Guideline Value for Polewells Street

Polewells Street guideline value

The current guideline value of Polewells Street in Parangimalai village is Rs 3,850 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 - I.

How the guideline value of Polewells Street has changed

The guideline value for Polewells Street has seen significant changes over the years. In 2002, the guideline value was Rs 475 per sq.ft. This increased to Rs 594 per sq.ft in 2003, marking a rise of 25%. The value continued to increase, reaching Rs 1,100 per sq.ft in 2007, which was an 85% increase from the previous revision. However, from 2007 to 2012, the guideline value dropped to Rs 3,500 per sq.ft, a decrease of 218%. The value remained the same in 2012 until it increased to Rs 2,345 per sq.ft in 2017, reflecting a 33% decrease.

From 2017 to 2023, the guideline value rose significantly to Rs 3,500 per sq.ft, an increase of 49%. The most recent revision in 2024 set the value at Rs 3,850 per sq.ft, which is a 10% increase from the previous year. Overall, from 2002 to 2024, the guideline value has increased by 711%. There are no figures available for revisions in years not listed.

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 guideline value of Polewells Street is equal to the median of Rs 3,850 per sq.ft. Below are the guideline values for other streets in Parangimalai:

• Police Office Road: Rs 4,400 per sq.ft (2024)
• Police Station Road: Rs 4,400 per sq.ft (2024)
• Pillaiyar Koil Street: Rs 3,300 per sq.ft (2024)
• Pon Thottam: Rs 2,750 per sq.ft (2024)
• Perumal Street: Rs 3,300 per sq.ft (2024)
• Poompuhar Street: Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in Polewells Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,850 per sq.ft, the total guideline value would be Rs 38,50,000. The stamp duty at 7% would amount to Rs 2,69,500, and the registration fee at 2% would be Rs 77,000, bringing the total to Rs 3,46,500. It is important to note that the duty is charged on the higher of the guideline value and the sale price. You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Polewells Street?

The Sub Registrar Office that covers Polewells 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 during the registration of property transactions in Parangimalai. It serves as the basis for calculating stamp duty and registration fees, ensuring that the government receives the appropriate revenue from property transactions.

When buying or selling property, the guideline value helps to establish a minimum value for the property, which must be adhered to during registration. This ensures transparency and fairness in property dealings, protecting both buyers and sellers.

Frequently asked questions

What is the current guideline value of Polewells Street?

The current guideline value of Polewells Street is Rs 3,850 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 475 per sq.ft in 2002 to Rs 3,850 per sq.ft in 2024, reflecting an overall increase of 711% over the years.

What are the stamp duty rates for property in Polewells Street?

The stamp duty for property in Polewells Street is charged at 7% of the guideline value or the sale price, whichever is higher.

Which Sub Registrar Office covers Polewells Street?

The Chennai South Joint II Sub Registrar Office covers Polewells 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 Polewells Street?

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