street's current guideline value of Rs 1,900 per sq.ft is below this median.

• Chockalingam Street: Rs 2,700 per sq.ft (2024)
• Chinna Kulanthai West Street: Rs 2,700 per sq.ft (2024)
• Chinna Kulanthai South Street: Rs 2,700 per sq.ft (2024)
• Chinna Kulanthai South Main Road: Rs 2,700 per sq.ft (2024)
• Chinna Kulanthai North Street: Rs 2,700 per sq.ft (2024)
• Chinna Kulanthai North Main Road: Rs 2,700 per sq.ft (2024)

Stamp duty and registration fee for property in Cholan Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,900 per sq.ft, the total guideline value amounts to Rs 19,00,000. The stamp duty at 7% would be Rs 1,33,000, and the registration fee at 2% would be Rs 38,000, bringing the total fees together to Rs 1,71,000. It is important 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?

The Sub Registrar Office that covers Cholan Street is the Sembiam Sub Registrar Office, located at 5, Papermills Road, Sembiam, Chennai - 600011. You can find your SRO for more details.

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

The guideline value plays a crucial role in property transactions in Sembiam. When buying or selling property, the guideline value is used to determine the stamp duty and registration fees, which are mandatory for legalizing the transaction.

It is essential for buyers and sellers to be aware of the current guideline value to ensure they are paying the correct fees during the registration process. This helps in maintaining transparency and compliance with local regulations.

Frequently asked questions

What is the current guideline value of Cholan Street?

The current guideline value of Cholan Street is Rs 1,900 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

The guideline value has changed significantly, from Rs 700 per sq.ft in 2007 to Rs 1,900 per sq.ft in 2024, marking an overall increase of 171% over this period.

What are the stamp duty and registration fees for property in Cholan Street?

For a 1,000 sq.ft property, the guideline value is Rs 19,00,000. The stamp duty at 7% is Rs 1,33,000, and the registration fee at 2% is Rs 38,000, totaling Rs 1,71,000.

Which office handles registrations for Cholan Street?

The Sembiam Sub Registrar Office, located at 5, Papermills Road, Sembiam, Chennai - 600011, handles registrations for Cholan Street.

What classification does Cholan Street fall under?

Cholan Street is classified as Residential Class II Type - I according to the guideline value register.