Guideline Value for East Chetty Street

East Chetty Street guideline value

The current guideline value of East Chetty Street is Rs 3,300 per sq.ft, effective from 1 July 2024. This street is located in Parangimalai village, under the Chennai South Joint II SRO, and is classified as Residential Class II Type - II.

How the guideline value of East Chetty Street has changed

Since the 2002 revision, the guideline value for East Chetty Street has seen significant changes. The value started at Rs 270 per sq.ft in 2002, increased to Rs 338 per sq.ft in 2003, and then rose by 122% to reach Rs 750 per sq.ft in 2007. Following this, there was a substantial increase of 300%, bringing the value to Rs 3,000 per sq.ft in 2012. However, the value then decreased by 33% to Rs 2,010 per sq.ft in 2017. The value climbed again to Rs 3,000 per sq.ft in 2023, and finally increased by 10% to reach the current value of Rs 3,300 per sq.ft in 2024.

There are no figures available for the revisions in years other than those listed. The overall change from 2002 to 2024 is an increase of 1,122%.

Guideline values in Parangimalai

In Parangimalai village, 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, making East Chetty Street's 2024 figure below that median.

• East Parade Street: Rs 3,300 per sq.ft (2024)
• East Raja Street: Rs 3,300 per sq.ft (2024)
• East Silver Street: Rs 3,300 per sq.ft (2024)
• Ekambara Dabedhar Street: Rs 3,850 per sq.ft (2024)
• Dr. Ambedkar Street: Rs 2,750 per sq.ft (2024)
• Eswaran Koil Street: Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in East Chetty Street

For a 1,000 sq.ft plot at the current rate of Rs 3,300 per sq.ft, the 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, totaling Rs 2,97,000. 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 for more details.

Which Sub Registrar Office covers East Chetty Street?

The Sub Registrar Office that covers East Chetty 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 plays a crucial role in property transactions in Parangimalai. It is used to determine the stamp duty and registration fees that need to be paid when a property is bought or sold. This ensures that the government receives the appropriate revenue from property transactions.

When registering a property, the buyer must pay the stamp duty based on the guideline value or the sale price, whichever is higher. This system helps maintain transparency in property transactions and ensures that all parties are aware of the costs involved in buying or selling property.

Frequently asked questions

What is the current guideline value of East Chetty Street?

The current guideline value of East Chetty 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 significantly from Rs 270 per sq.ft in 2002 to Rs 3,300 per sq.ft in 2024, marking an overall increase of 1,122%.

What are the other streets in Parangimalai with similar guideline values?

Other streets in Parangimalai with a guideline value of Rs 3,300 per sq.ft include East Parade Street, East Raja Street, and East Silver Street.

What fees are associated with buying property in East Chetty Street?

When buying property in East Chetty Street, buyers must pay a stamp duty of 7% and a registration fee of 2% based on the guideline value or the sale price, whichever is higher.

Where can I find the Sub Registrar Office for East Chetty Street?

The Sub Registrar Office for East Chetty 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.