Guideline Value for South Raja Street

South Raja Street guideline value

The current guideline value of South Raja 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 South Raja Street has changed

The guideline value for South Raja Street has seen several revisions over the years. In 2002, the value was Rs 300 per sq.ft, which increased to Rs 397 per sq.ft in 2003. The value rose significantly to Rs 800 per sq.ft in 2007, and then to Rs 3,000 per sq.ft in 2012. However, it dropped to Rs 2,010 per sq.ft in 2017. The 2023 revision saw a rise to Rs 3,000 per sq.ft, followed by the current value of Rs 3,300 per sq.ft in 2024, marking a 10% increase from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 1000%. The changes between the revisions include a 49% increase from 2017 to 2023, a 33% decrease from 2012 to 2017, a 275% increase from 2007 to 2012, a 102% increase from 2003 to 2007, and a 32% increase from 2002 to 2003. There are no figures available for revisions in years not listed.

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 South Raja Street is below this median.

• Sowri Street: Rs 3,850 per sq.ft (2024)
• Silver Street: Rs 3,300 per sq.ft (2024)
• 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)

Stamp duty and registration fee for property in South Raja 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 at 7% would be Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, bringing the total to 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. You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers South Raja Street?

The Sub Registrar Office that covers South Raja 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 critical factor when buying or selling property in Parangimalai. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the transaction. Buyers and sellers must be aware of the current guideline value to ensure compliance with local regulations.

When a property is registered, the guideline value is used to calculate the applicable stamp duty and registration fees. This ensures that the transaction is recorded accurately and that the appropriate taxes are collected by the government.

Frequently asked questions

What is the current guideline value of South Raja Street?

The current guideline value of South Raja 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 300 per sq.ft in 2002 to Rs 3,300 per sq.ft in 2024, reflecting an overall increase of 1000% over the years.

What is the median guideline value in Parangimalai?

The median guideline value in Parangimalai is Rs 3,850 per sq.ft, with South Raja Street's value being below this median.

What are the stamp duty and registration fees for property in South Raja Street?

For a property valued at Rs 33,00,000, the stamp duty would be Rs 2,31,000 and the registration fee would be Rs 66,000, totaling Rs 2,97,000.

Which office handles property registrations for South Raja Street?

The Chennai South Joint II Sub Registrar Office handles property registrations for South Raja Street, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035.