Guideline Value for Silattar Street

Silattar Street guideline value

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

How the guideline value of Silattar Street has changed

The guideline value for Silattar Street has seen several revisions over the years. The earliest recorded figure is from 2002, where the value was Rs 161 per sq.ft. This increased to Rs 202 per sq.ft in 2003, marking a rise of 25%. The value then surged significantly to Rs 750 per sq.ft in 2007, which was an increase of 271%. Following this, the 2012 revision recorded a value of Rs 5,000 per sq.ft, reflecting a notable increase of 567% from the previous figure. However, the value dropped by 33% to Rs 3,350 per sq.ft in 2017.

In the subsequent revisions, the guideline value rose again, reaching Rs 5,000 per sq.ft in 2023, which was a 49% increase from the 2017 figure. The most recent revision in 2024 shows a further increase to Rs 5,500 per sq.ft, a rise of 10% from the previous year. The register has no figure for the years not mentioned in the revisions.

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 in this area is Rs 3,850 per sq.ft, placing Silattar Street's 2024 figure above this median.

• Silver Street: Rs 3,300 per sq.ft (2024)
• Shripuram Colony Cross Street: Rs 5,500 per sq.ft (2024)
• Shripuram Colony 2nd Cross Street: Rs 5,500 per sq.ft (2024)
• Shripuram Colony: Rs 5,500 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 Silattar Street

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, bringing the total fees together to Rs 4,95,000. 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 details.

Which Sub Registrar Office covers Silattar Street?

Silattar Street is covered by 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 crucial factor in property transactions in Parangimalai. It serves as a benchmark for determining the minimum value at which a property can be registered. When buying or selling property, the guideline value is used to calculate the stamp duty and registration fees, ensuring that these costs are based on a standardized value.

During the registration process, buyers and sellers must refer to the guideline value to ascertain the applicable fees. This ensures transparency and uniformity in property transactions, making it essential for all parties involved to be aware of the current guideline values.

Frequently asked questions

What is the current guideline value of Silattar Street?

The current guideline value of Silattar 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 increased from Rs 161 per sq.ft in 2002 to Rs 5,500 per sq.ft in 2024, reflecting an overall increase of 3316% over the years.

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

For a 1,000 sq.ft property, 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 Sub Registrar Office covers Silattar Street?

Silattar Street is covered by 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.

What is the median guideline value in Parangimalai?

The median guideline value in Parangimalai is Rs 3,850 per sq.ft, with Silattar Street's current value being above this median.