Guideline Value for PARAMESWARI NAGAR

Parameswari Nagar guideline value

The current guideline value of Parameswari Nagar is Rs 1,320 per sq.ft, effective from 1 July 2024. This area is located in Pallikaranai village and falls under the Chennai South Joint I SRO. The land classification for this street is Residential Class IV Type - II.

How the guideline value of Parameswari Nagar has changed

The guideline value for Parameswari Nagar has undergone several revisions over the years. In 2002, the value was Rs 85 per sq.ft, which increased to Rs 100 per sq.ft in 2003, marking an increase of 18%. By 2007, the value rose significantly to Rs 400 per sq.ft, reflecting a 300% increase from the previous revision. The value remained at Rs 400 per sq.ft until 2012, when it was revised to Rs 1,200 per sq.ft, representing a substantial increase of 200%.

In 2023, the guideline value was Rs 1,200 per sq.ft, and it saw a 10% increase in 2024, bringing it to Rs 1,320 per sq.ft. Notably, the register has no figure for this street in 2017. Overall, from 2002 to 2024, the guideline value has increased by 1453%.

Guideline values in Pallikaranai

Pallikaranai has a total of 749 streets under the Chennai South Joint I SRO, with guideline values for 2024 ranging from Rs 1,110 to Rs 8,580 per sq.ft. The median guideline value in this area is Rs 1,650 per sq.ft, indicating that the 2024 figure for Parameswari Nagar is below this median.

• Parasuraman Nagar Main Road: Rs 1,650 per sq.ft (2024)
• Parasuram Nagar: Rs 1,650 per sq.ft (2024)
• Parasuram Nagar Extensiont: Rs 1,650 per sq.ft (2024)
• Pari Cross Street: Rs 1,650 per sq.ft (2024)
• Pari Street Vgp Shanthi Nagar: Rs 2,750 per sq.ft (2024)
• Pandian Nagar: Rs 1,320 per sq.ft (2024)

Stamp duty and registration fee for property in Parameswari Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 1,320 per sq.ft, the total guideline value would be Rs 13,20,000. The stamp duty at 7% would amount to Rs 92,400, and the registration fee at 2% would be Rs 26,400, making the total fees Rs 1,18,800. It is important to note that the duty is charged on the higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for further calculations.

Which Sub Registrar Office covers Parameswari Nagar?

The Sub Registrar Office that covers Parameswari Nagar is the Chennai South Joint I 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 Pallikaranai

The guideline value is a crucial factor in property transactions in Pallikaranai. It serves as a benchmark for determining the minimum value at which a property can be registered. When a buyer purchases a property, the stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher.

During the registration process, buyers must ensure that the property is valued according to the current guideline value to avoid any discrepancies. This ensures that the transaction is legally compliant and helps in the smooth transfer of ownership.

Frequently asked questions

What is the current guideline value of Parameswari Nagar?

The current guideline value of Parameswari Nagar is Rs 1,320 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen significant increases over the years, from Rs 85 per sq.ft in 2002 to Rs 1,320 per sq.ft in 2024, marking an overall increase of 1453%.

What is the median guideline value in Pallikaranai?

The median guideline value in Pallikaranai for 2024 is Rs 1,650 per sq.ft, while Parameswari Nagar's value is below this median.

What are the stamp duty and registration fees for a property in Parameswari Nagar?

For a property valued at Rs 13,20,000, the stamp duty would be Rs 92,400 and the registration fee would be Rs 26,400, totaling Rs 1,18,800.

Which office handles registrations for Parameswari Nagar?

The Chennai South Joint I Sub Registrar Office handles registrations for Parameswari Nagar, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, fanepet Nandanam, Chennai -600 035.