Guideline Value for Chozhan Nagar

Chozhan Nagar guideline value

The current guideline value of Chozhan Nagar is Rs 1,300 per sq.ft, effective from 1 July 2024. This area is located in Madambakkam village under the Selaiyur SRO and is classified as Residential Class II Type - II.

How the guideline value of Chozhan Nagar has changed

The guideline value for Chozhan Nagar has seen several revisions over the years. In 2012, the value was Rs 1,200 per sq.ft, which decreased to Rs 804 per sq.ft in 2017. Following this, the value increased significantly to Rs 1,200 per sq.ft in 2023, and then to Rs 1,300 per sq.ft in 2024, marking an 8% increase from the previous year.

From 2017 to 2023, there was a notable increase of 49%. Overall, comparing the 2012 value to the 2024 value, there has been an increase of 8%. It is important to note that the register has no figures for the years 2002, 2003, and 2007 concerning this street.

Guideline values in Madambakkam

In Madambakkam, there are 1,151 streets under the Selaiyur SRO that carry a 2024 guideline value ranging from Rs 1,100 to Rs 6,000 per sq.ft, with a median value of Rs 2,400 per sq.ft. The guideline value for Chozhan Nagar is below this median.

• Chozhan Nagar 1st Street: Rs 1,300 per sq.ft (2024)
• Chozhan Nagar 2nd Street: Rs 1,300 per sq.ft (2024)
• Chozhan Nagar 3rd Street: Rs 1,300 per sq.ft (2024)
• Chinnammal Street: Rs 1,700 per sq.ft (2024)
• Crystal Spring Nagar: Rs 2,400 per sq.ft (2024)
• Dac Vilva: Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in Chozhan Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 1,300 per sq.ft, the total guideline value is Rs 13,00,000. The stamp duty at 7% would amount to Rs 91,000, and the registration fee at 2% would be Rs 26,000, bringing the total to Rs 1,17,000. Duty is charged on the higher of the guideline value and the sale price. You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Chozhan Nagar?

The Sub Registrar Office that covers Chozhan Nagar is the Selaiyur Sub Registrar Office, located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073, in the Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is an essential factor when registering property transactions in Madambakkam. It determines the minimum value at which a property can be registered, ensuring that the government receives appropriate stamp duty and registration fees.

When buying or selling property, the guideline value serves as a benchmark for both parties. It is crucial to be aware of the current guideline value to avoid any disputes during the registration process.

Frequently asked questions

What is the current guideline value of Chozhan Nagar?

The current guideline value of Chozhan Nagar is Rs 1,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,200 per sq.ft in 2012 to Rs 804 per sq.ft in 2017, then to Rs 1,200 per sq.ft in 2023, and finally to Rs 1,300 per sq.ft in 2024.

What is the land classification of Chozhan Nagar?

Chozhan Nagar is classified as Residential Class II Type - II, indicating its suitability for residential development.

Where can I find the Selaiyur Sub Registrar Office?

The Selaiyur Sub Registrar Office is located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073.

How is stamp duty calculated for properties in Chozhan Nagar?

Stamp duty is calculated as a percentage of the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 13,00,000, the stamp duty would be Rs 91,000 at a rate of 7%.