Guideline Value for North Raja Street

North Raja Street guideline value

The current guideline value of North Raja 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 North Raja Street has changed

The guideline value for North Raja Street has undergone several revisions over the years. In 2002, the guideline value was Rs 300 per sq.ft, which increased to Rs 397 per sq.ft in 2003, marking a 32% rise. The value then saw a significant increase to Rs 800 per sq.ft in 2007, reflecting a 102% growth. By 2012, the value was Rs 3,000 per sq.ft, which was a substantial increase of 275% from the previous revision. However, this was followed by a decrease to Rs 2,010 per sq.ft in 2017, representing a decline of 33%. The value rose again to Rs 3,000 per sq.ft in 2023, and most recently, it has increased to 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 1000%. There are no figures available for the years not listed 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 guideline value in this area is Rs 3,850 per sq.ft, making the current value of North Raja Street below that median.

• North Silver Street: Rs 2,750 per sq.ft (2024)
• North Parade Street: Rs 4,400 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 Raja 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, while the registration fee at 2% would be Rs 66,000. Together, these fees would total 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. For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers North Raja Street?

The Sub Registrar Office that covers North Raja 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 details.

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 serves as the basis for calculating stamp duty and registration fees, ensuring that these costs are aligned with the official valuation set by the government.

When a property is sold, the guideline value is used to determine the minimum price at which the property can be registered. This ensures transparency and helps prevent undervaluation during property transactions.

Frequently asked questions

What is the current guideline value of North Raja Street?

The current guideline value of North Raja 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 300 per sq.ft in 2002 to Rs 3,300 per sq.ft in 2024, reflecting an overall increase of 1000% over this period.

What are the stamp duty and registration fees for property transactions?

Stamp duty is charged at 7% and the registration fee at 2% of the guideline value or the sale price, whichever is higher. For example, for a 1,000 sq.ft plot, the total fees would amount to Rs 2,97,000.

Which Sub Registrar Office handles registrations for North Raja Street?

The Chennai South Joint II Sub Registrar Office handles registrations for North Raja Street, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035.

What is the land classification for North Raja Street?

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