Guideline Value for PARTHASARATHI NAGAR

Parthasarathi Nagar guideline value

The current guideline value of Parthasarathi Nagar is Rs 2,800 per sq.ft, effective from 1 July 2024. This area is located in Okkiyamthuraipakkam village under the Neelankarai SRO, and it falls under the Residential Class II Type - II land classification.

How the guideline value of Parthasarathi Nagar has changed

The guideline value for Parthasarathi Nagar has seen several revisions over the years. The earliest recorded figure is from 2003, which was Rs 183 per sq.ft. This increased significantly to Rs 1,800 per sq.ft in 2007, marking a substantial rise of 884%. The value then changed to Rs 2,500 per sq.ft in 2012, which was a decrease of 33%. In 2017, it rose again to Rs 1,675 per sq.ft, followed by a notable increase to Rs 2,500 per sq.ft in 2023, and finally reaching the current value of Rs 2,800 per sq.ft in 2024, reflecting a 12% increase from the previous year.

Overall, from the 2003 revision to the 2024 revision, the guideline value has increased by 1430%. It is important to note that the register does not have a figure for the year 2002 for this street.

Guideline values in Okkiyamthuraipakkam

In Okkiyamthuraipakkam, there are 453 streets under the Neelankarai SRO, with guideline values ranging from Rs 1,100 to Rs 8,800 per sq.ft. The median guideline value is Rs 3,300 per sq.ft, placing Parthasarathi Nagar's 2024 figure below this median.

• Park 2nd Street: Rs 3,300 per sq.ft (2024)
• Park 1st Street: Rs 3,300 per sq.ft (2024)
• Parvathi Nagar & Avenue: Rs 2,200 per sq.ft (2024)
• Pandian Nagar: Rs 1,700 per sq.ft (2024)
• Panchayat Road: Rs 3,300 per sq.ft (2024)
• Pamban Baba Nagar: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Parthasarathi Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 2,800 per sq.ft, the total guideline value would be Rs 28,00,000. The stamp duty is charged at 7%, amounting to Rs 1,96,000, while the registration fee is 2%, totaling Rs 56,000. Therefore, the combined cost for stamp duty and registration fee would be Rs 2,52,000. 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 Parthasarathi Nagar?

The Sub Registrar Office that covers Parthasarathi Nagar is the Neelankarai Sub Registrar Office, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone.

For more information, you can find your SRO.

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

The guideline value is an essential factor in the registration process of property transactions in Okkiyamthuraipakkam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the state receives appropriate revenue through stamp duty and registration fees.

When buying or selling property, the guideline value is compared with the sale price, and the higher of the two is used to calculate the applicable fees. This ensures that both the buyer and seller are aware of the financial implications of the transaction.

Frequently asked questions

What is the current guideline value for Parthasarathi Nagar?

The current guideline value for Parthasarathi Nagar is Rs 2,800 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 183 per sq.ft in 2003 to Rs 2,800 per sq.ft in 2024, reflecting an overall increase of 1430% over the years.

What are the stamp duty rates in Parthasarathi Nagar?

The stamp duty in Parthasarathi Nagar is charged at 7% of the guideline value or the sale price, whichever is higher.

Where is the Neelankarai Sub Registrar Office located?

The Neelankarai Sub Registrar Office is located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone.

What is the land classification for Parthasarathi Nagar?

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