Guideline Value for Defence Colony Street

Defence Colony Street guideline value

The current guideline value of Defence Colony Street is Rs 4,400 per sq.ft. This street is located in Parangimalai village and falls under the Chennai South Joint II SRO. The land classification for this area is Residential Class I Type - II.

How the guideline value of Defence Colony Street has changed

The guideline value of Defence Colony Street has seen several revisions over the years. In 2002, the guideline value was Rs 651 per sq.ft, which increased to Rs 813 per sq.ft in 2003, marking a 25% rise. Following this, the value rose to Rs 1,100 per sq.ft in 2007, a 35% increase. The 2012 revision saw a significant jump to Rs 4,000 per sq.ft, reflecting a 264% increase from the previous figure. However, in 2017, the value dropped to Rs 2,680 per sq.ft, a decrease of 33%. The guideline value then increased to Rs 4,000 per sq.ft in 2023, followed by a further rise to Rs 4,400 per sq.ft in 2024, which is a 10% increase.

Overall, from 2002 to 2024, the guideline value has increased by 576%. The register has no figures for the years not mentioned in the revisions.

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, and Defence Colony Street's 2024 figure is above this median.

• Defence Colony Road: Rs 4,400 per sq.ft (2024)
• DAD Quarters: Rs 3,850 per sq.ft (2024)
• Contonment Lane: Rs 3,850 per sq.ft (2024)
• Dharmaraja Koil Street: Rs 3,850 per sq.ft (2024)
• Diary Farm Road: Rs 3,850 per sq.ft (2024)
• Chittibabu Street (Kalaignar Nagar): Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Defence Colony Street

For a 1,000 sq.ft plot at the current rate, the guideline value is Rs 44,00,000. The stamp duty at 7% amounts to Rs 3,08,000, while the registration fee at 2% is Rs 88,000. Together, the total cost for stamp duty and registration fee is Rs 3,96,000. 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 Defence Colony Street?

The Sub Registrar Office that covers Defence Colony 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 an important factor 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 registration process. Buyers and sellers must consider the guideline value to ensure compliance with local regulations.

When a property is sold, the sale price and the guideline value are compared. The higher of the two figures is used to calculate the applicable duties and fees. This ensures that the government receives the correct amount in taxes during the property transaction.

Frequently asked questions

What is the current guideline value of Defence Colony Street?

The current guideline value of Defence Colony Street is Rs 4,400 per sq.ft as per the 2024 revision.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 651 per sq.ft in 2002 to Rs 4,400 per sq.ft in 2024, marking an overall increase of 576%.

What is the land classification for Defence Colony Street?

Defence Colony Street is classified as Residential Class I Type - II.

What are the stamp duty rates for properties in Defence Colony Street?

The stamp duty rate for properties in Defence Colony Street is 7% of the guideline value or sale price, whichever is higher.

Where is the Sub Registrar Office for Defence Colony Street located?

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