Guideline Value for PARASMAL METHA STREET

Parasmal Metha Street guideline value

The current guideline value of Parasmal Metha Street is Rs 4,950 per sq.ft. This street is located in Saidapet village, under the Chennai South Joint II SRO, and is classified as Residential Class II Type - I.

How the guideline value of Parasmal Metha Street has changed

The guideline value for Parasmal Metha Street has undergone several revisions over the years. In 2002, the guideline value was Rs 589 per sq.ft. This figure increased to Rs 737 per sq.ft in 2003, marking a 25% rise. The value then grew by 9% to reach Rs 800 per sq.ft in 2007. Following this, there was a significant increase of 463%, leading to a guideline value of Rs 4,500 per sq.ft in 2012. However, this value dropped by 33% to Rs 3,015 per sq.ft in 2017.

In the subsequent revisions, the guideline value rose to Rs 4,500 per sq.ft in 2023, and then to the current value of Rs 4,950 per sq.ft in 2024, reflecting a 10% increase. Overall, from 2002 to 2024, the guideline value has increased by 740%. There are no figures available for the revisions between 2012 and 2017 for this street.

Guideline values in Saidapet

In Saidapet, there are 106 streets under the Chennai South Joint II SRO that have a 2024 guideline value ranging from Rs 3,300 to Rs 13,200 per sq.ft. The median value for these streets is Rs 4,400 per sq.ft, placing Parasmal Metha Street's 2024 guideline value above this median.

• Parson Nagar: Rs 4,950 per sq.ft (2024)
• Perumal Koil Chetty Street: Rs 4,950 per sq.ft (2024)
• Perumal Koil East Mada Veethi: Rs 4,950 per sq.ft (2024)
• Perumal Koil Extn. Street: Rs 4,950 per sq.ft (2024)
• Perumal Koil Street: Rs 4,950 per sq.ft (2024)
• Perumal Koil West Mada Veethi: Rs 4,950 per sq.ft (2024)

Stamp duty and registration fee for property in Parasmal Metha Street

For a 1,000 sq.ft plot at the current guideline value of Rs 4,950 per sq.ft, the total guideline value amounts to Rs 49,50,000. The stamp duty at 7% would be Rs 3,46,500, while the registration fee at 2% would be Rs 99,000, bringing the total to Rs 4,45,500. It is important to note that 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 Parasmal Metha Street?

The Sub Registrar Office that covers Parasmal Metha 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 additional information.

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

The guideline value plays a crucial role during the registration of property transactions in Saidapet. It serves as a benchmark for determining the minimum value at which properties can be registered, ensuring that the registration fees and stamp duties are calculated accordingly.

When buying or selling property, the guideline value is referenced to ascertain the applicable duties. This ensures that both buyers and sellers are aware of the financial obligations involved in the transaction, based on the established guideline value.

Frequently asked questions

What is the current guideline value of Parasmal Metha Street?

The current guideline value of Parasmal Metha Street is Rs 4,950 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 589 per sq.ft in 2002 to Rs 4,950 per sq.ft in 2024, reflecting an overall increase of 740% over the years.

What is the registration office for Parasmal Metha Street?

The registration office for Parasmal Metha 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 is stamp duty calculated for properties on Parasmal Metha Street?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, on a 1,000 sq.ft plot at the current rate, the stamp duty would be Rs 3,46,500.

What is the land classification for Parasmal Metha Street?

Parasmal Metha Street is classified as Residential Class II Type - I, which influences its guideline value and usage for property transactions.