Guideline Value for Choolai Bazaar Lane

Choolai Bazaar Lane guideline value

The current guideline value of Choolai Bazaar Lane is Rs 7,700 per sq.ft, effective from 1 July 2024. This street is located in Vepery village under the Periamet SRO and is classified as Commercial Class I Type - II.

How the guideline value of Choolai Bazaar Lane has changed

The guideline value for Choolai Bazaar Lane has seen several revisions over the years. In 2007, the value was Rs 2,000 per sq.ft, which increased significantly to Rs 7,000 per sq.ft in 2012, marking a 250% increase. However, it then decreased to Rs 4,690 per sq.ft in 2017, representing a decline of 33%. The value rose again to Rs 7,000 per sq.ft in 2023, and most recently, it increased to Rs 7,700 per sq.ft in 2024, reflecting a 10% increase.

Between the revisions, the overall increase from 2007 to 2024 is 285%. The register has no figures for the years 2002 and 2003 for this street.

Guideline values in Vepery

In Vepery, there are 290 streets under the Periamet SRO that carry a 2024 guideline value, ranging from Rs 2,200 to Rs 22,000 per sq.ft. The median guideline value is Rs 4,800 per sq.ft, placing Choolai Bazaar Lane's 2024 figure above this median.

• Choolai Bazaar Road: Rs 8,800 per sq.ft (2024)
• Choolai High Road: Rs 9,900 per sq.ft (2024)
• Church Street: Rs 11,500 per sq.ft (2024)
• Chinnthambi Pillai 2nd street: Rs 6,000 per sq.ft (2024)
• Chinnathambi Pillai 1st street: Rs 6,000 per sq.ft (2024)
• Coovum river Road & Riverside Road: Rs 4,800 per sq.ft (2024)

Stamp duty and registration fee for property in Choolai Bazaar Lane

For a 1,000 sq.ft plot at the current guideline value of Rs 7,700 per sq.ft, the total guideline value would be Rs 77,00,000. The stamp duty at 7% would amount to Rs 5,39,000, while the registration fee at 2% would be Rs 1,54,000, bringing the total to Rs 6,93,000. 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.

Which Sub Registrar Office covers Choolai Bazaar Lane?

The Sub Registrar Office that covers Choolai Bazaar Lane is the Periamet Sub Registrar Office, located at 1103, Poonamallee High Road, Chennai-600 003. You can find your SRO for more details.

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

The guideline value is an essential factor in property transactions in Vepery. It is used to determine the stamp duty and registration fees applicable during the sale or purchase of a property. Buyers and sellers must consider this value to ensure compliance with local regulations.

When registering a property, the guideline value serves as a benchmark for calculating the necessary fees. It is crucial for both parties to be aware of the current guideline value to avoid any discrepancies during the transaction process.

Frequently asked questions

What is the current guideline value of Choolai Bazaar Lane?

The current guideline value of Choolai Bazaar Lane is Rs 7,700 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,000 per sq.ft in 2007 to Rs 7,700 per sq.ft in 2024, reflecting an overall increase of 285% over the years.

What are the other streets in Vepery with their guideline values?

Other streets in Vepery include Choolai Bazaar Road at Rs 8,800 per sq.ft, Choolai High Road at Rs 9,900 per sq.ft, and Church Street at Rs 11,500 per sq.ft, among others.

What is the stamp duty rate for properties in Choolai Bazaar Lane?

The stamp duty rate for properties in Choolai Bazaar Lane is 7% of the guideline value or sale price, whichever is higher.

Where can I find the Sub Registrar Office for Choolai Bazaar Lane?

The Sub Registrar Office for Choolai Bazaar Lane is the Periamet Sub Registrar Office, located at 1103, Poonamallee High Road, Chennai-600 003.