Guideline Value for Labbai Street

Labbai Street guideline value

The current guideline value of Labbai 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 Labbai Street has changed

The guideline value for Labbai Street has seen several revisions over the years. In 2002, the value was Rs 245 per sq.ft, which increased to Rs 320 per sq.ft in 2003, marking a 31% rise. The value then rose significantly to Rs 800 per sq.ft in 2007, reflecting a 150% increase. Following this, the value was revised to Rs 2,500 per sq.ft in 2012, which was a decrease of 33%. The 2017 revision saw the value rise again to Rs 1,675 per sq.ft, an increase of 49% from the previous figure. In 2023, the guideline value was set at Rs 2,500 per sq.ft, before reaching the current figure of Rs 2,750 per sq.ft in 2024, a 10% increase.

There are no figures available for the revisions in years other than those mentioned. Overall, from 2002 to 2024, the guideline value has increased by 1022%.

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, with a median value of Rs 3,850 per sq.ft. Labbai Street's 2024 guideline value is below this median.

• Lakshmi Amman Koil Street: Rs 2,750 per sq.ft (2024)
• Lawyer Jaganathan Street: Rs 3,300 per sq.ft (2024)
• Louis Convent Street: Rs 3,300 per sq.ft (2024)
• Luskar Street: Rs 3,850 per sq.ft (2024)
• Luskar Street Ist Lane: Rs 3,850 per sq.ft (2024)
• Luzkar Lane: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Labbai Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,750 per sq.ft, the total guideline value would be Rs 27,50,000. The stamp duty at 7% would amount to Rs 1,92,500, and the registration fee at 2% would be Rs 55,000, bringing the total fees together 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.

You can use our stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Labbai Street?

Labbai Street 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. 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 registering property in Parangimalai. It serves as a reference point for determining the stamp duty and registration fees that need to be paid during the transaction process.

When buying or selling property, the guideline value helps ensure that the transaction is recorded accurately and fairly. It is essential for both buyers and sellers to be aware of the guideline value to understand their financial obligations during the registration process.

Frequently asked questions

What is the current guideline value of Labbai Street?

The current guideline value of Labbai 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 245 per sq.ft in 2002 to Rs 2,750 per sq.ft in 2024, reflecting an overall increase of 1022% over the years.

What is the land classification of Labbai Street?

Labbai Street is classified as Residential Class III Type - I under the Chennai South Joint II SRO.

What are the stamp duty and registration fees for a property in Labbai Street?

For a 1,000 sq.ft plot at the current guideline value, the total fees would amount to Rs 2,47,500, which includes stamp duty and registration fees.

Which office handles the registration for Labbai Street?

The registration for Labbai Street is handled 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.