Guideline Value for Shripuram Colony Cross Street

Shripuram Colony Cross Street guideline value

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

How the guideline value of Shripuram Colony Cross Street has changed

The guideline value for Shripuram Colony Cross Street has seen significant changes over the years. In the 2002 revision, the value was Rs 447 per sq.ft, which increased to Rs 559 per sq.ft in 2003. Following this, the value rose to Rs 800 per sq.ft in 2007, and then saw a substantial increase to Rs 5,000 per sq.ft in 2012. However, in the 2017 revision, it decreased to Rs 3,350 per sq.ft. The 2023 revision marked a return to Rs 5,000 per sq.ft, and the latest revision in 2024 has set the value at Rs 5,500 per sq.ft.

Notably, the changes between revisions include a +25% increase from 2002 to 2003, a +43% increase from 2003 to 2007, a +525% increase from 2007 to 2012, a -33% decrease from 2012 to 2017, a +49% increase from 2017 to 2023, and a +10% increase from 2023 to 2024. Overall, the guideline value has increased by +1130% from 2002 to 2024.

Guideline values in Parangimalai

In Parangimalai, there are 233 streets under the Chennai South Joint II SRO that have a 2024 guideline value ranging from Rs 2,750 to Rs 11,000 per sq.ft, with a median of Rs 3,850 per sq.ft. The guideline value of Shripuram Colony Cross Street is above this median.

• Shripuram Colony 2nd Cross Street: Rs 5,500 per sq.ft (2024)
• Shripuram Colony: 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 Cross Street

For a 1,000 sq.ft plot at the current rate of Rs 5,500 per sq.ft, the 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, totaling Rs 4,95,000. It is important to note that duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more information.

Which Sub Registrar Office covers Shripuram Colony Cross Street?

The Sub Registrar Office that covers Shripuram Colony 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. To find your SRO, you can visit find your SRO.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Parangimalai. It is used to determine the stamp duty and registration fees payable at the time of registration. The guideline value helps ensure that the transaction is recorded accurately and reflects the value of the property being transferred.

When a buyer or seller approaches the registration office, the guideline value will be assessed to calculate the applicable fees. This ensures that both parties are aware of the financial obligations associated with the transaction, based on the current guideline value.

Frequently asked questions

What is the current guideline value of Shripuram Colony Cross Street?

The current guideline value of Shripuram Colony 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 significantly from Rs 447 per sq.ft in 2002 to Rs 5,500 per sq.ft in 2024, reflecting an overall increase of +1130% during this period.

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

For a property valued at Rs 55,00,000, the stamp duty would be Rs 3,85,000 and the registration fee would be Rs 1,10,000, totaling Rs 4,95,000.

Which office handles registrations in Shripuram Colony Cross Street?

The Chennai South Joint II Sub Registrar Office handles registrations for Shripuram Colony Cross 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 Shripuram Colony Cross Street?

The land classification for Shripuram Colony Cross Street is Residential Class I Type - I, indicating its suitability for residential development.