Guideline Value for Ambethkar Street

Ambethkar Street guideline value

The current guideline value of Ambethkar Street in Parangimalai village is Rs 2,750 per sq.ft, effective from 1 July 2024. This street falls under the Chennai South Joint II SRO and is classified as Residential Class III Type - I.

How the guideline value of Ambethkar Street has changed

The guideline value for Ambethkar Street has seen significant changes over the years. In 2002, the value was Rs 236 per sq.ft, which increased to Rs 320 per sq.ft in 2003, marking a 36% rise. The value continued to rise, reaching Rs 750 per sq.ft in 2007, a substantial increase of 134%. By 2012, the value had jumped to Rs 2,500 per sq.ft, reflecting a 233% increase from the previous revision. However, it then decreased to Rs 1,675 per sq.ft in 2017, a decline of 33%. The value rose again to Rs 2,500 per sq.ft in 2023, and most recently to Rs 2,750 per sq.ft in 2024, representing a 10% increase.

Overall, from 2002 to 2024, the guideline value has increased by 1,065%. The register does not provide figures for the years between 2002 and 2003, or for any other revisions outside those listed.

Guideline values in Parangimalai

In Parangimalai, there are 233 streets under the Chennai South Joint II SRO that carry a 2024 guideline value ranging from Rs 2,750 to Rs 11,000 per sq.ft, with a median value of Rs 3,850 per sq.ft. The guideline value for Ambethkar Street is below this median.

• Alagiri Naicker Street: Rs 2,750 per sq.ft (2024)
• Anna Street: Rs 3,300 per sq.ft (2024)
• Appavu Mudali Street: Rs 3,300 per sq.ft (2024)
• Asarkana Lane: Rs 3,300 per sq.ft (2024)
• Ashokan Street: Rs 2,750 per sq.ft (2024)
• Azarkahana 1st Lane: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Ambethkar Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,750 per sq.ft, the total guideline value would be Rs 27,50,000. The stamp duty at 7% would amount to Rs 1,92,500, and the registration fee at 2% would be Rs 55,000, making the total cost Rs 2,47,500. It is important to note that the duty is charged on the higher of the guideline value and the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Ambethkar Street?

The Sub Registrar Office that covers Ambethkar Street is the Chennai South Joint II Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035. You can find your SRO for more information.

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

The guideline value plays a crucial role when buying or selling property in Parangimalai. It is used to determine the stamp duty and registration fees that need to be paid during the registration process. Buyers should be aware that the guideline value is often considered the minimum value for transactions, ensuring that the property is not undervalued.

When registering a property, the buyer must pay the applicable stamp duty based on the guideline value or the sale price, whichever is higher. This means that understanding the guideline value is essential for anyone looking to engage in property transactions in the area.

Frequently asked questions

What is the current guideline value of Ambethkar Street?

The current guideline value of Ambethkar Street is Rs 2,750 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 236 per sq.ft in 2002 to Rs 2,750 per sq.ft in 2024, reflecting an overall increase of 1,065% over the years.

What is the land classification for Ambethkar Street?

Ambethkar Street is classified as Residential Class III Type - I.

What are the stamp duty and registration fees for properties on Ambethkar Street?

For a property valued at Rs 27,50,000, the stamp duty would be Rs 1,92,500 and the registration fee would be Rs 55,000, totaling Rs 2,47,500.

Which office handles registrations for Ambethkar Street?

The Chennai South Joint II Sub Registrar Office handles registrations for Ambethkar Street, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035.