Guideline Value for BI Police Quarters

BI Police Quarters guideline value

The current guideline value of BI Police Quarters in Parangimalai village is Rs 3,300 per sq.ft, effective from 1 July 2024. This property falls under the Chennai South Joint II SRO and is classified as Residential Class II Type - II.

How the guideline value of BI Police Quarters has changed

The guideline value for BI Police Quarters has seen several revisions over the years. In 2012, the value was Rs 3,000 per sq.ft, which decreased to Rs 2,010 per sq.ft in 2017. Following this, the value increased significantly to Rs 3,000 per sq.ft in 2023. The latest revision in 2024 has set the value at Rs 3,300 per sq.ft. Notably, the register has no figure for this street in 2002, 2003, and 2007.

Between the revisions, the changes were as follows: from 2012 to 2017, there was a decrease of 33%, followed by a substantial increase of 49% from 2017 to 2023. The jump from 2023 to 2024 reflects a 10% increase. Overall, from 2012 to 2024, the guideline value has increased by 10%.

Guideline values in Parangimalai

In Parangimalai, there are 233 streets under the Chennai South Joint II SRO, with guideline values ranging from Rs 2,750 to Rs 11,000 per sq.ft. The median guideline value is Rs 3,850 per sq.ft, placing the BI Police Quarters' 2024 figure below that median.

• Butt Lane: Rs 4,400 per sq.ft (2024)
• Butt Road: Rs 5,500 per sq.ft (2024)
• Cementary Road: Rs 5,500 per sq.ft (2024)
• Bharathi Nagar: Rs 3,300 per sq.ft (2024)
• Chakkrapani Colony: Rs 3,850 per sq.ft (2024)
• Bengali Bazaar Road (M.K.N.Road): Rs 5,500 per sq.ft (2024)

Stamp duty and registration fee for property in BI Police Quarters

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value amounts to Rs 33,00,000. The stamp duty at 7% would be Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, bringing the total charges to Rs 2,97,000. It is important to note that the 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 BI Police Quarters?

The BI Police Quarters is covered by 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 details.

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

The guideline value plays a crucial role in the registration process of property transactions in Parangimalai. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the sale or purchase of property.

When buying or selling property, the guideline value is considered to ensure that the transaction is recorded at a fair value. This helps maintain transparency in property dealings and ensures compliance with local regulations.

Frequently asked questions

What is the current guideline value of BI Police Quarters?

The current guideline value of BI Police Quarters in Parangimalai village is Rs 3,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 3,000 per sq.ft in 2012 to Rs 2,010 per sq.ft in 2017, then to Rs 3,000 per sq.ft in 2023, and finally to Rs 3,300 per sq.ft in 2024.

What is the land classification for BI Police Quarters?

BI Police Quarters is classified as Residential Class II Type - II under the Chennai South Joint II SRO.

Where can I find the Sub Registrar Office for BI Police Quarters?

The Sub Registrar Office covering BI Police Quarters is located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035.

How is stamp duty calculated for properties in BI Police Quarters?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 33,00,000, the stamp duty would be Rs 2,31,000 at 7%.