Guideline Value for Well Sowrith Street

Well Sowrith Street guideline value

The current guideline value of Well Sowrith Street is Rs 2,750 per sq.ft. This street is located in Parangimalai village, under the Chennai South Joint II SRO, and is classified as Residential Class III Type - I.

How the guideline value of Well Sowrith Street has changed

The guideline value for Well Sowrith Street has undergone several revisions over the years. In 2002, the value was Rs 402 per sq.ft, which increased to Rs 502 per sq.ft in 2003, marking a 25% rise. The value then saw a significant increase to Rs 800 per sq.ft in 2007, which was a 59% change. Following this, the 2012 revision set the value at Rs 2,500 per sq.ft, reflecting a remarkable 213% increase from the previous value.

From 2012 to 2017, the guideline value decreased to Rs 1,675 per sq.ft, a drop of 33%. However, it rebounded to Rs 2,500 per sq.ft in 2023, representing a 49% increase. The most recent revision in 2024 has set the guideline value at Rs 2,750 per sq.ft, which is a 10% increase from the previous year. The register has no figures for revisions in years not listed.

Guideline values in Parangimalai

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

• West Raja Street: Rs 3,300 per sq.ft (2024)
• V.P.Line: Rs 2,750 per sq.ft (2024)
• 100 Feet Road: Rs 11,000 per sq.ft (2024)
• Vishwanathar Koil Street: Rs 3,300 per sq.ft (2024)
• Vishwanathapuram Street: Rs 3,850 per sq.ft (2024)
• V.G.P.Murthy Square: Rs 11,000 per sq.ft (2024)

Stamp duty and registration fee for property in Well Sowrith Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,750 per sq.ft, the total guideline value amounts to Rs 27,50,000. The stamp duty, charged at 7%, would be Rs 1,92,500, while the registration fee at 2% would be Rs 55,000. Together, the total cost for these fees would be Rs 2,47,500. It is important to note that duty is charged on the higher of the guideline value and the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Well Sowrith Street?

The Sub Registrar Office that covers Well Sowrith 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 plays a crucial role when buying or selling property in Parangimalai. It is used to determine the stamp duty and registration fees that are applicable during the registration process. Buyers should be aware that these fees are calculated based on the guideline value or the sale price, whichever is higher.

When registering a property, it is essential to adhere to the guideline value set by the Registration Department. This ensures that the transaction is legally compliant and helps in the smooth processing of property transfers.

Frequently asked questions

What is the current guideline value of Well Sowrith Street?

The current guideline value of Well Sowrith Street is Rs 2,750 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

Over the years, the guideline value has changed from Rs 402 per sq.ft in 2002 to Rs 2,750 per sq.ft in 2024, reflecting an overall increase of 584%.

What is the classification of Well Sowrith Street?

Well Sowrith Street is classified as Residential Class III Type - I under the Chennai South Joint II SRO.

Where can I find the Sub Registrar Office for Well Sowrith Street?

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

How is the stamp duty calculated for properties in Well Sowrith Street?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For instance, a 1,000 sq.ft plot at the current guideline value would incur a stamp duty of Rs 1,92,500.