Guideline Value for Market Street

Market Street guideline value

The current guideline value of Market Street in Parangimalai village is Rs 5,500 per sq.ft, effective from 1 July 2024. This street falls under the Chennai South Joint II SRO and is classified as Residential Class I Type - I.

How the guideline value of Market Street has changed

The guideline value for Market Street has seen several revisions over the years. Starting with the 2002 revision, the value was set at Rs 356 per sq.ft. This increased to Rs 447 per sq.ft in 2003, marking a 26% rise. The value continued to increase significantly to Rs 800 per sq.ft in 2007, representing a 79% increase. However, it saw a decrease in the 2012 revision, where it was recorded at Rs 5,000 per sq.ft, a drop of 33% from the previous figure.

In the subsequent revisions, the guideline value rose again, reaching Rs 3,350 per sq.ft in 2017, which was a 49% increase from the 2012 figure. The most recent revision in 2023 set the value at Rs 5,000 per sq.ft, before the current figure of Rs 5,500 per sq.ft was established in 2024, reflecting a 10% increase from the previous year. There are no figures for the years not mentioned in the register 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 value for these streets is Rs 3,850 per sq.ft, placing Market Street's 2024 figure above this median.

• Market Lane: Rs 3,850 per sq.ft (2024)
• Mariyapuram: Rs 3,300 per sq.ft (2024)
• Margo Street: Rs 3,300 per sq.ft (2024)
• Margo Lane: Rs 3,300 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 Market Street

For a 1,000 sq.ft plot at the current guideline value of Rs 5,500 per sq.ft, the total guideline value would be Rs 55,00,000. The stamp duty at 7% would amount to Rs 3,85,000, and the registration fee at 2% would be Rs 1,10,000, bringing the total charges to Rs 4,95,000. 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 Market Street?

The Sub Registrar Office that covers Market 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 when buying or selling property in Parangimalai. It determines the minimum value at which a property can be registered, ensuring that the transaction is recorded at a fair value according to government standards.

When a property is sold, the buyer must pay stamp duty and registration fees based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate fees associated with property transactions in the area.

Frequently asked questions

What is the current guideline value of Market Street?

The current guideline value of Market Street is Rs 5,500 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 356 per sq.ft in 2002 to Rs 5,500 per sq.ft in 2024, reflecting an overall increase of 1445% over the years.

What is the stamp duty rate for properties in Market Street?

The stamp duty rate for properties in Market Street is 7% of the guideline value or the sale price, whichever is higher.

Where is the Sub Registrar Office located?

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

How many streets in Parangimalai have a guideline value set for 2024?

There are 233 streets in Parangimalai under the Chennai South Joint II SRO that have a guideline value set for 2024.