Guideline Value for PARTHASARATHY NAGAR

Parthasarathy Nagar guideline value

The current guideline value of Parthasarathy Nagar is Rs 3,300 per sq.ft, effective from 1 July 2024. This area is located in Manapakkam village, under the Chennai South Joint I SRO, and is classified as Residential Class I Type - I.

How the guideline value of Parthasarathy Nagar has changed

The guideline value for Parthasarathy Nagar has seen several revisions over the years. Starting from Rs 352 per sq.ft in 2002, it increased to Rs 392 per sq.ft in 2003, marking an 11% rise. The value then surged significantly to Rs 850 per sq.ft in 2007, a change of 117%. Following this, the value rose to Rs 3,000 per sq.ft in 2012, reflecting a substantial increase of 253%. However, it dropped to Rs 2,010 per sq.ft in 2017, a decrease of 33%. The value then increased to Rs 3,000 per sq.ft in 2023, before reaching the current figure of Rs 3,300 per sq.ft in 2024, which is a 10% increase from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 838%. There are no figures available in the register for any other years for this street.

Guideline values in Manapakkam

In Manapakkam, there are 368 streets under the Chennai South Joint I SRO with a 2024 guideline value ranging from Rs 1,100 to Rs 12,800 per sq.ft. The median value for these streets is Rs 2,530 per sq.ft, placing Parthasarathy Nagar's current guideline value above this median.

• Parthasarathy Nagar Extn Part Street: Rs 3,300 per sq.ft (2024)
• Parthasarathy Nagar Street Main Road: Rs 3,300 per sq.ft (2024)
• Pazhindi Amman Koil Street: Rs 1,100 per sq.ft (2024)
• Panchayat Office Road: Rs 1,980 per sq.ft (2024)
• Periya Colony: Rs 1,100 per sq.ft (2024)
• Periya Colony 1st Cross Street: Rs 1,100 per sq.ft (2024)

Stamp duty and registration fee for property in Parthasarathy Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value would be Rs 33,00,000. The stamp duty at 7% would amount to Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, bringing the total to Rs 2,97,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Parthasarathy Nagar?

The Sub Registrar Office that covers Parthasarathy Nagar is the Chennai South Joint I 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 Manapakkam

The guideline value plays a crucial role when buying or selling property in Manapakkam. It determines the minimum value at which a property can be registered, ensuring that the transaction is recorded accurately. Buyers and sellers must consider the guideline value to avoid discrepancies during the registration process.

When registering a property, the stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions, reflecting the true value of the property being exchanged.

Frequently asked questions

What is the current guideline value of Parthasarathy Nagar?

The current guideline value of Parthasarathy Nagar is Rs 3,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 352 per sq.ft in 2002 to Rs 3,300 per sq.ft in 2024, showing an overall increase of 838% over the years.

What is the role of the Chennai South Joint I SRO?

The Chennai South Joint I SRO is responsible for maintaining the guideline value register and overseeing property registrations in the area, including Parthasarathy Nagar.

How is the stamp duty calculated for property in Parthasarathy Nagar?

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

Where can I find more information about the registration process?

For more information about the registration process and to find your Sub Registrar Office, you can visit the official website and use the provided links.