Guideline Value for East Parade Street

East Parade Street guideline value

The current guideline value of East Parade Street in Parangimalai village is Rs 3,300 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 - II.

How the guideline value of East Parade Street has changed

The guideline value for East Parade Street has evolved significantly over the years. In 2002, the value was Rs 357 per sq.ft, which increased to Rs 447 per sq.ft in 2003. The value saw a substantial rise to Rs 800 per sq.ft in 2007, followed by a remarkable increase to Rs 3,000 per sq.ft in 2012. However, it decreased to Rs 2,010 per sq.ft in 2017 before climbing back to Rs 3,000 per sq.ft in 2023. The latest revision in 2024 sets the value at Rs 3,300 per sq.ft, marking a 10% increase from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 824%. The changes between revisions include a 275% rise from 2007 to 2012, a 49% increase from 2017 to 2023, and a 33% decrease from 2012 to 2017. There are no figures available for revisions in years other than those specified.

Guideline values in Parangimalai

In Parangimalai, there are 233 streets under the Chennai South Joint II SRO with 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 East Parade Street's 2024 figure below that median.

• East Raja Street: Rs 3,300 per sq.ft (2024)
• East Silver Street: Rs 3,300 per sq.ft (2024)
• East Chetty 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 Parade Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value would be Rs 33,00,000. The stamp duty at 7% would amount to 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 the 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 East Parade Street?

The Sub Registrar Office covering East Parade 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 during property registration in Parangimalai. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid when buying or selling property in the area.

When a property is registered, the guideline value is considered to ensure that the transaction is recorded accurately. This helps in maintaining transparency in property transactions and ensuring that the appropriate taxes are collected by the government.

Frequently asked questions

What is the current guideline value of East Parade Street?

The current guideline value of East Parade 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 357 per sq.ft in 2002 to Rs 3,300 per sq.ft in 2024, showing an overall increase of 824% over this period.

What is the land classification for East Parade Street?

East Parade Street is classified as Residential Class II Type - II under the Chennai South Joint II SRO.

What are the stamp duty and registration fees for properties in East Parade Street?

The stamp duty is calculated at 7% of the guideline value, and the registration fee is 2%. For a property valued at Rs 33,00,000, the total fees would amount to Rs 2,97,000.

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

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