Guideline Value for European Lane

European Lane guideline value

The current guideline value of European Lane in Parangimalai village is Rs 3,850 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 - I.

How the guideline value of European Lane has changed

The guideline value for European Lane has undergone several revisions over the years. In 2002, the value was Rs 458 per sq.ft, which increased to Rs 573 per sq.ft in 2003, marking a 25% rise. The value then saw a significant increase to Rs 800 per sq.ft in 2007, reflecting a 40% change. Following this, the value jumped to Rs 3,500 per sq.ft in 2012, showing a remarkable increase of 338%. However, the value dropped to Rs 2,345 per sq.ft in 2017, indicating a decrease of 33% before rising again to Rs 3,500 per sq.ft in 2023, a 49% increase. The current revision in 2024 sees the guideline value at Rs 3,850 per sq.ft, which is a 10% increase from the previous year.

There are no figures available for the years between these revisions for this street. The overall change from 2002 to 2024 is an increase of 741% in the guideline value.

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 guideline value for these streets is Rs 3,850 per sq.ft, placing European Lane's value at the median level.

• Ex-Serviceman Colony 1st To 3rd Street: Rs 3,850 per sq.ft (2024)
• Eswaran Koil Street: Rs 2,750 per sq.ft (2024)
• Fisherman Street: Rs 2,750 per sq.ft (2024)
• Ekambara Dabedhar Street: Rs 3,850 per sq.ft (2024)
• Gandhi Market: Rs 4,400 per sq.ft (2024)
• Gandhi Nagar: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in European Lane

For a 1,000 sq.ft plot at the current guideline value of Rs 3,850 per sq.ft, the total guideline value amounts to 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 fees to Rs 3,46,500. It is important to note that the 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 European Lane?

The Sub Registrar Office that covers European Lane 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 the registration process when buying or selling property in Parangimalai. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the transaction.

When a property is registered, the guideline value is compared to the sale price, and the higher of the two is used to calculate the applicable duties and fees. This ensures that the government receives the appropriate revenue based on the property's value.

Frequently asked questions

What is the current guideline value of European Lane?

The current guideline value of European Lane 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 458 per sq.ft in 2002 to Rs 3,850 per sq.ft in 2024, marking an overall increase of 741% over the years.

What is the stamp duty rate for properties in European Lane?

The stamp duty rate for properties in European Lane is 7% of the guideline value or sale price, whichever is higher.

Where is the Sub Registrar Office for European Lane located?

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

Are there other streets in Parangimalai with similar guideline values?

Yes, there are several other streets in Parangimalai with similar guideline values, including Ex-Serviceman Colony 1st To 3rd Street and Ekambara Dabedhar Street, both valued at Rs 3,850 per sq.ft in 2024.