Guideline Value for PARTHASARATHY NAGAR

Parthasarathy Nagar guideline value

The current guideline value of Parthasarathy Nagar is Rs 3,200 per sq.ft, effective from 1 July 2024. This area is located in Perambur village, under the Purasaivakkam SRO, and is classified as Residential Class III 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 the 2002 revision, the value was Rs 420 per sq.ft. It increased to Rs 461 per sq.ft in 2003, followed by a rise of 10% to Rs 600 per sq.ft in 2007. The 2012 revision maintained the value at Rs 3,000 per sq.ft, which remained unchanged until the 2023 revision, where it was again Rs 3,000 per sq.ft. The most recent revision in 2024 saw an increase of 7%, bringing the value to Rs 3,200 per sq.ft.

Notably, there is no figure available for the year 2017 in the register for this street. Overall, from 2002 to 2024, the guideline value has increased by 662%.

Guideline values in Perambur

In Perambur, there are a total of 1,114 streets under the Purasaivakkam SRO that carry a 2024 guideline value ranging from Rs 1,600 to Rs 7,100 per sq.ft, with a median value of Rs 2,700 per sq.ft. The guideline value of Parthasarathy Nagar is above this median.

• Parthasarathy Naidu Street: Rs 2,200 per sq.ft (2024)
• Pari Quarters: Rs 4,300 per sq.ft (2024)
• Patel Road: Rs 6,500 per sq.ft (2024)
• Patel Road 1st Cross Street: Rs 4,900 per sq.ft (2024)
• Patel Road 2nd Street: Rs 4,900 per sq.ft (2024)
• Patel Road Lane: Rs 4,900 per sq.ft (2024)

Stamp duty and registration fee for property in Parthasarathy Nagar

For a 1,000 sq.ft plot at the current rate of Rs 3,200 per sq.ft, the guideline value amounts to Rs 32,00,000. The stamp duty at 7% would be Rs 2,24,000, and the registration fee at 2% would be Rs 64,000, totaling Rs 2,88,000. 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 Parthasarathy Nagar?

The Sub Registrar Office that covers Parthasarathy Nagar is the Purasaivakkam Sub Registrar Office, located at 93/1, Bricklin Road, Otteri, Chennai- 600 012. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process for property transactions in Perambur. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives the appropriate stamp duty and registration fees based on this value.

When buying or selling property, it is essential to consider the guideline value, as it can affect the overall transaction costs. Buyers should be aware that the stamp duty is calculated on the higher of the guideline value or the sale price, which can impact the total expenses involved in the property transaction.

Frequently asked questions

What is the current guideline value of Parthasarathy Nagar?

The current guideline value of Parthasarathy Nagar is Rs 3,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 420 per sq.ft in 2002 to Rs 3,200 per sq.ft in 2024, marking an overall increase of 662% over this period.

What is the land classification for Parthasarathy Nagar?

Parthasarathy Nagar is classified as Residential Class III Type - I, indicating its designation for residential purposes.

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

The Sub Registrar Office for Parthasarathy Nagar is the Purasaivakkam Sub Registrar Office, located at 93/1, Bricklin Road, Otteri, Chennai- 600 012.

How is stamp duty calculated for properties in Parthasarathy Nagar?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 32,00,000, the stamp duty would be Rs 2,24,000.