Guideline Value for North Silver Street

North Silver Street guideline value

The current guideline value of North Silver Street is Rs 2,750 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 III Type - I.

How the guideline value of North Silver Street has changed

The guideline value for North Silver Street has seen several revisions over the years. In 2002, the guideline value was Rs 390 per sq.ft, which increased to Rs 488 per sq.ft in 2003. Following this, the value rose significantly to Rs 800 per sq.ft in 2007, and then to Rs 2,500 per sq.ft in 2012. However, there was a decrease to Rs 1,675 per sq.ft in 2017, before it climbed back to Rs 2,500 per sq.ft in 2023.

From 2023 to 2024, the guideline value increased by 10% to reach Rs 2,750 per sq.ft. Overall, from 2002 to 2024, the guideline value has increased by 605%. There are no figures available for revisions in years other than those mentioned.

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, placing North Silver Street's 2024 figure below that median.

• North Raja Street: Rs 3,300 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 Silver Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,750 per sq.ft, the total guideline value would be Rs 27,50,000. The stamp duty at 7% would amount to Rs 1,92,500, and the registration fee at 2% would be Rs 55,000, leading to a total cost of Rs 2,47,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers North Silver Street?

The Sub Registrar Office that covers North Silver 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 in the registration process when buying or selling property in Parangimalai. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the transaction.

When a property is registered, the guideline value is used to calculate the applicable fees, ensuring that both buyers and sellers are aware of the financial obligations involved in the transaction. This process helps maintain transparency in property dealings.

Frequently asked questions

What is the current guideline value of North Silver Street?

The current guideline value of North Silver Street is Rs 2,750 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 390 per sq.ft in 2002 to Rs 2,750 per sq.ft in 2024, reflecting an overall increase of 605% over the years.

What is the median guideline value in Parangimalai?

The median guideline value in Parangimalai is Rs 3,850 per sq.ft, which is higher than the current guideline value of North Silver Street.

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

Stamp duty is charged at 7% of the guideline value or sale price, whichever is higher, while the registration fee is 2%. For example, a 1,000 sq.ft plot would incur a total of Rs 2,47,500 in fees.

Where is the Sub Registrar Office for North Silver Street located?

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