Guideline Value for Shripuram Colony

Shripuram Colony guideline value

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

How the guideline value of Shripuram Colony has changed

The guideline value of Shripuram Colony has seen significant changes over the years. In 2002, the guideline value was Rs 447 per sq.ft, which increased to Rs 559 per sq.ft in 2003. Following that, the value rose to Rs 800 per sq.ft in 2007, marking a 43% increase from the previous year. The next revision in 2012 saw the value at Rs 5,000 per sq.ft, a substantial increase of 525% from 2007. However, in 2017, the value decreased to Rs 3,350 per sq.ft, reflecting a decline of 33%.

In 2023, the guideline value was revised to Rs 5,000 per sq.ft, and the most recent revision in 2024 set the value at Rs 5,500 per sq.ft, representing a 10% increase. Overall, from 2002 to 2024, the guideline value has increased by 1130%. The register has no figure for the years between 2012 and 2017 for this street.

Guideline values in Parangimalai

In Parangimalai, there are 233 streets under the Chennai South Joint II SRO, with guideline values ranging from Rs 2,750 to Rs 11,000 per sq.ft. The median guideline value for these streets is Rs 3,850 per sq.ft, placing Shripuram Colony's 2024 figure above that median.

• Shripuram Colony 2nd Cross Street: 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

For a 1,000 sq.ft plot at the current guideline value of Rs 5,500 per sq.ft, the total guideline value would be Rs 55,00,000. The stamp duty at 7% would amount to Rs 3,85,000, and the registration fee at 2% would be Rs 1,10,000. Together, the total cost for these fees would be 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?

The Sub Registrar Office that covers Shripuram Colony 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 further assistance.

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

The guideline value is a crucial factor when buying or selling property in Parangimalai, as it determines the minimum value at which a property can be registered. This value is used to calculate the stamp duty and registration fees that are applicable during the transaction.

When a property is sold, the buyer must pay the stamp duty based on the higher of the guideline value or the sale price. This ensures that the government receives the appropriate revenue from property transactions, reflecting the established guideline value.

Frequently asked questions

What is the current guideline value of Shripuram Colony?

The current guideline value of Shripuram Colony 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, marking an overall increase of 1130%.

What are the other streets in Parangimalai with their guideline values?

Other streets in Parangimalai include Shripuram Colony 2nd Cross Street, Shripuram Colony Cross Street, and Silattar Street, all valued at Rs 5,500 per sq.ft in 2024, while Silver Street, Shanmugam Colony, and Seven Wells Street are valued at Rs 3,300 per sq.ft.

What fees are associated with buying property in Shripuram Colony?

When buying property in Shripuram Colony, buyers must pay stamp duty at 7% and a registration fee at 2% of the guideline value or sale price, whichever is higher.

Where is the Sub Registrar Office for Shripuram Colony located?

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