Guideline Value for Chittibabu Street

Chittibabu Street guideline value

The current guideline value of Chittibabu Street, located in Parangimalai village, is Rs 3,300 per sq.ft. This value is set by the Chennai South Joint II SRO and falls under the Residential Class II Type - II land classification. The guideline value is effective from 1 July 2024.

How the guideline value of Chittibabu Street has changed

The guideline value for Chittibabu Street has seen several revisions over the years. Starting from Rs 256 per sq.ft in 2002, it increased to Rs 320 per sq.ft in 2003, marking a 25% rise. The value then rose significantly to Rs 800 per sq.ft in 2007, representing a 150% increase. By 2012, the value reached Rs 3,000 per sq.ft, which was a 275% increase from the previous revision. However, it then decreased to Rs 2,010 per sq.ft in 2017, indicating a drop of 33%. The value rebounded to Rs 3,000 per sq.ft in 2023, before reaching the current figure of Rs 3,300 per sq.ft in 2024, a 10% increase from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 1189%. There are no figures available for the revisions in years not listed for this street.

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. The median value for these streets is Rs 3,850 per sq.ft, placing Chittibabu Street's 2024 figure below that median.

• Chittibabu Street (Kalaignar Nagar): Rs 3,300 per sq.ft (2024)
• Chinna Mudali Street: Rs 3,300 per sq.ft (2024)
• Contonment Lane: Rs 3,850 per sq.ft (2024)
• DAD Quarters: Rs 3,850 per sq.ft (2024)
• Chakkrapani Colony: Rs 3,850 per sq.ft (2024)
• Cementary Road: Rs 5,500 per sq.ft (2024)

Stamp duty and registration fee for property in Chittibabu Street

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 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. You can use the stamp duty and registration fee calculator for further assistance.

Which Sub Registrar Office covers Chittibabu Street?

The Sub Registrar Office that covers Chittibabu 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 is a crucial factor in the registration process when buying or selling property in Parangimalai. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the transaction.

When a property is registered, the guideline value is used to calculate the applicable fees, ensuring that both the buyer and seller adhere to the legal requirements set forth by the registration department. This process helps maintain transparency in property transactions.

Frequently asked questions

What is the current guideline value of Chittibabu Street?

The current guideline value of Chittibabu Street 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 256 per sq.ft in 2002 to Rs 3,300 per sq.ft in 2024, showing an overall increase of 1189% over the years.

What is the median guideline value for streets in Parangimalai?

The median guideline value for streets in Parangimalai is Rs 3,850 per sq.ft, with Chittibabu Street's current value being below this median.

What are the stamp duty rates for property in Chittibabu Street?

The stamp duty rate for property transactions in Chittibabu Street is 7% of the guideline value or sale price, whichever is higher.

Where is the Sub Registrar Office for Chittibabu Street located?

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