Guideline Value for Silver Street

Silver Street guideline value

The current guideline value of Silver Street in Parangimalai village is Rs 3,300 per sq.ft, effective from 1 July 2024. This street falls under the Chennai South Joint II SRO and is classified as Residential Class II Type - II.

How the guideline value of Silver Street has changed

The guideline value for Silver Street has undergone several revisions over the years. In 2002, the value was Rs 390 per sq.ft, which increased to Rs 488 per sq.ft in 2003, marking a 25% rise. The value saw a significant jump to Rs 750 per sq.ft in 2007, reflecting a 54% increase. By 2012, the value was Rs 3,000 per sq.ft, representing a 300% increase from the 2007 figure. However, it decreased by 33% to Rs 2,010 per sq.ft in 2017. Following that, the value rose to Rs 3,000 per sq.ft in 2023, and currently stands at Rs 3,300 per sq.ft in 2024, indicating a 10% increase from the previous year.

Overall, from 2002 to 2024, the guideline value for Silver Street has increased by 746%. There are no figures recorded for this street in any other years outside of 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 guideline value of Silver Street is below this median.

• Silattar Street: Rs 5,500 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 Silver Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value would be Rs 33,00,000. The stamp duty, charged at 7%, would amount to Rs 2,31,000, while the registration fee at 2% would be Rs 66,000. Together, the total fees would be Rs 2,97,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Silver Street?

The Sub Registrar Office that covers Silver 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 crucial factor in property transactions in Parangimalai. It serves as the basis for calculating stamp duty and registration fees when a property is bought or sold. 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 helps determine the official value of the property for taxation purposes. It is essential to be aware of the current guideline value to avoid any discrepancies during the transaction.

Frequently asked questions

What is the current guideline value of Silver Street?

The current guideline value of Silver Street is Rs 3,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 390 per sq.ft in 2002 to Rs 3,300 per sq.ft in 2024, reflecting an overall increase of 746% over the years.

What is the land classification of Silver Street?

Silver Street is classified as Residential Class II Type - II, which indicates its zoning for residential purposes.

What are the stamp duty rates for property in Silver Street?

The stamp duty for property transactions in Silver Street is charged at 7% of the guideline value or sale price, whichever is higher.

Where can I find the Sub Registrar Office for Silver Street?

The Sub Registrar Office for Silver 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.