Guideline Value for West Raja Street

West Raja Street guideline value

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

How the guideline value of West Raja Street has changed

The guideline value for West 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, marking a rise of 32%. The value then experienced a significant increase to Rs 800 per sq.ft in 2007, reflecting a growth of 102%. Following this, the guideline value surged to Rs 3,000 per sq.ft in 2012, a substantial increase of 275%. However, it decreased to Rs 2,010 per sq.ft in 2017, indicating a decline of 33%. The value rose again to Rs 3,000 per sq.ft in 2023, and finally, it reached Rs 3,300 per sq.ft in 2024, representing a 10% increase from the previous year.

There are no figures available for the revisions in the years not listed. The overall change from 2002 to 2024 shows a remarkable increase of 1000% in the guideline value for this street.

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 for these streets is Rs 3,850 per sq.ft, placing West Raja Street's 2024 figure below that median.

• Well Sowrith Street: Rs 2,750 per sq.ft (2024)
• 100 Feet Road: Rs 11,000 per sq.ft (2024)
• V.P.Line: Rs 2,750 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 West 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 amount to 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 duty is charged on the guideline value or the sale price, whichever is higher. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers West Raja Street?

The Sub Registrar Office that covers West 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 crucial factor when buying or selling property in Parangimalai. It serves as a benchmark for determining the minimum value at which a property can be registered. Buyers and sellers must be aware of this value to ensure compliance with legal requirements during the registration process.

When a property is sold, the guideline value is used to calculate the applicable stamp duty and registration fees. This ensures that both parties are aware of the financial implications of the transaction, as these fees are based on the higher of the guideline value or the sale price.

Frequently asked questions

What is the current guideline value of West Raja Street?

The current guideline value of West 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 this period.

What are the stamp duty and registration fees for property in West 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 Sub Registrar Office covers West Raja Street?

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

What is the land classification of West Raja Street?

West Raja Street is classified as Residential Class II Type - II, indicating its designation for residential purposes within the area.