Guideline Value for Margo Street

Margo Street guideline value

The current guideline value of Margo Street in Parangimalai village is Rs 3,300 per sq.ft, effective from 1 July 2024. This street falls under the Chennai South Joint II SRO and is classified as Residential Class II Type - II.

How the guideline value of Margo Street has changed

The guideline value of Margo Street has seen several revisions over the years. In 2002, the guideline value was Rs 296 per sq.ft. This figure increased to Rs 371 per sq.ft in 2003, marking a 25% rise. The value continued to climb, reaching Rs 800 per sq.ft in 2007, which was a significant increase of 116%. By 2012, the value was Rs 3,000 per sq.ft, reflecting a substantial 275% increase from the previous revision.

In 2017, the guideline value decreased to Rs 2,010 per sq.ft, representing a decline of 33%. The value then rose again to Rs 3,000 per sq.ft in 2023, before reaching the current figure of Rs 3,300 per sq.ft in 2024, which is a 10% increase from the previous year. Overall, from 2002 to 2024, the guideline value has increased by 1,015%.

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. Margo Street's 2024 guideline value is below this median.

• Margo Lane: Rs 3,300 per sq.ft (2024)
• Mariyapuram: Rs 3,300 per sq.ft (2024)
• Market Lane: Rs 3,850 per sq.ft (2024)
• Market Street: Rs 5,500 per sq.ft (2024)
• Mathiyas Nagar: Rs 3,300 per sq.ft (2024)
• Mangaliamman Koil Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Margo 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 cost for these fees to Rs 2,97,000. Duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Margo Street?

The Sub Registrar Office that covers Margo 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 benchmark for determining the stamp duty and registration fees applicable during the transaction. Buyers and sellers should be aware that these fees are calculated based on the higher of the guideline value or the sale price.

When registering a property, the guideline value ensures that the transaction is documented at a fair rate, which is essential for legal and taxation purposes. It helps maintain transparency in property dealings within the region.

Frequently asked questions

What is the current guideline value of Margo Street?

The current guideline value of Margo 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 from Rs 296 per sq.ft in 2002 to Rs 3,300 per sq.ft in 2024, reflecting an overall increase of 1,015% over this period.

What is the land classification for Margo Street?

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

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

For a property valued at Rs 33,00,000, the stamp duty would be Rs 2,31,000 and the registration fee would be Rs 66,000, totaling Rs 2,97,000.

Where is the Sub Registrar Office for Margo Street located?

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