Guideline Value for Parracks Road

Parracks Road guideline value

The current guideline value of Parracks Road 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 Parracks Road has changed

The guideline value for Parracks Road has seen several revisions over the years. In 2002, the guideline value was Rs 270 per sq.ft. This increased to Rs 338 per sq.ft in 2003, marking a 25% rise. The value then saw a significant jump to Rs 800 per sq.ft in 2007, which was a 137% increase. Following this, the rate further increased to Rs 2,500 per sq.ft in 2012, reflecting a 213% rise. However, between 2012 and 2017, the value decreased to Rs 1,675 per sq.ft, a drop of 33%. The guideline value then rose sharply to Rs 2,500 per sq.ft in 2023, followed by another increase to Rs 2,750 per sq.ft in 2024, which is a 10% increase.

Overall, from 2002 to 2024, the guideline value has increased by 919%. The register has no figures for the years not mentioned above.

Guideline values in Parangimalai

In Parangimalai, there are 233 streets under the Chennai South Joint II SRO with a 2024 guideline value ranging from Rs 2,750 to Rs 11,000 per sq.ft. The median value for these streets is Rs 3,850 per sq.ft, which means the guideline value of Parracks Road is below that median.

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

Stamp duty and registration fee for property in Parracks Road

For a 1,000 sq.ft plot at the current rate of Rs 2,750 per sq.ft, the 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, together totaling 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.

You can use our stamp duty and registration fee calculator for more accurate calculations based on your specific property details.

Which Sub Registrar Office covers Parracks Road?

The Sub Registrar Office that covers Parracks 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 plays a crucial role in property transactions in Parangimalai. When buying or selling property, the guideline value is used to calculate the stamp duty and registration fees. This ensures that the government receives the appropriate revenue based on the established value of the property.

During the registration process, buyers and sellers must refer to the guideline value to determine the applicable fees. It is essential to be aware of the current guideline value to avoid any discrepancies during the transaction.

Frequently asked questions

What is the current guideline value of Parracks Road?

The current guideline value of Parracks Road 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 significantly from Rs 270 per sq.ft in 2002 to Rs 2,750 per sq.ft in 2024, reflecting an overall increase of 919% over the years.

What is the median guideline value for streets in Parangimalai?

The median guideline value for streets in Parangimalai is Rs 3,850 per sq.ft, which is higher than the current value of Parracks Road.

What are the stamp duty and registration fees for properties on Parracks Road?

For a property valued at Rs 27,50,000, the stamp duty would be Rs 1,92,500 and the registration fee would be Rs 55,000, totaling Rs 2,47,500.

Where can I find the Sub Registrar Office for Parracks Road?

The Sub Registrar Office for Parracks 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.