Guideline Value for Ibrahim Saheb Street

Ibrahim Saheb Street guideline value

The current guideline value of Ibrahim Saheb Street is Rs 2,750 per sq.ft, effective from 1 July 2024. This street is located in Parangimalai village, under the Chennai South Joint II SRO, and is classified as Residential Class III Type - I.

How the guideline value of Ibrahim Saheb Street has changed

The guideline value for Ibrahim Saheb Street has seen several revisions over the years. In 2012, the value was set at Rs 2,500 per sq.ft. This figure then decreased to Rs 1,675 per sq.ft in 2017, marking a decline of 33%. However, from 2017 to 2023, the value increased significantly to Rs 2,500 per sq.ft, reflecting a rise of 49%. The most recent revision in 2024 has brought the guideline value to Rs 2,750 per sq.ft, which is a 10% increase from the previous year.

It is important to note that there are no recorded figures for this street in the revisions for the years 2002, 2003, and 2007.

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, positioning Ibrahim Saheb Street's current rate below this median.

• Ibrahim Lane: Rs 2,750 per sq.ft (2024)
• Ibrahim Street: Rs 2,750 per sq.ft (2024)
• IA Quarters: Rs 3,850 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 Ibrahim Saheb Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,750 per sq.ft, the total guideline value amounts to Rs 27,50,000. The stamp duty at 7% would be Rs 1,92,500, and the registration fee at 2% would be Rs 55,000, bringing the total charges to Rs 2,47,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Ibrahim Saheb Street?

The Sub Registrar Office that covers Ibrahim Saheb 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 when buying or selling property in Parangimalai. It serves as a reference point for determining the minimum value at which property transactions can be registered. Buyers and sellers must consider this value to ensure compliance with local regulations during the registration process.

When a property is sold, the guideline value is used to calculate the stamp duty and registration fees. These fees are based on the guideline value or the sale price, whichever is higher, ensuring that the transaction is appropriately documented and taxed.

Frequently asked questions

What is the current guideline value of Ibrahim Saheb Street?

The current guideline value of Ibrahim Saheb Street is Rs 2,750 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,500 per sq.ft in 2012 to Rs 1,675 per sq.ft in 2017, then increased to Rs 2,500 per sq.ft in 2023, and finally to Rs 2,750 per sq.ft in 2024.

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

Other streets in Parangimalai with a guideline value of Rs 2,750 per sq.ft include Ibrahim Lane, Ibrahim Street, Indhra Nagar, and Indhra Nagar Street. Streets like IA Quarters and Hospital Road have a higher value of Rs 3,850 per sq.ft.

What fees are applicable when registering property in Ibrahim Saheb Street?

When registering property in Ibrahim Saheb Street, the stamp duty is charged at 7% of the guideline value, and the registration fee is charged at 2%. These fees are calculated based on the higher of the guideline value or the sale price.

Where can I find the Sub Registrar Office for Ibrahim Saheb Street?

The Sub Registrar Office for Ibrahim Saheb Street is located at the Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035. You can find more information about the office online.