Guideline Value for PARK 2ND STREET

Park 2nd Street guideline value

The current guideline value of Park 2nd Street in Okkiyamthuraipakkam village, under the Neelankarai SRO, is Rs 3,300 per sq.ft, effective from 1 July 2024. This area is classified as Residential Class II Type - I.

How the guideline value of Park 2nd Street has changed

The guideline value for Park 2nd Street has seen several revisions over the years. In 2012, the value was Rs 3,000 per sq.ft, which decreased to Rs 2,010 per sq.ft in 2017. This was a decline of 33%. However, from 2017 to 2023, the value increased significantly by 49%, bringing it to Rs 3,000 per sq.ft. The most recent revision in 2024 set the guideline value at Rs 3,300 per sq.ft, reflecting a 10% increase from the previous year.

For the years 2002, 2003, and 2007, the register has no figure for Park 2nd Street. Overall, from 2012 to 2024, the guideline value has increased by 10%.

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 guideline value of Park 2nd Street.

• Park 1st 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 2nd Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value amounts to Rs 33,00,000. The stamp duty at 7% would be Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, bringing the total fees together to Rs 2,97,000. It is important to note that duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Park 2nd Street?

The Sub Registrar Office that covers Park 2nd Street is the Neelankarai Sub Registrar Office, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone. You can find your SRO for more details.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Okkiyamthuraipakkam. It serves as a benchmark for determining the stamp duty and registration fees applicable to the transaction.

When finalizing a sale, the guideline value ensures that the property is registered at a fair value, which helps in maintaining transparency in property transactions. Buyers and sellers should be aware of the current guideline value to ensure compliance with legal requirements during registration.

Frequently asked questions

What is the current guideline value of Park 2nd Street?

The current guideline value of Park 2nd 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 increased to Rs 3,000 per sq.ft in 2023, and finally to Rs 3,300 per sq.ft in 2024.

What are the stamp duty and registration fees for property in Park 2nd Street?

For a 1,000 sq.ft plot, the stamp duty would be Rs 2,31,000, and the registration fee would be Rs 66,000, totaling Rs 2,97,000 based on the current guideline value.

Which Sub Registrar Office covers Park 2nd Street?

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

What is the land classification for Park 2nd Street?

Park 2nd Street is classified as Residential Class II Type - I.