Guideline Value for Raja Street 2nd Lane

Raja Street 2nd Lane guideline value

The current guideline value of Raja Street 2nd Lane is Rs 3,850 per sq.ft, effective from 1 July 2024. This street is located in Parangimalai village under the Chennai South Joint II SRO, and it falls under the Residential Class II Type - I land classification.

How the guideline value of Raja Street 2nd Lane has changed

The guideline value for Raja Street 2nd Lane has seen several revisions over the years. In 2002, the value was Rs 300 per sq.ft, which increased to Rs 397 per sq.ft in 2003, marking a 32% rise. Following this, the value escalated significantly to Rs 800 per sq.ft in 2007, reflecting a 102% increase. The value then surged to Rs 3,500 per sq.ft in 2012, a remarkable 338% increase from the previous revision.

From 2012 to 2017, however, the guideline value decreased to Rs 2,345 per sq.ft, showing a decline of 33%. The value then rose to Rs 3,500 per sq.ft in 2023, a 49% increase. The most recent revision in 2024 set the guideline value at Rs 3,850 per sq.ft, representing a 10% increase from the previous year.

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, with the median being Rs 3,850 per sq.ft. Raja Street 2nd Lane's 2024 figure matches this median value.

• Raja Street 1st Lane: Rs 3,850 per sq.ft (2024)
• Raja Street 3rd Lane: Rs 3,850 per sq.ft (2024)
• Raja Street 10th Lane: Rs 3,850 per sq.ft (2024)
• Raja Street 4th Lane: Rs 3,850 per sq.ft (2024)
• Raja Street 5th Lane: Rs 3,850 per sq.ft (2024)
• Raja Street 6th Lane: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Raja Street 2nd Lane

For a 1,000 sq.ft plot at the current rate of Rs 3,850 per sq.ft, the guideline value amounts to Rs 38,50,000. The stamp duty at 7% would be Rs 2,69,500, and the registration fee at 2% would be Rs 77,000, making the total Rs 3,46,500. It is important to note that duty is charged on the higher of the guideline value or the sale price.

You can use the stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Raja Street 2nd Lane?

The Sub Registrar Office that covers Raja Street 2nd Lane 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 a benchmark for determining the minimum value at which properties can be registered, ensuring that the government receives appropriate revenue from stamp duty and registration fees.

When buying or selling property, the guideline value is used to calculate the applicable stamp duty and registration fees. Buyers should be aware that these fees are based on the higher of the guideline value or the actual sale price of the property.

Frequently asked questions

What is the current guideline value of Raja Street 2nd Lane?

The current guideline value of Raja Street 2nd Lane 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 from Rs 300 per sq.ft in 2002 to Rs 3,850 per sq.ft in 2024, reflecting an overall increase of 1183% over the years.

What are the stamp duty and registration fees for a property in this area?

For a 1,000 sq.ft property at the current guideline value, the total stamp duty and registration fees would amount to Rs 3,46,500.

Which office handles registrations for Raja Street 2nd Lane?

The registrations for Raja Street 2nd Lane are handled by 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.

What is the significance of the guideline value in property transactions?

The guideline value is used to determine the minimum registration value of properties, which affects the calculation of stamp duty and registration fees during property transactions.