Guideline Value for SOUTH CHENNAI CO OPERATIVE NAGAR

South Chennai Co Operative Nagar guideline value

The current guideline value for South Chennai Co Operative Nagar, located in Perumbakkam village under the Selaiyur SRO, is Rs 2,725 per sq.ft, effective from 1 July 2024. This area is classified as Residential Special Type - I.

How the guideline value of South Chennai Co Operative Nagar has changed

Over the years, the guideline value of South Chennai Co Operative Nagar has seen several revisions. The 2012 revision set the value at Rs 2,500 per sq.ft, which was followed by a decrease to Rs 1,675 per sq.ft in the 2017 revision. Subsequently, the value increased to Rs 2,500 per sq.ft in the 2023 revision, and finally rose to Rs 2,725 per sq.ft in the 2024 revision.

From 2012 to 2017, there was a decrease of 33%. However, between 2017 and 2023, the value increased significantly by 49%. The most recent change from 2023 to 2024 reflects a 9% increase, bringing the overall change from 2012 to 2024 to a modest 9% increase.

Guideline values in Perumbakkam

In Perumbakkam, there are 225 streets under the Selaiyur SRO that carry a 2024 guideline value ranging from Rs 850 to Rs 4,800 per sq.ft. The median guideline value for these streets is Rs 2,725 per sq.ft, which is equal to the current value for South Chennai Co Operative Nagar.

• Sowmiya Nagar: Rs 3,300 per sq.ft (2024)
• Sowmiya Nagar 1st to 24th street: Rs 3,300 per sq.ft (2024)
• Sowmiya Nagar 2nd Main Road: Rs 3,300 per sq.ft (2024)
• Sowmiya Nagar 9th Cross Street: Rs 3,300 per sq.ft (2024)
• Sowmiya Nagar Main Road: Rs 3,300 per sq.ft (2024)
• Sri Ganapathi Nagar Colony: Rs 1,200 per sq.ft (2024)

Stamp duty and registration fee for property in South Chennai Co Operative Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 2,725 per sq.ft, the total guideline value amounts to Rs 27,25,000. The stamp duty at 7% would be Rs 1,90,750, and the registration fee at 2% would be Rs 54,500, bringing the total fees together to Rs 2,45,250. It is important to note that 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 South Chennai Co Operative Nagar?

The Sub Registrar Office that covers South Chennai Co Operative 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 details.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Perumbakkam. It serves as a benchmark for determining the minimum value of a property for registration purposes, ensuring that the transaction is recorded at a fair value.

When a property is sold, the buyer must pay stamp duty and registration fees based on the guideline value or the sale price, whichever is higher. This ensures that the government receives appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of South Chennai Co Operative Nagar?

The current guideline value of South Chennai Co Operative Nagar is Rs 2,725 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,500 per sq.ft in 2012 to Rs 1,675 per sq.ft in 2017, then back to Rs 2,500 per sq.ft in 2023, and finally to Rs 2,725 per sq.ft in 2024.

What is the land classification for South Chennai Co Operative Nagar?

South Chennai Co Operative Nagar is classified as Residential Special Type - I.

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 the stamp duty calculated in South Chennai Co Operative Nagar?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. The registration fee is charged at 2% of the guideline value.