Guideline Value for PARK AVENUE

Park Avenue guideline value

The current guideline value of Park Avenue in Nerkundram village, under the Virugambakkam SRO, is Rs 2,750 per sq.ft, effective from 1 July 2024. This area is classified as Residential Class III Type - I.

How the guideline value of Park Avenue has changed

The guideline value for Park Avenue has seen several revisions over the years. Starting from Rs 196 per sq.ft in 2002, it increased to Rs 216 per sq.ft in 2003, marking a 10% rise. The value then saw a substantial increase to Rs 400 per sq.ft in 2007, representing an 85% increase. Following this, in 2012, the value was revised to Rs 2,500 per sq.ft, which was a significant decrease of 33% from the previous figure. In 2017, the guideline value rose again to Rs 1,675 per sq.ft, a 49% increase. The most recent revision in 2023 set the value at Rs 2,500 per sq.ft, before the current figure of Rs 2,750 per sq.ft was established in 2024, reflecting a 10% increase.

Overall, from 2002 to 2024, the guideline value has increased by 1303%. There are no figures available for the revisions in years other than those specified.

Guideline values in Nerkundram

The village of Nerkundram has a range of guideline values across its 476 streets under the Virugambakkam SRO, with figures ranging from Rs 1,650 to Rs 6,600 per sq.ft. The median guideline value in this area is Rs 2,200 per sq.ft, placing Park Avenue's current value above this median.

• Parameswari Koil Street: Rs 2,750 per sq.ft (2024)
• Patel Road: Rs 2,750 per sq.ft (2024)
• Pallikuda Main Road: Rs 2,750 per sq.ft (2024)
• Pallikuda 2nd West Street: Rs 2,750 per sq.ft (2024)
• Pallikuda 2nd Street 2nd Cross Street: Rs 2,750 per sq.ft (2024)
• Pallikuda 2nd Street 1st Cross Street: Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in Park Avenue

For a 1,000 sq.ft plot at the current guideline value of Rs 2,750 per sq.ft, the total guideline value would be Rs 27,50,000. The stamp duty at 7% would amount to Rs 1,92,500, and the registration fee at 2% would be Rs 55,000, bringing the total cost to Rs 2,47,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can use the stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Park Avenue?

The Sub Registrar Office that covers Park Avenue is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. To find your specific SRO, you can visit find your SRO.

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

The guideline value is a crucial factor when registering property transactions in Nerkundram. It serves as the basis for calculating stamp duty and registration fees, which are mandatory for property transactions in the area.

When buying or selling property, the guideline value ensures that the transaction is documented at a recognized value, helping to maintain transparency in property dealings. This value is essential for both buyers and sellers to understand the financial implications of their transactions.

Frequently asked questions

What is the current guideline value of Park Avenue?

The current guideline value of Park Avenue is Rs 2,750 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed multiple times, starting from Rs 196 per sq.ft in 2002 to the current value of Rs 2,750 per sq.ft in 2024, reflecting significant increases and a total rise of 1303% over this period.

What are the stamp duty and registration fees for property in Park Avenue?

For a property valued at Rs 27,50,000, the stamp duty would be Rs 1,92,500 and the registration fee would be Rs 55,000, totaling Rs 2,47,500.

Which office handles property registrations for Park Avenue?

The Virugambakkam Sub Registrar Office handles property registrations for Park Avenue, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

What is the significance of the guideline value in property transactions?

The guideline value is used to determine the stamp duty and registration fees applicable during property transactions. It helps ensure that property dealings are conducted at recognized values, promoting transparency in the real estate market.