Guideline Value for PARASURAMAN STREET

Parasuraman Street guideline value

The current guideline value of Parasuraman Street is Rs 5,500 per sq.ft, effective from 1 July 2024. This street is located in Purasaivakkam village, under the Purasaivakkam SRO, and falls under the Residential Class III Type - I land classification.

How the guideline value of Parasuraman Street has changed

The guideline value for Parasuraman Street has undergone several revisions over the years. In 2007, the value was set at Rs 1,100 per sq.ft, which increased significantly to Rs 5,000 per sq.ft in 2012. However, this was followed by a decrease to Rs 3,350 per sq.ft in 2017. The value then rose to Rs 5,000 per sq.ft in 2023, and currently stands at Rs 5,500 per sq.ft as of the 2024 revision. Notably, the register has no figures for the years 2002 and 2003 for this street.

Between the revisions, the changes have been notable. From 2007 to 2012, the value increased by 355%, but then decreased by 33% from 2012 to 2017. The value saw a significant rise of 49% from 2017 to 2023, and a further increase of 10% from 2023 to 2024. Overall, the guideline value has increased by 400% from 2007 to 2024.

Guideline values in Purasaivakkam

In Purasaivakkam, there are 519 streets under the Purasaivakkam SRO with a 2024 guideline value ranging from Rs 2,200 to Rs 18,100 per sq.ft. The median value is Rs 5,500 per sq.ft, which is equal to the current guideline value of Parasuraman Street.

• Pandurangan Koil Street: Rs 5,500 per sq.ft (2024)
• Parthasarathy Street: Rs 5,500 per sq.ft (2024)
• Pandaram Street: Rs 5,500 per sq.ft (2024)
• Pandaram Lane: Rs 5,500 per sq.ft (2024)
• Payila Pachiappan Street: Rs 3,800 per sq.ft (2024)
• Pensioner Lane: Rs 3,800 per sq.ft (2024)

Stamp duty and registration fee for property in Parasuraman Street

For a 1,000 sq.ft plot at the current guideline value of Rs 5,500 per sq.ft, the total guideline value amounts to Rs 55,00,000. The stamp duty at 7% would be Rs 3,85,000, and the registration fee at 2% would be Rs 1,10,000, bringing the total to Rs 4,95,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Parasuraman Street?

The Sub Registrar Office that covers Parasuraman Street is the Purasaivakkam Sub Registrar Office, located at 93/1, Bricklin Road, Otteri, Chennai- 600 012. You can find your SRO for more information.

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

The guideline value is a crucial factor when registering property in Purasaivakkam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is transparent and fair.

When buying or selling property, the guideline value helps in calculating the applicable stamp duty and registration fees, which are essential for the legal transfer of ownership. It is important for buyers and sellers to be aware of the current guideline value to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Parasuraman Street?

The current guideline value of Parasuraman Street is Rs 5,500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,100 per sq.ft in 2007 to Rs 5,500 per sq.ft in 2024, reflecting an overall increase of 400% over the years.

What is the land classification for Parasuraman Street?

Parasuraman Street falls under the Residential Class III Type - I land classification.

Where can I find the Sub Registrar Office for this street?

The Sub Registrar Office for Parasuraman Street is located at 93/1, Bricklin Road, Otteri, Chennai- 600 012.

How is stamp duty calculated for properties in Purasaivakkam?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, a property valued at Rs 55,00,000 would incur a stamp duty of Rs 3,85,000 at a rate of 7%.