Guideline Value for SRI PARASNATH NAGAR VIMAL SANTH STREET

Sri Parasnath Nagar Vimal Santh Street guideline value

The current guideline value for Sri Parasnath Nagar Vimal Santh Street is Rs 2,750 per sq.ft, effective from 1 July 2024. This street is located in Thundalam village and falls under the Chennai South Joint I SRO. The land classification for this street is Residential Class I Type - I.

How the guideline value of Sri Parasnath Nagar Vimal Santh Street has changed

The guideline value for Sri Parasnath Nagar Vimal Santh Street has undergone several revisions over the years. The 2012 revision set the value at Rs 2,500 per sq.ft, which was then reduced to Rs 1,675 per sq.ft in the 2017 revision. However, the value saw a significant increase in the subsequent revisions, with the 2023 figure rising to Rs 2,500 per sq.ft, and the latest revision in 2024 increasing it further to Rs 2,750 per sq.ft. Notably, there are no figures available for the years 2002, 2003, and 2007 for this street.

From 2012 to 2017, the guideline value decreased by 33%. However, between 2017 and 2023, it increased by 49%. The change from 2023 to 2024 reflects a 10% increase, resulting in an overall increase of 10% from 2012 to 2024.

Guideline values in Thundalam

In Thundalam, there are 97 streets under the Chennai South Joint I SRO that carry a 2024 guideline value, ranging from Rs 1,100 to Rs 3,300 per sq.ft. The median guideline value in this area is Rs 1,870 per sq.ft, placing Sri Parasnath Nagar Vimal Santh Street above this median value.

• Sri Parasnath Nagar Sayar Bai Street: Rs 2,750 per sq.ft (2024)
• Sri Parasnath Nagar Santhosh Bai Street: Rs 2,750 per sq.ft (2024)
• Sri Parasnath Nagar Samulal Street: Rs 2,750 per sq.ft (2024)
• Sri Parasnath Nagar Main Road: Rs 2,750 per sq.ft (2024)
• Sri Parasnath Jawahar Street: Rs 2,750 per sq.ft (2024)
• Sri Nainarswamy Garden Item-II: Rs 1,850 per sq.ft (2024)

Stamp duty and registration fee for property in Sri Parasnath Nagar Vimal Santh 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 cost for these fees to 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.

For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Sri Parasnath Nagar Vimal Santh Street?

Sri Parasnath Nagar Vimal Santh Street is covered by the Chennai South Joint I 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 further assistance.

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

The guideline value plays a crucial role in property transactions in Thundalam. It is used to determine the stamp duty and registration fees that buyers must pay when purchasing property. This value is set by the government and can vary based on the location and type of property.

When selling property, the guideline value ensures that the sale price is aligned with government regulations. Buyers and sellers must be aware of the guideline value to ensure compliance with legal requirements during the registration process.

Frequently asked questions

What is the current guideline value for Sri Parasnath Nagar Vimal Santh Street?

The current guideline value for Sri Parasnath Nagar Vimal Santh 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 increased to Rs 2,500 per sq.ft in 2023, and finally to Rs 2,750 per sq.ft in 2024.

What is the registration office for properties in this area?

The registration office for properties in Sri Parasnath Nagar Vimal Santh Street is the Chennai South Joint I Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035.

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

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. Duty is charged on the higher of the guideline value or the sale price.

How does the guideline value affect property transactions?

The guideline value is essential for determining the stamp duty and registration fees during property transactions. It ensures compliance with government regulations and helps align the sale price with legal requirements.