Guideline Value for PARASURAM AVENUE 1ST STREET

Parasuram Avenue 1st Street guideline value

The current guideline value of Parasuram Avenue 1st Street is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is located in Medavakkam village and falls under the Chennai South Joint I SRO. The land classification for this area is Residential Class I Type - I.

How the guideline value of Parasuram Avenue 1st Street has changed

In the 2012 revision, the guideline value was Rs 2,000 per sq.ft. This figure decreased to Rs 1,340 per sq.ft in the 2017 revision, marking a decline of 33%. However, from 2017 to 2023, the value increased significantly to Rs 2,000 per sq.ft, reflecting a rise of 49%. The most recent revision in 2024 set the value at Rs 2,200 per sq.ft, which is a 10% increase from the previous year.

The register does not have figures for the years 2002, 2003, and 2007 for this street. Overall, from 2012 to 2024, there has been a 10% increase in the guideline value.

Guideline values in Medavakkam

In Medavakkam, there are 379 streets under the Chennai South Joint I SRO that carry a 2024 guideline value ranging from Rs 1,540 to Rs 7,500 per sq.ft. The median guideline value for these streets is Rs 2,200 per sq.ft, which matches the current value of Parasuram Avenue 1st Street.

• Parasuram Avenue: Rs 2,200 per sq.ft (2024)
• Parasuram Avenue 2nd Street: Rs 2,200 per sq.ft (2024)
• Panneer Street: Rs 2,200 per sq.ft (2024)
• Pandiyan Street: Rs 1,870 per sq.ft (2024)
• Patel Company Salai: Rs 2,200 per sq.ft (2024)
• Pallavan Street: Rs 1,870 per sq.ft (2024)

Stamp duty and registration fee for property in Parasuram Avenue 1st Street

For a 1,000 sq.ft plot at the current rate of Rs 2,200 per sq.ft, the guideline value amounts to Rs 22,00,000. The stamp duty at 7% would be Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, totaling Rs 1,98,000. It is important to note that duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Parasuram Avenue 1st Street?

The Sub Registrar Office that covers Parasuram Avenue 1st Street 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 Medavakkam

The guideline value is a crucial factor in the registration process when buying or selling property in Medavakkam. It determines the minimum value at which the property can be registered, ensuring that the transaction is recorded at a fair value.

When a property is sold, the buyer must pay stamp duty and registration fees based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Parasuram Avenue 1st Street?

The current guideline value of Parasuram Avenue 1st Street is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

Since the 2012 revision, the guideline value has seen several changes: it was Rs 2,000 in 2012, decreased to Rs 1,340 in 2017, increased to Rs 2,000 in 2023, and finally set at Rs 2,200 in 2024.

What are the stamp duty and registration fees for property in this area?

For a property valued at Rs 22,00,000, the stamp duty is Rs 1,54,000, and the registration fee is Rs 44,000, totaling Rs 1,98,000. Duty is charged on the higher of the guideline value and the sale price.

Which Sub Registrar Office handles registrations for this street?

The Chennai South Joint I Sub Registrar Office handles registrations for Parasuram Avenue 1st Street, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, fanepet Nandanam, Chennai -600 035.

What is the land classification for Parasuram Avenue 1st Street?

The land classification for Parasuram Avenue 1st Street is Residential Class I Type - I, indicating its suitability for residential development.