Guideline Value for East Silver Street

East Silver Street guideline value

The current guideline value of East Silver Street is Rs 3,300 per sq.ft, effective from 1 July 2024. 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 II Type - II.

How the guideline value of East Silver Street has changed

The guideline value of East Silver Street has seen several revisions over the years. In 2002, the value was Rs 390 per sq.ft, which increased to Rs 488 per sq.ft in 2003, marking a 25% rise. The value then increased significantly to Rs 800 per sq.ft in 2007, a jump of 64%. Following that, there was a substantial increase to Rs 3,000 per sq.ft in 2012, which represented a 275% increase. However, the value 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, a 49% increase, and finally reached Rs 3,300 per sq.ft in 2024, reflecting a 10% increase.

There are no figures available for the years not mentioned in the revisions. The guideline value has increased overall by 746% from 2002 to 2024.

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, with a median value of Rs 3,850 per sq.ft. The guideline value of East Silver Street is below this median.

• East Raja 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 Silver 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 the duty is charged on the higher of the guideline value or the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers East Silver Street?

The Sub Registrar Office that covers East Silver 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 in property transactions in Parangimalai. It serves as a benchmark for determining the minimum value at which properties can be registered. When buying or selling property, the guideline value is used to calculate the stamp duty and registration fees, ensuring that the transaction is compliant with local regulations.

During the registration process, the guideline value helps in assessing the official value of the property. This ensures that both buyers and sellers are aware of the financial implications of their transactions and that all fees are calculated based on the established guideline values.

Frequently asked questions

What is the current guideline value of East Silver Street?

The current guideline value of East Silver 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 390 per sq.ft in 2002 to Rs 3,300 per sq.ft in 2024, reflecting an overall increase of 746% over the years.

What are the stamp duty and registration fees for properties on East Silver Street?

For a property valued at Rs 33,00,000, the stamp duty would be Rs 2,31,000 and the registration fee would be Rs 66,000, totaling Rs 2,97,000.

Which office handles property registrations for East Silver Street?

The Chennai South Joint II Sub Registrar Office handles property registrations for East Silver Street, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035.

How is the guideline value determined in Parangimalai?

The guideline value in Parangimalai is determined based on various factors and is revised periodically. It serves as a benchmark for property transactions, ensuring compliance with local regulations during registration.