Guideline Value for Paranar Street

Paranar Street guideline value

The current guideline value of Paranar Street is Rs 2,750 per sq.ft, effective from 1 July 2024. This street is located in Chitlapakkam village and falls under the Tambaram Joint 1 SRO, classified as Residential Class I Type - II.

How the guideline value of Paranar Street has changed

The guideline value for Paranar Street has seen several revisions over the years. In 2012, the value was set at Rs 2,500 per sq.ft. This figure remained unchanged until the 2017 revision, which reduced the value to Rs 1,675 per sq.ft, marking a decline of 33%. The value increased in 2023 to Rs 2,500 per sq.ft, and then further rose to Rs 2,750 per sq.ft in 2024, reflecting a 10% increase from the previous year.

From 2017 to 2023, the guideline value increased significantly by 49%. Overall, from 2012 to 2024, the increase is 10%. The register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Chitlapakkam

Chitlapakkam has 548 streets under the Tambaram Joint 1 SRO, with guideline values ranging from Rs 1,100 to Rs 8,800 per sq.ft as of 2024. The median value is Rs 1,650 per sq.ft, placing Paranar Street's 2024 value above this median.

• Pari Cross Street: Rs 1,650 per sq.ft (2024)
• Pandithar Street: Rs 1,650 per sq.ft (2024)
• Pari Street: Rs 1,650 per sq.ft (2024)
• Parthipan Street: Rs 1,100 per sq.ft (2024)
• Pamban Swamigal Street: Rs 3,850 per sq.ft (2024)
• Pamban Swamigal salai: Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in Paranar 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, bringing the total fees together to Rs 2,47,500. 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 Paranar Street?

The Sub Registrar Office that covers Paranar Street is the Tambaram Joint 1 Sub Registrar Office, located at No.26, mes Road, East Tambaram, Chennai-600059, in the Chengalpattu registration zone. You can find your SRO for further assistance.

How the guideline value is used when you buy or sell in Chitlapakkam

The guideline value is a critical factor when buying or selling property in Chitlapakkam. It serves as a benchmark for determining the stamp duty and registration fees payable at the time of registration. Buyers and sellers must be aware of the guideline value to ensure compliance with local regulations.

When a property is sold, the guideline value is used to calculate the applicable duties, which are based on the higher of the guideline value or the sale price. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Paranar Street?

The current guideline value of Paranar 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 2,500 per sq.ft in 2012 to Rs 1,675 per sq.ft in 2017, then back to Rs 2,500 per sq.ft in 2023, and finally to Rs 2,750 per sq.ft in 2024.

What is the land classification of Paranar Street?

Paranar Street is classified as Residential Class I Type - II, which indicates its suitability for residential purposes.

Where can I find the Sub Registrar Office for Paranar Street?

The Sub Registrar Office for Paranar Street is the Tambaram Joint 1 Sub Registrar Office, located at No.26, mes Road, East Tambaram, Chennai-600059.

How is the stamp duty calculated for properties in Chitlapakkam?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. This ensures that the correct amount of duty is paid during the registration process.