Guideline Value for Ibrahim Street

Ibrahim Street guideline value

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

How the guideline value of Ibrahim Street has changed

The guideline value of Ibrahim Street has seen significant changes over the years. In the 2002 revision, the value was Rs 357 per sq.ft, which increased to Rs 447 per sq.ft in 2003. Following this, the value rose to Rs 750 per sq.ft in 2007, and then to Rs 2,500 per sq.ft in 2012. However, there was a decrease to Rs 1,675 per sq.ft in the 2017 revision. The value then increased again to Rs 2,500 per sq.ft in 2023, and finally to the current rate of Rs 2,750 per sq.ft in 2024, marking a 10% increase from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 670%. The register has no figure for the years not listed, and thus, those revisions do not apply to this street.

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, indicating that the guideline value for Ibrahim Street is below this median.

• Ibrahim Saheb Street: Rs 2,750 per sq.ft (2024)
• Ibrahim Lane: 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 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, making the total fees together Rs 2,47,500. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Ibrahim Street?

The Sub Registrar Office that covers Ibrahim 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. For more information, you can find your SRO.

How the guideline value is used when you buy or sell in Parangimalai

The guideline value plays a crucial role during the registration of property transactions in Parangimalai. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives the appropriate stamp duty and registration fees based on this value.

When buying or selling property, the guideline value helps both buyers and sellers understand the official valuation of the property. This is essential for legal documentation and compliance with local regulations during the registration process.

Frequently asked questions

What is the current guideline value of Ibrahim Street?

The current guideline value of Ibrahim 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 increased from Rs 357 per sq.ft in 2002 to Rs 2,750 per sq.ft in 2024, marking an overall increase of 670% over this period.

What is the median guideline value for streets in Parangimalai?

The median guideline value for streets in Parangimalai is Rs 3,850 per sq.ft, with Ibrahim Street's value being below this median.

What are the stamp duty and registration fees for a property on Ibrahim Street?

For a property valued at Rs 27,50,000, the stamp duty would be Rs 1,92,500 and the registration fee would be Rs 55,000, totaling Rs 2,47,500.

Where is the Sub Registrar Office for Ibrahim Street located?

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