Guideline Value for PARASAKTHI NAGAR

Parasakthi Nagar guideline value

The current guideline value of Parasakthi Nagar is Rs 3,300 per sq.ft, effective from 1 July 2024. This area is part of Arumbakkam village under the Kodambakkam SRO, classified as Residential Class V Type - I.

How the guideline value of Parasakthi Nagar has changed

The guideline value for Parasakthi Nagar has seen several revisions over the years. In 2002, the value was Rs 414 per sq.ft, which increased to Rs 456 per sq.ft in 2003, marking a 10% rise. The value further rose to Rs 700 per sq.ft in 2007, reflecting a significant increase of 54%. Following this, the 2012 revision saw a marked increase to Rs 3,000 per sq.ft, which was a 329% rise from the previous figure. However, in 2017, the value decreased to Rs 2,010 per sq.ft, indicating a drop of 33%.

In 2023, the guideline value was revised to Rs 3,000 per sq.ft, which then increased to the current value of Rs 3,300 per sq.ft in 2024, representing a 10% increase. Overall, from 2002 to 2024, the guideline value has increased by 697%. The register has no figures for the years not listed in the revisions.

Guideline values in Arumbakkam

In Arumbakkam, there are 391 streets under the Kodambakkam SRO that carry a 2024 guideline value ranging from Rs 3,300 to Rs 16,500 per sq.ft, with a median value of Rs 6,000 per sq.ft. The guideline value of Parasakthi Nagar is below this median.

• Parijathammal Street: Rs 6,000 per sq.ft (2024)
• Pari Street: Rs 3,800 per sq.ft (2024)
• Panchaliamman Koil Street: Rs 7,500 per sq.ft (2024)
• Patel Street: Rs 6,000 per sq.ft (2024)
• Periyapalayathamman Street: Rs 3,300 per sq.ft (2024)
• Padavattamman Koil Street: Rs 6,000 per sq.ft (2024)

Stamp duty and registration fee for property in Parasakthi Nagar

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, while the registration fee at 2% would be Rs 66,000, bringing the total to Rs 2,97,000. Please 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 more details.

Which Sub Registrar Office covers Parasakthi Nagar?

The Sub Registrar Office that covers Parasakthi Nagar is the Kodambakkam Sub Registrar Office, located at 2/31, Azhagiri Nagar 5th Street, Vadapalani, Chennai - 600 026. You can find your SRO for more information.

How the guideline value is used when you buy or sell in Arumbakkam

The guideline value is a crucial factor when registering property transactions in Arumbakkam. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid at the time of registration. Buyers and sellers should be aware that the stamp duty is charged based on the higher of the guideline value or the sale price.

When purchasing property, it is essential to consider the guideline value to understand the financial implications of the transaction. This value helps in calculating the total costs involved, ensuring that both parties are informed about the necessary fees associated with the property transfer.

Frequently asked questions

What is the current guideline value of Parasakthi Nagar?

The current guideline value of Parasakthi Nagar 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 414 per sq.ft in 2002 to Rs 3,300 per sq.ft in 2024, reflecting an overall increase of 697% over the years.

What is the stamp duty rate for property in Parasakthi Nagar?

The stamp duty rate for property transactions in Parasakthi Nagar is 7% of the guideline value or the sale price, whichever is higher.

Where can I find the Sub Registrar Office for Parasakthi Nagar?

The Sub Registrar Office for Parasakthi Nagar is the Kodambakkam Sub Registrar Office, located at 2/31, Azhagiri Nagar 5th Street, Vadapalani, Chennai - 600 026.

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

Other streets in Arumbakkam include Parijathammal Street at Rs 6,000 per sq.ft, Pari Street at Rs 3,800 per sq.ft, Panchaliamman Koil Street at Rs 7,500 per sq.ft, Patel Street at Rs 6,000 per sq.ft, Periyapalayathamman Street at Rs 3,300 per sq.ft, and Padavattamman Koil Street at Rs 6,000 per sq.ft, all for the year 2024.