Guideline Value for Dharmaraja Koil Street

Dharmaraja Koil Street guideline value

The current guideline value of Dharmaraja Koil Street is Rs 3,850 per sq.ft, effective from 1 July 2024. This street is located in Parangimalai village, under the Chennai South Joint II SRO, with a land classification of Residential Class II Type - I.

How the guideline value of Dharmaraja Koil Street has changed

The guideline value for Dharmaraja Koil Street has seen several revisions over the years. In 2002, the value was Rs 392 per sq.ft, which increased to Rs 490 per sq.ft in 2003, marking a 25% rise. The value continued to grow, reaching Rs 800 per sq.ft in 2007, a significant increase of 63%. However, from 2007 to 2012, the value dropped to Rs 3,500 per sq.ft, a decrease of 338%. The 2017 revision saw the value rise again to Rs 2,345 per sq.ft, followed by another increase to Rs 3,500 per sq.ft in 2023, and finally reaching Rs 3,850 per sq.ft in 2024, reflecting a 10% increase from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 882%. The register has no figures for the years not mentioned in the revisions, ensuring a clear historical record of changes.

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, which is equal to the current guideline value for Dharmaraja Koil Street.

• Diary Farm Road: Rs 3,850 per sq.ft (2024)
• Dr. Ambedkar Street: Rs 2,750 per sq.ft (2024)
• Defence Colony Street: Rs 4,400 per sq.ft (2024)
• Defence Colony Road: Rs 4,400 per sq.ft (2024)
• DAD Quarters: Rs 3,850 per sq.ft (2024)
• East Chetty Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Dharmaraja Koil Street

For a 1,000 sq.ft plot at the current rate of Rs 3,850 per sq.ft, the guideline value would be Rs 38,50,000. The stamp duty at 7% would be Rs 2,69,500, and the registration fee at 2% would be Rs 77,000, bringing the total to Rs 3,46,500. It is important to note that duty is charged on the higher of the guideline value or the sale price.

You can use the stamp duty and registration fee calculator to estimate these costs for your property transaction.

Which Sub Registrar Office covers Dharmaraja Koil Street?

The Sub Registrar Office that covers Dharmaraja Koil 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. To find your SRO, you can visit find your SRO.

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

The guideline value is a crucial factor in property transactions in Parangimalai. It serves as a benchmark for determining the minimum price at which a property can be registered. Buyers and sellers must consider this value when negotiating the sale price, as it impacts the stamp duty and registration fees payable at the time of registration.

When a property is sold, the registration office uses the guideline value to calculate the applicable fees. If the sale price is higher than the guideline value, the stamp duty will be charged based on the sale price, ensuring that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Dharmaraja Koil Street?

The current guideline value of Dharmaraja Koil Street 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 increased from Rs 392 per sq.ft in 2002 to Rs 3,850 per sq.ft in 2024, reflecting an overall increase of 882%.

What is the land classification for Dharmaraja Koil Street?

Dharmaraja Koil Street is classified as Residential Class II Type - I.

Where can I find the Sub Registrar Office for Dharmaraja Koil Street?

The Sub Registrar Office for Dharmaraja Koil Street 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 property transactions?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. It is typically set at 7% of the guideline value or sale price, along with a registration fee of 2%.