Guideline Value for PARTHASARATHI AVENUE

Parthasarathi Avenue guideline value

The current guideline value of Parthasarathi Avenue is Rs 2,100 per sq.ft, effective from 1 July 2024. This street is located in Korattur village, under the Villivakkam SRO, and is classified as Residential Class III Type - I.

How the guideline value of Parthasarathi Avenue has changed

The guideline value of Parthasarathi Avenue has seen significant changes over the years. In the 2007 revision, the value was set at Rs 250 per sq.ft. This figure increased dramatically to Rs 2,000 per sq.ft in 2012, marking a rise of 700%. However, between 2012 and 2017, the value decreased to Rs 1,340 per sq.ft, reflecting a drop of 33%. The 2023 revision saw another increase, bringing the value to Rs 2,000 per sq.ft, and the latest revision in 2024 raised it to Rs 2,100 per sq.ft, a 5% increase from the previous year.

Overall, from 2007 to 2024, the guideline value has increased by 740%. It is important to note that there are no figures available for the years 2002 and 2003 in the register for this street.

Guideline values in Korattur

Korattur village has 617 streets under the Villivakkam SRO, with guideline values ranging from Rs 1,100 to Rs 8,200 per sq.ft. The median guideline value for the area is Rs 2,500 per sq.ft, placing Parthasarathi Avenue's 2024 figure below this median.

• Pasumpon Nagar 1st Main Road: Rs 2,100 per sq.ft (2024)
• Pasumpon Nagar Extension: Rs 2,100 per sq.ft (2024)
• Pasumpon Nagar Extension 3,4,5 Avenue 4th Main Road: Rs 2,100 per sq.ft (2024)
• Pasumpon Nagar /Streets/ Avenue: Rs 2,100 per sq.ft (2024)
• Pattammal Nagar: Rs 2,100 per sq.ft (2024)
• Pattaravakkam Service Road: Rs 2,900 per sq.ft (2024)

Stamp duty and registration fee for property in Parthasarathi Avenue

For a 1,000 sq.ft plot at the current guideline value of Rs 2,100 per sq.ft, the total guideline value would be Rs 21,00,000. The stamp duty at 7% would amount to Rs 1,47,000, and the registration fee at 2% would be Rs 42,000, bringing the total to Rs 1,89,000. It is important to note that duty is charged on the guideline value or the sale price, whichever is higher. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Parthasarathi Avenue?

The Sub Registrar Office that covers Parthasarathi Avenue is the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037 (Near By Nolambur Eb Office). You can find your SRO for more information.

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

The guideline value is a critical factor in property transactions in Korattur. It serves as a benchmark for determining the stamp duty and registration fees applicable during the sale or purchase of property. Buyers and sellers must consider this value to ensure compliance with legal requirements during the registration process.

When registering a property, the guideline value is used to calculate the applicable fees. This ensures that the transaction is recorded accurately and legally, reflecting the value of the property as determined by the local authorities.

Frequently asked questions

What is the current guideline value of Parthasarathi Avenue?

The current guideline value of Parthasarathi Avenue is Rs 2,100 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 250 per sq.ft in 2007 to Rs 2,100 per sq.ft in 2024, reflecting an overall increase of 740% from 2007 to 2024.

What is the land classification for Parthasarathi Avenue?

Parthasarathi Avenue is classified as Residential Class III Type - I under the local land classification system.

Where can I find the Villivakkam Sub Registrar Office?

The Villivakkam Sub Registrar Office is located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office.

How is stamp duty calculated for properties in Korattur?

Stamp duty is calculated based on the guideline value or the sale price of the property, whichever is higher. For example, a property valued at Rs 21,00,000 would incur a stamp duty of Rs 1,47,000 at 7%.