Guideline Value for Parade Road

Parade Road guideline value

The current guideline value of Parade Road 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 Parade Road has changed

In the 2012 revision, the guideline value was Rs 4,000 per sq.ft. This figure was revised to Rs 2,680 per sq.ft in 2017, marking a decrease of 33%. However, from 2017 to 2023, the value increased significantly to Rs 4,000 per sq.ft, reflecting a rise of 49%. The most recent revision in 2024 set the value at Rs 4,400 per sq.ft, which is a 10% increase from the previous year’s figure of Rs 4,000 per sq.ft. The register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Parangimalai

Parangimalai village has a total of 233 streets under the Chennai South Joint II SRO, with guideline values ranging from Rs 2,750 to Rs 11,000 per sq.ft. The median value is Rs 3,850 per sq.ft, and Parade Road's 2024 figure is above this median.

• Pandu Beeman Lane: Rs 2,750 per sq.ft (2024)
• Parracks Road: Rs 2,750 per sq.ft (2024)
• Palwells Street: Rs 3,850 per sq.ft (2024)
• Pallavaram Road: Rs 4,400 per sq.ft (2024)
• Pattai Street: Rs 2,750 per sq.ft (2024)
• P.C.M. Colony: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Parade Road

For a 1,000 sq.ft plot at the current rate of Rs 4,400 per sq.ft, the guideline value amounts to Rs 44,00,000. The stamp duty at 7% would be Rs 3,08,000, and the registration fee at 2% would be Rs 88,000, totaling Rs 3,96,000. 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 Parade Road?

The Sub Registrar Office that covers Parade Road 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 utilized during the registration of property transactions in Parangimalai. It serves as a benchmark for determining the stamp duty and registration fees applicable to the property being bought or sold.

When a property is registered, the higher value between the guideline value and the sale price is considered for calculating the duties. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Parade Road?

The current guideline value of Parade Road 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 seen several changes: from Rs 4,000 in 2012 to Rs 2,680 in 2017, then rising to Rs 4,000 in 2023, and finally to Rs 4,400 in 2024.

What is the classification of Parade Road?

Parade Road is classified as Residential Class I Type - II under the Chennai South Joint II SRO.

What are the stamp duty and registration fees for Parade Road?

For a 1,000 sq.ft plot valued at Rs 4,400 per sq.ft, the total stamp duty and registration fees would amount to Rs 3,96,000.

Which office handles property registrations for Parade Road?

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