Guideline Value for Shripuram Colony 2nd Cross Street

Shripuram Colony 2nd Cross Street guideline value

The current guideline value for Shripuram Colony 2nd Cross Street is Rs 5,500 per sq.ft, effective from 1 July 2024. This street is located in Parangimalai village, under the Chennai South Joint II SRO, and is classified as Residential Class I Type - I.

How the guideline value of Shripuram Colony 2nd Cross Street has changed

The guideline value for Shripuram Colony 2nd Cross Street has seen several revisions over the years. Starting from Rs 447 per sq.ft in 2002, the value increased to Rs 559 per sq.ft in 2003, marking a 25% rise. The following revision in 2007 saw a significant jump to Rs 800 per sq.ft, which was a 43% increase. In 2012, the value reached Rs 5,000 per sq.ft, reflecting a 525% increase from the previous revision. However, this was followed by a decrease to Rs 3,350 per sq.ft in 2017, a decline of 33%. The value then increased to Rs 5,000 per sq.ft in 2023, and finally, it stands at Rs 5,500 per sq.ft in 2024, representing a 10% increase from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 1130%. There are no figures available for the revisions in years other than those mentioned.

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 a median value of Rs 3,850 per sq.ft. The 2024 guideline value for Shripuram Colony 2nd Cross Street is above this median.

• Shripuram Colony: Rs 5,500 per sq.ft (2024)
• Shripuram Colony Cross Street: Rs 5,500 per sq.ft (2024)
• Silattar Street: Rs 5,500 per sq.ft (2024)
• Silver Street: Rs 3,300 per sq.ft (2024)
• Shanmugam Colony: Rs 3,300 per sq.ft (2024)
• Seven Wells Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Shripuram Colony 2nd Cross Street

For a 1,000 sq.ft plot at the current guideline value of Rs 5,500 per sq.ft, the total guideline value amounts to Rs 55,00,000. The stamp duty at 7% would be Rs 3,85,000, and the registration fee at 2% would be Rs 1,10,000, bringing the total fees together to Rs 4,95,000. 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 details.

Which Sub Registrar Office covers Shripuram Colony 2nd Cross Street?

The Sub Registrar Office that covers Shripuram Colony 2nd Cross 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 plays a crucial role in property transactions in Parangimalai. It is used as a benchmark for calculating stamp duty and registration fees when buying or selling property. Buyers and sellers must consider this value to ensure compliance with local regulations during the registration process.

When a property is registered, the guideline value is compared to the sale price. The higher of the two values is used to determine the applicable stamp duty. This ensures that the fees reflect the true value of the property being transferred.

Frequently asked questions

What is the current guideline value for Shripuram Colony 2nd Cross Street?

The current guideline value for Shripuram Colony 2nd Cross Street is Rs 5,500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 447 per sq.ft in 2002 to Rs 5,500 per sq.ft in 2024, reflecting an overall increase of 1130% over this period.

What is the land classification for Shripuram Colony 2nd Cross Street?

Shripuram Colony 2nd Cross Street is classified as Residential Class I Type - I.

Where can I find the Sub Registrar Office for this area?

The Sub Registrar Office for Shripuram Colony 2nd Cross Street is located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035.

How is stamp duty calculated for property transactions?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. It is essential to consider both values to determine the applicable fees during registration.