Guideline Value for Sowri Street

Sowri Street guideline value

The current guideline value of Sowri Street in Parangimalai village is Rs 3,850 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 - I.

How the guideline value of Sowri Street has changed

Over the years, the guideline value of Sowri Street has seen significant changes. The earliest recorded revision in 2002 set the value at Rs 414 per sq.ft. This figure increased to Rs 518 per sq.ft in 2003, marking a 25% rise. The value continued to climb, reaching Rs 800 per sq.ft in 2007, which represented a 54% increase from the previous year. By 2012, the guideline value was revised to Rs 3,500 per sq.ft, reflecting a substantial increase of 338% since 2007. However, this figure saw a decrease of 33% to Rs 2,345 per sq.ft in 2017.

In the subsequent revisions, the guideline value rose to Rs 3,500 per sq.ft in 2023, and then to Rs 3,850 per sq.ft in 2024, which is a 10% increase from the previous year. Overall, from 2002 to 2024, the guideline value has increased by 830%.

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 the median value being Rs 3,850 per sq.ft. Sowri Street's current guideline value is equal to this median.

• South Raja Street: Rs 3,300 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 Sowri Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,850 per sq.ft, the total guideline value amounts to Rs 38,50,000. The stamp duty at 7% would be Rs 2,69,500, and the registration fee at 2% would be Rs 77,000, bringing the total cost for these fees to Rs 3,46,500. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Sowri Street?

Sowri 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 critical factor when buying or selling property in Parangimalai. It serves as a benchmark for determining the minimum value of a property, ensuring that the transaction is registered at a value that reflects the prevailing market conditions as per the government's assessment.

When a property is registered, the guideline value is used to calculate the stamp duty and registration fees, which are mandatory for all property transactions. This ensures that all transactions are documented accurately and that the appropriate taxes are collected by the government.

Frequently asked questions

What is the current guideline value of Sowri Street?

The current guideline value of Sowri Street is Rs 3,850 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 414 per sq.ft in 2002 to Rs 3,850 per sq.ft in 2024, reflecting an overall increase of 830% over the years.

What is the registration office for Sowri Street?

The registration office for Sowri 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.

How are stamp duty and registration fees calculated?

Stamp duty is calculated at 7% of the guideline value or sale price, whichever is higher, while the registration fee is 2% of the same value. For example, for a 1,000 sq.ft plot, the total guideline value is Rs 38,50,000, leading to specific fees.

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

Other streets in Parangimalai include South Raja Street and Silver Street at Rs 3,300 per sq.ft, and Silattar Street, Shripuram Colony Cross Street, Shripuram Colony 2nd Cross Street, and Shripuram Colony at Rs 5,500 per sq.ft as of 2024.