Guideline Value for Contonment Lane

Contonment Lane guideline value

The current guideline value of Contonment Lane, located in Parangimalai village, is Rs 3,850 per sq.ft, effective from 1 July 2024. This street falls under the Chennai South Joint II SRO and is classified as Residential Class II Type - I.

How the guideline value of Contonment Lane has changed

The guideline value for Contonment Lane has undergone several revisions over the years. The earliest recorded figure is from 2007, where it was Rs 1,100 per sq.ft. This value saw a significant increase to Rs 3,500 per sq.ft in 2012, marking a rise of 218%. However, it then decreased to Rs 2,345 per sq.ft in 2017, a drop of 33%. The value continued to rise, reaching Rs 3,500 per sq.ft in 2023, and finally increasing to Rs 3,850 per sq.ft in 2024, which is a 10% increase from the previous year.

There are no recorded figures for the years 2002 and 2003 for this street. Overall, from 2007 to 2024, the guideline value has increased by 250%, reflecting the various changes over the years.

Guideline values in Parangimalai

In Parangimalai, there are 233 streets under the Chennai South Joint II SRO, with guideline values for 2024 ranging from Rs 2,750 to Rs 11,000 per sq.ft. The median value is Rs 3,850 per sq.ft, which is equal to the current guideline value of Contonment Lane.

• DAD Quarters: Rs 3,850 per sq.ft (2024)
• Defence Colony Road: Rs 4,400 per sq.ft (2024)
• Defence Colony Street: Rs 4,400 per sq.ft (2024)
• Chittibabu Street (Kalaignar Nagar): Rs 3,300 per sq.ft (2024)
• Chittibabu Street: Rs 3,300 per sq.ft (2024)
• Chinna Mudali Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Contonment Lane

For a 1,000 sq.ft plot at the current guideline value of Rs 3,850 per sq.ft, the total guideline value would be Rs 38,50,000. The stamp duty at 7% would amount to Rs 2,69,500, and the registration fee at 2% would be Rs 77,000, bringing the total to Rs 3,46,500. Please note that the duty is charged on the guideline value or the sale price, whichever is higher. You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Contonment Lane?

The Sub Registrar Office that covers Contonment Lane 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 critical factor in property transactions in Parangimalai, as it determines the minimum value at which a property can be registered. When buying or selling property, the guideline value is used to calculate the stamp duty and registration fees that must be paid during the transaction.

It is essential for buyers and sellers to be aware of the guideline value, as it ensures that the property is registered at a value that reflects the current market conditions. This helps in maintaining transparency and fairness in property dealings.

Frequently asked questions

What is the current guideline value of Contonment Lane?

The current guideline value of Contonment Lane is Rs 3,850 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,100 per sq.ft in 2007 to Rs 3,850 per sq.ft in 2024, reflecting an overall increase of 250% over the years.

What is the stamp duty for property in Contonment Lane?

The stamp duty for property in Contonment Lane is 7% of the guideline value or the sale price, whichever is higher.

Where is the Sub Registrar Office for Contonment Lane located?

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

What are the guideline values of other streets in Parangimalai?

Other streets in Parangimalai have varying guideline values, with DAD Quarters and Contonment Lane both at Rs 3,850 per sq.ft, while Defence Colony Road and Defence Colony Street are at Rs 4,400 per sq.ft.