Guideline Value for Choolai Pallam

Choolai Pallam guideline value

The current guideline value of Choolai Pallam is Rs 2,700 per sq.ft, effective from 1 July 2024. This area is located in Kodambakkam village and falls under the Ashok Nagar SRO. The land classification for this street is Residential Class IV Type - III.

How the guideline value of Choolai Pallam has changed

Over the years, the guideline value of Choolai Pallam has seen several revisions. The earliest available figure is from 2007, where the value was Rs 800 per sq.ft. This increased significantly to Rs 2,500 per sq.ft in 2012, but then decreased to Rs 1,675 per sq.ft in 2017. The 2023 revision marked a rise to Rs 2,500 per sq.ft, followed by the current value of Rs 2,700 per sq.ft in 2024, reflecting an 8% increase from the previous year.

From 2007 to 2024, the overall increase in the guideline value is 238%. The changes between the revisions are as follows: from 2007 to 2012, there was a substantial increase of 213%, which was followed by a decrease of 33% from 2012 to 2017. The value then saw a significant rise of 49% from 2017 to 2023, before the 8% increase to the current value.

Guideline values in Kodambakkam

In Kodambakkam, there are 1,031 streets under the Ashok Nagar SRO that carry a 2024 guideline value ranging from Rs 2,200 to Rs 11,000 per sq.ft, with a median value of Rs 4,900 per sq.ft. The guideline value of Choolai Pallam is below this median.

• Chozahan Street (JPT): Rs 4,900 per sq.ft (2024)
• Church of South India Block 26: Rs 4,900 per sq.ft (2024)
• Church Street (Ottakapalayam): Rs 4,400 per sq.ft (2024)
• C.I.T. Road Block 35: Rs 4,900 per sq.ft (2024)
• C.I.T. Salai: Rs 4,900 per sq.ft (2024)
• Chippaithottam 2nd Street: Rs 4,100 per sq.ft (2024)

Stamp duty and registration fee for property in Choolai Pallam

For a 1,000 sq.ft plot at the current guideline value of Rs 2,700 per sq.ft, the total guideline value would be Rs 27,00,000. The stamp duty at 7% would be Rs 1,89,000, and the registration fee at 2% would be Rs 54,000, totaling Rs 2,43,000. It is important to note that duty is charged on the higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Choolai Pallam?

The Sub Registrar Office that covers Choolai Pallam is the Ashok Nagar Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Kodambakkam. It serves as a benchmark for determining the stamp duty and registration fees applicable to the transaction. The fees are calculated based on the guideline value or the sale price, whichever is higher.

When you proceed with a property transaction, the guideline value ensures that the government receives the appropriate revenue from stamp duty. It is essential for buyers and sellers to be aware of the current guideline value to understand the financial implications of their property dealings.

Frequently asked questions

What is the current guideline value of Choolai Pallam?

The current guideline value of Choolai Pallam is Rs 2,700 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 800 per sq.ft in 2007 to Rs 2,700 per sq.ft in 2024, reflecting an overall increase of 238% over the years.

What is the land classification for Choolai Pallam?

Choolai Pallam is classified as Residential Class IV Type - III, indicating its designated use for residential purposes.

Where can I calculate stamp duty and registration fees?

You can calculate stamp duty and registration fees using the stamp duty and registration fee calculator available online.

Which office handles property registrations for Choolai Pallam?

The Ashok Nagar Sub Registrar Office handles property registrations for Choolai Pallam, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037.