Guideline Value for North Parade Street

North Parade Street guideline value

The current guideline value of North Parade Street in Parangimalai village is Rs 4,400 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 - II.

How the guideline value of North Parade Street has changed

Over the years, the guideline value of North Parade Street has seen significant changes. Starting from Rs 388 per sq.ft in 2002, it increased to Rs 486 per sq.ft in 2003, marking a 25% rise. The value then surged dramatically to Rs 1,800 per sq.ft in 2007, reflecting a 270% increase. Following this, the value rose to Rs 4,000 per sq.ft in 2012, which was a 122% increase. However, it dropped to Rs 2,680 per sq.ft in 2017, indicating a decrease of 33%. The value then climbed to Rs 4,000 per sq.ft in 2023, and finally reached Rs 4,400 per sq.ft in 2024, representing a 10% increase.

In summary, from 2002 to 2024, the overall increase in guideline value for North Parade Street is 1,034%. The register has no figures for the years between these revisions.

Guideline values in Parangimalai

In Parangimalai, there are 233 streets under the Chennai South Joint II SRO with a 2024 guideline value range 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 North Parade Street's 2024 figure above that median.

• North Raja Street: Rs 3,300 per sq.ft (2024)
• North Silver Street: Rs 2,750 per sq.ft (2024)
• Old Kathibara Road: Rs 11,000 per sq.ft (2024)
• Old Maduvakkarai Street: Rs 5,500 per sq.ft (2024)
• Old Poonamallee Road: Rs 7,700 per sq.ft (2024)
• New Shanmugam Colony: Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in North Parade Street

For a 1,000 sq.ft plot at the current guideline value of Rs 4,400 per sq.ft, the total guideline value amounts to Rs 44,00,000. The stamp duty at 7% would be Rs 3,08,000, while the registration fee at 2% would be Rs 88,000, leading to a total of Rs 3,96,000. It is important to note that duty is charged on the guideline value or the sale price, whichever is higher. You can also use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers North Parade Street?

The Sub Registrar Office that covers North Parade 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 is used to determine the stamp duty and registration fees applicable to the transaction. Buyers should be aware that the guideline value is a reference point for these fees and is essential for the legal transfer of property ownership.

When registering a property, the higher of the guideline value and the sale price is considered for calculating the stamp duty. This ensures that the registration reflects the true value of the property being transferred, aligning with the established guideline values in the area.

Frequently asked questions

What is the current guideline value of North Parade Street?

The current guideline value of North Parade Street is Rs 4,400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 388 per sq.ft in 2002 to Rs 4,400 per sq.ft in 2024, representing a total increase of 1,034% over the years.

What is the stamp duty rate for properties in North Parade Street?

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

Where can I find the Sub Registrar Office for North Parade Street?

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

What are the guideline values of other streets in Parangimalai?

Other streets in Parangimalai have varying guideline values, with rates ranging from Rs 2,750 to Rs 11,000 per sq.ft. For example, North Raja Street has a guideline value of Rs 3,300 per sq.ft in 2024.