Guideline Value for PARK ROAD

Park Road guideline value

The current guideline value of Park Road in Padi village, under the Villivakkam SRO, is Rs 9,700 per sq.ft, effective from 1 July 2024. This area is classified as Residential Class I Type - II.

How the guideline value of Park Road has changed

The guideline value for Park Road has seen significant changes over the years. In 2002, the value was Rs 1,250 per sq.ft, which increased to Rs 1,425 per sq.ft in 2003, marking a 14% rise. The next revision in 2012 brought the value back to Rs 9,000 per sq.ft, a substantial increase of 532% from the 2003 figure. However, in 2017, the value decreased to Rs 6,030 per sq.ft, representing a decline of 33%.

From 2017 to 2023, the guideline value increased sharply to Rs 9,000 per sq.ft, a rise of 49%. The most recent revision in 2024 set the value at Rs 9,700 per sq.ft, an 8% increase from the previous year. It is worth noting that there is no figure available for the year 2007 for this street.

Guideline values in Padi

In Padi village, there are 354 streets under the Villivakkam SRO that have a guideline value for 2024, ranging from Rs 2,200 to Rs 13,200 per sq.ft, with a median value of Rs 3,800 per sq.ft. The guideline value for Park Road is above this median, indicating a higher valuation compared to many other streets in the area.

• PASUMPON DEVAR NAGAR 'AMBEDKAR STREET' (Kovil Land): Rs 2,500 per sq.ft (2024)
• PASUMPON DEVAR NAGAR 'AMMAN KOIL STREET' (Kovil Land): Rs 2,500 per sq.ft (2024)
• PASUMPON DEVAR NAGAR 'ANNA 1ST STREET' (Kovil Land): Rs 2,500 per sq.ft (2024)
• PASUMPON DEVAR NAGAR 'ANNA 2ND STREET' (Kovil Land): Rs 2,500 per sq.ft (2024)
• PASUMPON DEVAR NAGAR 'GANDHI STREET' (Kovil Land): Rs 2,500 per sq.ft (2024)
• PASUMPON DEVAR NAGAR 'JAWAHAR STREET' (Kovil Land): Rs 2,500 per sq.ft (2024)

Stamp duty and registration fee for property in Park Road

For a 1,000 sq.ft plot at the current guideline value of Rs 9,700 per sq.ft, the total guideline value would be Rs 97,00,000. The stamp duty at 7% would amount to Rs 6,79,000, and the registration fee at 2% would be Rs 1,94,000, resulting in a total of Rs 8,73,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Park Road?

The Sub Registrar Office that covers Park Road is the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office. You can find your SRO for more information.

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

The guideline value is a crucial factor in property transactions in Padi, as it determines the minimum value on which stamp duty and registration fees are calculated. When buying or selling property, the guideline value ensures that the transaction is recorded at a value that reflects the government's assessment of the property's worth.

Additionally, the guideline value helps in maintaining transparency in property transactions, preventing undervaluation and ensuring that the appropriate taxes are collected by the government. Buyers and sellers should 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 Park Road?

The current guideline value of Park Road is Rs 9,700 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 1,250 per sq.ft in 2002 to Rs 9,700 per sq.ft in 2024, marking an overall increase of 676% over the years.

What is the land classification for Park Road?

Park Road is classified as Residential Class I Type - II, indicating its suitability for residential development.

Where can I find the Sub Registrar Office for Park Road?

The Villivakkam Sub Registrar Office covers Park Road and is located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037.

How is the stamp duty calculated for property in Park Road?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, for a property valued at Rs 97,00,000, the stamp duty would be Rs 6,79,000 at a rate of 7%.