Guideline Value for IA Quarters

IA Quarters guideline value

The current guideline value for IA Quarters in Parangimalai village, under the Chennai South Joint II SRO, is Rs 3,850 per sq.ft, effective from 1 July 2024. This area is classified as Residential Class II Type - I.

How the guideline value of IA Quarters has changed

The guideline value of IA Quarters has undergone several revisions over the years. The 2012 revision set the value at Rs 3,500 per sq.ft, which was then reduced by 33% to Rs 2,345 per sq.ft in the 2017 revision. Following this, the value increased significantly by 49% to Rs 3,500 per sq.ft in the 2023 revision, and then further rose by 10% to the current value of Rs 3,850 per sq.ft in the 2024 revision. Notably, the register has no figure for this street in the years 2002, 2003, and 2007.

Overall, from the 2012 revision to the 2024 revision, the guideline value has increased by 10%. The most recent changes reflect the growing valuation of properties in the area.

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, which is equal to the current guideline value for IA Quarters.

• Ibrahim Lane: Rs 2,750 per sq.ft (2024)
• Ibrahim Saheb Street: Rs 2,750 per sq.ft (2024)
• Ibrahim Street: Rs 2,750 per sq.ft (2024)
• Hospital Road: Rs 3,850 per sq.ft (2024)
• Indhra Nagar: Rs 2,750 per sq.ft (2024)
• Indhra Nagar Street: Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in IA Quarters

For a 1,000 sq.ft plot at the current guideline value of Rs 3,850 per sq.ft, the total guideline value is Rs 38,50,000. The stamp duty at 7% would amount to Rs 2,69,500, and the registration fee at 2% would be Rs 77,000, totaling 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. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers IA Quarters?

The Sub Registrar Office that covers IA Quarters 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 the registration of property transactions in Parangimalai. It serves as a benchmark for determining the stamp duty and registration fees applicable when buying or selling property in the area.

When a property is registered, the guideline value is used to calculate the fees based on the higher of the guideline value or the actual sale price. This ensures that the registration process is transparent and standardized across the region.

Frequently asked questions

What is the current guideline value for IA Quarters?

The current guideline value for IA Quarters in Parangimalai village 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 seen several revisions, with the most recent being an increase from Rs 3,500 per sq.ft in 2023 to Rs 3,850 per sq.ft in 2024. The value has also changed from Rs 2,345 per sq.ft in 2017 to Rs 3,500 per sq.ft in 2023.

What are the stamp duty and registration fees for IA Quarters?

For a property valued at Rs 38,50,000, the stamp duty would be Rs 2,69,500, and the registration fee would be Rs 77,000, totaling Rs 3,46,500. These fees are based on the guideline value or the sale price, whichever is higher.

Which Sub Registrar Office covers IA Quarters?

The Chennai South Joint II Sub Registrar Office covers IA Quarters, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035.

What is the land classification for IA Quarters?

IA Quarters is classified as Residential Class II Type - I, indicating its designation for residential use within the area.