Guideline Value for Choolai Bazaar Road

Choolai Bazaar Road guideline value

The current guideline value of Choolai Bazaar Road is Rs 8,800 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 - I.

How the guideline value of Choolai Bazaar Road has changed

Choolai Bazaar Road has seen several revisions in its guideline value over the years. The earliest recorded figure is from 2007, where the value was Rs 4,100 per sq.ft. This increased to Rs 8,000 per sq.ft in 2012, marking a significant rise of 95%. However, the value decreased to Rs 5,360 per sq.ft in 2017, which represented a drop of 33%. The guideline value then rose sharply to Rs 8,000 per sq.ft in 2023, followed by another increase to Rs 8,800 per sq.ft in 2024, reflecting a 10% increase.

Overall, from 2007 to 2024, the guideline value has increased by 115%. The revisions for the years 2002 and 2003 do not have any figures recorded for Choolai Bazaar Road.

Guideline values in Vepery

In Vepery village, 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, with a median value of Rs 4,800 per sq.ft. Choolai Bazaar Road's 2024 guideline value of Rs 8,800 per sq.ft is above this median.

• Choolai Bazaar Lane: Rs 7,700 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 Road

For a 1,000 sq.ft plot at the current guideline value of Rs 8,800 per sq.ft, the total guideline value would be Rs 88,00,000. The stamp duty at 7% would amount to Rs 6,16,000, and the registration fee at 2% would be Rs 1,76,000, making the total charges Rs 7,92,000. 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 details.

Which Sub Registrar Office covers Choolai Bazaar Road?

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

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

The guideline value plays a crucial role in the registration process of property transactions in Vepery. It is used to determine the stamp duty and registration fees that need to be paid when a property is bought or sold. Buyers and sellers must be aware of the current guideline value to ensure they are compliant with the registration requirements.

When a property is sold, the guideline value is compared to the sale price, and the higher of the two is used to calculate the applicable duties. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Choolai Bazaar Road?

The current guideline value of Choolai Bazaar Road is Rs 8,800 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 4,100 per sq.ft in 2007 to Rs 8,800 per sq.ft in 2024, marking an overall increase of 115% over this period.

What is the land classification of Choolai Bazaar Road?

Choolai Bazaar Road is classified as Commercial Class I Type - I under the current registration guidelines.

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

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

How is the stamp duty calculated for properties in Choolai Bazaar Road?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, for a property with a guideline value of Rs 88,00,000, the stamp duty would be Rs 6,16,000 at a rate of 7%.