Guideline Value for Sembada Street

Sembada Street guideline value

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

How the guideline value of Sembada Street has changed

The guideline value for Sembada Street has seen several revisions over the years. In 2002, the value was Rs 357 per sq.ft, which increased to Rs 571 per sq.ft in 2003, marking a 60% rise. The following revision in 2007 saw a significant jump to Rs 800 per sq.ft, an increase of 40%. The 2012 revision brought the value back up to Rs 3,500 per sq.ft, reflecting a substantial increase of 338%. However, in 2017, the value decreased to Rs 2,345 per sq.ft, a decline of 33%. The next revision in 2023 saw the value rise to Rs 3,500 per sq.ft, and finally, the current figure for 2024 is Rs 3,850 per sq.ft, representing a 10% increase from the previous year.

Overall, from 2002 to 2024, the guideline value for Sembada Street has increased by 978%. There are no figures available for the revisions in years other than those 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 median value is Rs 3,850 per sq.ft, which is the same as the current value for Sembada Street.

• Seven Wells 1st Street: Rs 3,300 per sq.ft (2024)
• Seven Wells 2nd Street: Rs 3,300 per sq.ft (2024)
• Seven Wells Poonthottam Street: Rs 3,300 per sq.ft (2024)
• Seven Wells Street: Rs 3,300 per sq.ft (2024)
• Shanmugam Colony: Rs 3,300 per sq.ft (2024)
• Sathik Basha Nagar: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Sembada 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. Duty is charged on the guideline value or the sale price, whichever is higher. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Sembada Street?

The Sub Registrar Office that covers Sembada 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 critical factor during the registration of property transactions in Parangimalai. It serves as the basis for calculating stamp duty and registration fees, which are mandatory costs associated with property transfers.

When buying or selling property, the guideline value ensures that the transaction is recorded accurately and transparently. It is important to consider this value to understand the financial obligations involved in the registration process.

Frequently asked questions

What is the current guideline value of Sembada Street?

The current guideline value of Sembada 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 from Rs 357 per sq.ft in 2002 to Rs 3,850 per sq.ft in 2024, reflecting an overall increase of 978% over this period.

What is the land classification for Sembada Street?

Sembada Street falls under the Residential Class II Type - I land classification.

What are the stamp duty and registration fees for property in Sembada Street?

For a 1,000 sq.ft plot, the total guideline value is 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, totaling Rs 3,46,500.

Which office handles registrations for Sembada Street?

The Chennai South Joint II Sub Registrar Office handles registrations for Sembada Street, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035.