Guideline Value for Butt Road

Butt Road guideline value

The current guideline value of Butt Road, located in Parangimalai village, is Rs 5,500 per sq.ft, effective from 1 July 2024. This street is classified under Residential Class I Type - I and falls under the Chennai South Joint II SRO.

How the guideline value of Butt Road has changed

The guideline value for Butt Road has seen several revisions over the years. In 2002, the value was Rs 615 per sq.ft, which increased to Rs 768 per sq.ft in 2003, marking a 25% rise. The value further increased significantly to Rs 2,400 per sq.ft in 2007, reflecting a 213% change. By 2012, the value was Rs 5,000 per sq.ft, which was a 108% increase from the previous revision. However, there was a decrease of 33% to Rs 3,350 per sq.ft in 2017. The value then rose to Rs 5,000 per sq.ft in 2023, before reaching the current figure of Rs 5,500 per sq.ft in 2024, which is a 10% increase.

Overall, from 2002 to 2024, the guideline value for Butt Road has increased by 794%. The register has no figures for the years not mentioned above.

Guideline values in Parangimalai

In Parangimalai, there are 233 streets under the Chennai South Joint II SRO with a 2024 guideline value ranging from Rs 2,750 to Rs 11,000 per sq.ft. The median value is Rs 3,850 per sq.ft, and Butt Road's 2024 figure is above this median.

• Butt Lane: Rs 4,400 per sq.ft (2024)
• Cementary Road: Rs 5,500 per sq.ft (2024)
• Chakkrapani Colony: Rs 3,850 per sq.ft (2024)
• BI Police Quarters: Rs 3,300 per sq.ft (2024)
• Chinna Mudali Street: Rs 3,300 per sq.ft (2024)
• Chittibabu Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Butt Road

For a 1,000 sq.ft plot at the current rate of Rs 5,500 per sq.ft, the guideline value amounts to Rs 55,00,000. The stamp duty at 7% would be Rs 3,85,000, and the registration fee at 2% would be Rs 1,10,000, making the total Rs 4,95,000. Duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Butt Road?

The Sub Registrar Office that covers Butt Road 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 is used as a basis for calculating stamp duty and registration fees when buying or selling property in Parangimalai. It is essential for both buyers and sellers to be aware of the guideline value to ensure compliance with local regulations during the registration process.

When a property is sold, the guideline value serves as a reference point to determine the applicable taxes. Buyers should ensure that the sale price is not lower than the guideline value to avoid potential legal issues during registration.

Frequently asked questions

What is the current guideline value of Butt Road?

The current guideline value of Butt Road is Rs 5,500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 615 per sq.ft in 2002 to Rs 5,500 per sq.ft in 2024, reflecting an overall increase of 794% over the years.

What is the land classification for Butt Road?

Butt Road is classified under Residential Class I Type - I as per the local regulations.

Where can I find the Sub Registrar Office for Butt Road?

The Sub Registrar Office for Butt Road is located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035.

How is the stamp duty calculated for properties in Butt Road?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a 1,000 sq.ft plot at the current rate, the total stamp duty and registration fees can amount to Rs 4,95,000.