Guideline Value for East Raja Street

East Raja Street guideline value

The current guideline value of East Raja 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 Raja Street has changed

The guideline value for East Raja Street has seen several revisions over the years. In 2002, the value was Rs 300 per sq.ft, which increased to Rs 397 per sq.ft in 2003, reflecting a change of +32%. The value then rose significantly to Rs 800 per sq.ft in 2007, marking an increase of +102%. Following this, the value surged to Rs 3,000 per sq.ft in 2012, a remarkable increase of +275%. However, it decreased to Rs 2,010 per sq.ft in 2017, showing a decline of -33%. The value then rose to Rs 3,000 per sq.ft in 2023, before reaching the current value of Rs 3,300 per sq.ft in 2024, which is a +10% increase.

There are no figures available for the revisions in the years not mentioned in the register for this street. Overall, from 2002 to 2024, the guideline value has increased by +1000%.

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 is Rs 3,850 per sq.ft, which means East Raja Street's 2024 figure is below that median.

• East Silver Street: Rs 3,300 per sq.ft (2024)
• East Parade 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 Raja 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. Together, the total cost for these fees would be Rs 2,97,000. It is important to note that 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 Raja Street?

The Sub Registrar Office covering East Raja 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 critical factor in property transactions in Parangimalai. When buying or selling property, the guideline value serves as a benchmark for determining the stamp duty and registration fees applicable to the transaction. This ensures that the fees are calculated based on a standardized value set by the government.

During the registration process, the buyer must pay the stamp duty and registration fees based on the higher of the guideline value or the sale price. This practice helps maintain transparency and fairness in property transactions, ensuring that all parties adhere to the established guidelines.

Frequently asked questions

What is the current guideline value of East Raja Street?

The current guideline value of East Raja 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 300 per sq.ft in 2002 to Rs 3,300 per sq.ft in 2024, reflecting an overall increase of +1000% over this period.

What is the classification of East Raja Street?

East Raja 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 property in East Raja Street?

The stamp duty is charged at 7% and the registration fee at 2% of the guideline value or the sale price, whichever is higher.

Where is the Sub Registrar Office for East Raja Street located?

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