Guideline Value for PARSON NAGAR

Parson Nagar guideline value

The current guideline value of Parson Nagar is Rs 350 per sq.ft, effective from 1 July 2024. This area falls under Karanai village and is classified as Residential Special Type - III, with the Perambakkam Sub Registrar Office overseeing registrations.

How the guideline value of Parson Nagar has changed

In the 2017 revision, the guideline value was set at Rs 201 per sq.ft. This figure remained unchanged in the subsequent revisions until 2023, when it was maintained at Rs 350 per sq.ft. The 2024 revision also kept the guideline value at Rs 350 per sq.ft, reflecting a 74% increase from the 2017 figure.

There are no figures available for the years 2002, 2003, 2007, and 2012 in the register for Parson Nagar. The changes between the revisions indicate that from 2017 to 2023, there was a significant increase of 74%, and the overall change from 2017 to 2024 is also +74%.

Guideline values in Karanai

Currently, there are no specific guideline values provided for other streets in Karanai under the Perambakkam SRO. Parson Nagar is the only street mentioned in this context.

Stamp duty and registration fee for property in Parson Nagar

For a 1,000 sq.ft plot at the current rate of Rs 350 per sq.ft, the guideline value amounts to Rs 3,50,000. The stamp duty at 7% would be Rs 24,500, and the registration fee at 2% would be Rs 7,000, totaling Rs 31,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more details, 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 Perambakkam Sub Registrar Office, located at Jothi Ramalinga Nagar, Near Post Office, Perambakkam, 631402, Chennai registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Karanai. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the transaction.

When a property is sold, the guideline value is compared to the sale price, and the higher of the two is used to calculate the applicable duties. This ensures that the government receives the correct amount of revenue based on the property's value.

Frequently asked questions

What is the current guideline value of Parson Nagar?

The current guideline value of Parson Nagar is Rs 350 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 201 per sq.ft in 2017 to Rs 350 per sq.ft in both 2023 and 2024, marking a 74% increase overall during this period.

What is the land classification of Parson Nagar?

Parson Nagar is classified as Residential Special Type - III, indicating its designation for residential use within the area.

What are the stamp duty and registration fees for property in Parson Nagar?

For a 1,000 sq.ft plot at the current guideline value, the total stamp duty and registration fees would amount to Rs 31,500, which includes a stamp duty of Rs 24,500 and a registration fee of Rs 7,000.

Which office handles registrations for Parson Nagar?

The registrations for Parson Nagar are handled by the Perambakkam Sub Registrar Office, located at Jothi Ramalinga Nagar, Near Post Office, Perambakkam, 631402, Chennai registration zone.