Guideline Value for PARK 1ST STREET

Park 1st Street guideline value

The current guideline value of Park 1st Street in Okkiyamthuraipakkam village, under the Neelankarai SRO, is Rs 3,300 per sq.ft, effective from 1 July 2024. This classification falls under Residential Class II Type - I.

How the guideline value of Park 1st Street has changed

The guideline value for Park 1st Street has undergone several revisions over the years. The 2012 revision set the value at Rs 3,000 per sq.ft, which then decreased to Rs 2,010 per sq.ft in the 2017 revision. Following this, the value increased significantly to Rs 3,000 per sq.ft in 2023, and further rose to Rs 3,300 per sq.ft in the 2024 revision, marking a 10% increase from the previous year.

From 2017 to 2023, the guideline value saw a substantial increase of 49%. The overall change from the 2012 revision to the 2024 revision reflects a 10% increase. It is important to note that the register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Okkiyamthuraipakkam

In Okkiyamthuraipakkam, there are 453 streets under the Neelankarai SRO that carry a 2024 guideline value ranging from Rs 1,100 to Rs 8,800 per sq.ft. The median value is Rs 3,300 per sq.ft, which is equal to the current guideline value of Park 1st Street.

• Park 2nd Street: Rs 3,300 per sq.ft (2024)
• Parthasarathi Nagar: Rs 2,800 per sq.ft (2024)
• Parvathi Nagar & Avenue: Rs 2,200 per sq.ft (2024)
• Pandian Nagar: Rs 1,700 per sq.ft (2024)
• Panchayat Road: Rs 3,300 per sq.ft (2024)
• Pamban Baba Nagar: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Park 1st Street

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, charged at 7%, would amount to Rs 2,31,000, while the registration fee at 2% would be Rs 66,000. Together, these fees would total Rs 2,97,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more information regarding fees, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Park 1st Street?

The Sub Registrar Office that covers Park 1st Street is the Neelankarai Sub Registrar Office, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone. To find your SRO, visit find your SRO.

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

The guideline value is a crucial factor when registering property transactions in Okkiyamthuraipakkam. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the property registration process.

When a property is bought or sold, the guideline value is used to calculate the applicable taxes, ensuring that all transactions are conducted fairly and transparently. Buyers and sellers should be aware of the guideline value to understand their financial obligations during the registration of property.

Frequently asked questions

What is the current guideline value of Park 1st Street?

The current guideline value of Park 1st Street 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 3,000 per sq.ft in 2012 to Rs 2,010 per sq.ft in 2017, then to Rs 3,000 per sq.ft in 2023, and finally to Rs 3,300 per sq.ft in 2024.

What is the land classification for Park 1st Street?

Park 1st Street is classified under Residential Class II Type - I.

Where can I find the Sub Registrar Office for Park 1st Street?

The Sub Registrar Office for Park 1st Street is the Neelankarai Sub Registrar Office, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone.

How is the stamp duty calculated for properties in Park 1st Street?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 33,00,000, the stamp duty at 7% would be Rs 2,31,000.