Guideline Value for PARASURAM AVENUE

Parasuram Avenue guideline value

The current guideline value of Parasuram Avenue in Medavakkam village is Rs 2,200 per sq.ft, effective from 1 July 2024. This street falls under the Chennai South Joint I SRO and is classified as Residential Class I Type - I.

How the guideline value of Parasuram Avenue has changed

The guideline value for Parasuram Avenue has seen significant changes over the years. Starting in 2002, the guideline value was Rs 69 per sq.ft. In 2003, it increased to Rs 80 per sq.ft, marking a rise of 16%. The value continued to climb, reaching Rs 980 per sq.ft in 2007, which was a remarkable increase of 1,125%. By 2012, the value had risen to Rs 2,000 per sq.ft, reflecting a 104% increase from the previous revision. However, it then decreased to Rs 1,340 per sq.ft in 2017, which was a drop of 33%.

In 2023, the guideline value was Rs 2,000 per sq.ft, and it saw an increase of 10% to reach the current value of Rs 2,200 per sq.ft in 2024. Overall, from 2002 to 2024, the guideline value has increased by 3,088%.

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 is Rs 2,200 per sq.ft, which is equal to the current value of Parasuram Avenue.

• Parasuram Avenue 1st Street: 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

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value would be Rs 22,00,000. The stamp duty at 7% would amount to Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, making the total charges Rs 1,98,000. 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 information.

Which Sub Registrar Office covers Parasuram Avenue?

The Sub Registrar Office covering Parasuram Avenue 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. To find your SRO, you can visit find your SRO.

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

The guideline value is a crucial factor when buying or selling property in Medavakkam. It serves as a benchmark for determining the minimum price at which a property can be registered. Buyers and sellers must consider this value to ensure compliance with local regulations during the registration process.

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

Frequently asked questions

What is the current guideline value of Parasuram Avenue?

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

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 69 per sq.ft in 2002 to Rs 2,200 per sq.ft in 2024, reflecting an overall increase of 3,088% over the years.

What is the land classification of Parasuram Avenue?

Parasuram Avenue is classified as Residential Class I Type - I according to the Chennai South Joint I SRO.

Where can I find the Sub Registrar Office for Parasuram Avenue?

The Sub Registrar Office for Parasuram Avenue is located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035.

How are stamp duty and registration fees calculated in Medavakkam?

Stamp duty and registration fees in Medavakkam are calculated based on the higher of the guideline value or the sale price of the property. This ensures that the correct fees are applied during the registration process.