Guideline Value for Guindy Industrial Estate

Guindy Industrial Estate guideline value

The current guideline value for Guindy Industrial Estate is Rs 8,250 per sq.ft, effective from 1 July 2024. This area is located in Parangimalai village and falls under the Chennai South Joint II SRO. The land classification for this estate is Industries Type - I.

How the guideline value of Guindy Industrial Estate has changed

The guideline value for Guindy Industrial Estate has seen several revisions over the years. Starting from the 2002 revision, the guideline value was Rs 357 per sq.ft. This increased to Rs 447 per sq.ft in the 2003 revision, marking a 25% rise. The value then rose significantly to Rs 1,600 per sq.ft in the 2007 revision, reflecting a 258% increase. However, in the 2012 revision, the value dropped to Rs 7,500 per sq.ft, showing a decrease of 33% from the previous figure.

In the following years, the guideline value continued to rise. The 2017 revision saw it increase to Rs 5,025 per sq.ft, a 49% increase from 2012. The 2023 revision set the value at Rs 7,500 per sq.ft, and the most recent 2024 revision has raised it to Rs 8,250 per sq.ft, a 10% increase from the previous year. Overall, from 2002 to 2024, the guideline value has increased by 2,211%.

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 for these streets is Rs 3,850 per sq.ft, placing Guindy Industrial Estate's 2024 figure above that median.

• G.S.T. Road: Rs 11,000 per sq.ft (2024)
• Gurubucks Street: Rs 2,750 per sq.ft (2024)
• Hill Side: Rs 3,300 per sq.ft (2024)
• Hospital Road: Rs 3,850 per sq.ft (2024)
• IA Quarters: Rs 3,850 per sq.ft (2024)
• Ibrahim Lane: Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in Guindy Industrial Estate

For a 1,000 sq.ft plot at the current guideline value of Rs 8,250 per sq.ft, the total guideline value would be Rs 82,50,000. The stamp duty at 7% would amount to Rs 5,77,500, and the registration fee at 2% would be Rs 1,65,000, bringing the total to Rs 7,42,500. Please note that the duty is charged on the higher of the guideline value and the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Guindy Industrial Estate?

The Guindy Industrial Estate is covered by 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, Chennai registration zone. 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 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 process. Buyers and sellers must consider the guideline value to ensure compliance with local regulations and to avoid any potential legal issues.

When registering a property, the guideline value will be used to calculate the applicable fees. It is important to note that the duty is charged on the higher of the guideline value or the sale price, ensuring that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value for Guindy Industrial Estate?

The current guideline value for Guindy Industrial Estate is Rs 8,250 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen significant changes, increasing from Rs 357 in 2002 to Rs 8,250 in 2024, reflecting an overall increase of 2,211%.

What is the registration office for Guindy Industrial Estate?

The registration office covering Guindy Industrial Estate 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.

How is the stamp duty calculated for properties in Guindy Industrial Estate?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For instance, for a 1,000 sq.ft plot at the current rate, the total guideline value would be Rs 82,50,000.

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

Other streets in Parangimalai have varying guideline values, ranging from Rs 2,750 to Rs 11,000 per sq.ft. Some examples include G.S.T. Road at Rs 11,000 per sq.ft and Gurubucks Street at Rs 2,750 per sq.ft.