Guideline Value for PARSON NAGAR

Parson Nagar guideline value

The current guideline value of Parson Nagar, located in Saidapet village, is Rs 4,950 per sq.ft. This value is set by the Chennai South Joint II SRO and falls under the Residential Class II Type - I land classification.

How the guideline value of Parson Nagar has changed

The guideline value of Parson Nagar has seen significant changes over the years. In the 2002 revision, the value was Rs 806 per sq.ft. This increased to Rs 1,010 per sq.ft in 2003, marking a 25% rise. The value continued to rise, reaching Rs 1,300 per sq.ft in 2007, which was a 29% increase from the previous year. The 2012 revision saw a notable change, with the value dropping to Rs 4,500 per sq.ft, a decrease of 246% from 2007. However, in 2017, the value rebounded to Rs 3,015 per sq.ft, reflecting a 49% increase.

In the subsequent revisions, the guideline value continued to rise. The 2023 revision set the value at Rs 4,500 per sq.ft, and in the latest 2024 revision, it increased to Rs 4,950 per sq.ft, representing a 10% increase. Overall, from 2002 to 2024, the guideline value has increased by 514%.

Guideline values in Saidapet

Saidapet village has a range of guideline values for its 106 streets under the Chennai South Joint II SRO, with figures ranging from Rs 3,300 to Rs 13,200 per sq.ft. The median value is Rs 4,400 per sq.ft, placing Parson Nagar's 2024 figure above this median.

• Parasmal Metha Street: Rs 4,950 per sq.ft (2024)
• Perumal Koil Chetty Street: Rs 4,950 per sq.ft (2024)
• Perumal Koil East Mada Veethi: Rs 4,950 per sq.ft (2024)
• Perumal Koil Extn. Street: Rs 4,950 per sq.ft (2024)
• Perumal Koil Street: Rs 4,950 per sq.ft (2024)
• Perumal Koil West Mada Veethi: Rs 4,950 per sq.ft (2024)

Stamp duty and registration fee for property in Parson Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 4,950 per sq.ft, the total guideline value would be Rs 49,50,000. The stamp duty, charged at 7%, would amount to Rs 3,46,500, and the registration fee at 2% would be Rs 99,000. Together, the total fees would be Rs 4,45,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price. For further assistance, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Parson Nagar?

The Sub Registrar Office that covers Parson Nagar is the Chennai South Joint II Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035. You can find your SRO for more information.

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

The guideline value plays a crucial role in property transactions in Saidapet. It is the basis for calculating stamp duty and registration fees when a property is bought or sold. Buyers and sellers must be aware of the current guideline value to ensure they are paying the correct fees during the registration process.

When a property is registered, the guideline value is compared to the sale price, and the higher amount is used to calculate the applicable duties and fees. This ensures that the government receives the correct revenue based on the property's value as determined by the guideline value register.

Frequently asked questions

What is the current guideline value of Parson Nagar?

The current guideline value of Parson Nagar is Rs 4,950 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 806 per sq.ft in 2002 to Rs 4,950 per sq.ft in 2024, reflecting an overall increase of 514%.

What is the land classification of Parson Nagar?

Parson Nagar falls under the Residential Class II Type - I land classification.

Where can I find the Sub Registrar Office for Parson Nagar?

The Sub Registrar Office for Parson Nagar is located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035.

How is the stamp duty calculated for properties in Parson Nagar?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher, along with a registration fee of 2% of the guideline value.