Guideline Value for Louis Convent Street

Louis Convent Street guideline value

The current guideline value of Louis Convent Street is Rs 3,300 per sq.ft, effective from 1 July 2024. This street is located in Parangimalai village and falls under the Chennai South Joint II SRO. The land classification for this area is Residential Class II Type - II.

How the guideline value of Louis Convent Street has changed

Over the years, the guideline value of Louis Convent Street has seen several revisions. The earliest recorded figure is from 2002, with a guideline value of Rs 357 per sq.ft. This increased to Rs 447 per sq.ft in 2003, marking a rise of 25%. The value continued to rise significantly to Rs 800 per sq.ft in 2007, reflecting a 79% increase. By 2012, the value was Rs 3,000 per sq.ft, which was a substantial increase of 275% from the previous revision.

From 2012 to 2017, the guideline value dropped to Rs 2,010 per sq.ft, indicating a decrease of 33%. However, this was followed by a significant rise to Rs 3,000 per sq.ft in 2023, and then to the current value of Rs 3,300 per sq.ft in 2024, which is a 10% increase. The overall change from 2002 to 2024 shows an increase of 824% in the guideline value for 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 guideline value for the village is Rs 3,850 per sq.ft, placing Louis Convent Street's 2024 figure below that median.

• 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)
• Madhammal Koil Street: Rs 2,750 per sq.ft (2024)
• Madhava Perumal Central Street: Rs 3,300 per sq.ft (2024)
• Madhava Perumal East Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Louis Convent Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value would be Rs 33,00,000. The stamp duty at 7% would amount to Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, bringing the total to Rs 2,97,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Louis Convent Street?

The Sub Registrar Office that covers Louis Convent 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 plays a crucial role in the registration process of property transactions in Parangimalai. It is used to determine the stamp duty and registration fees that need to be paid when a property is bought or sold. Buyers and sellers must be aware of the current guideline value to ensure compliance with legal requirements during the registration process.

When a property is registered, the guideline value is compared with the sale price. The higher of the two values is used to calculate the applicable stamp duty and registration fees. This ensures that the government receives the appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Louis Convent Street?

The current guideline value of Louis Convent Street is Rs 3,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 357 per sq.ft in 2002 to Rs 3,300 per sq.ft in 2024, showing an overall increase of 824%.

What is the land classification for Louis Convent Street?

Louis Convent Street is classified as Residential Class II Type - II under the land classification system.

Where is the Sub Registrar Office for Louis Convent Street located?

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

How is stamp duty calculated for properties in Louis Convent Street?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, a property with a guideline value of Rs 33,00,000 would incur a stamp duty of Rs 2,31,000 at a rate of 7%.