Guideline Value for Paramasivam Street

Paramasivam Street guideline value

The current guideline value of Paramasivam Street is Rs 660 per sq.ft, effective from 1 July 2024. This street is located in Grandlyon village and falls under the Redhills SRO. The land classification for this area is Residential Class II Type - I.

How the guideline value of Paramasivam Street has changed

The guideline value for Paramasivam Street has seen several revisions over the years. In 2007, the value was Rs 300 per sq.ft, which increased to Rs 600 per sq.ft in 2012. However, it then decreased to Rs 402 per sq.ft in 2017. The value rose significantly to Rs 600 per sq.ft in 2023 and further increased to Rs 660 per sq.ft in the 2024 revision, marking a 10% increase from the previous year.

Overall, from 2007 to 2024, the guideline value has increased by 120%. The revisions for the years 2002 and 2003 do not have figures recorded in the register for this street.

Guideline values in Grandlyon

In Grandlyon village, there are 82 streets under the Redhills SRO with a 2024 guideline value ranging from Rs 440 to Rs 1,500 per sq.ft. The median value is Rs 660 per sq.ft, which aligns with the current guideline value of Paramasivam Street.

• N.V.N. Somu Street: Rs 660 per sq.ft (2024)
• N.S.K Street: Rs 880 per sq.ft (2024)
• Pillaiyar Koil Street: Rs 660 per sq.ft (2024)
• New Star City Diamond Annex: Rs 880 per sq.ft (2024)
• New Star City Diamond: Rs 515 per sq.ft (2024)
• New Star City: Rs 585 per sq.ft (2024)

Stamp duty and registration fee for property in Paramasivam Street

For a 1,000 sq.ft plot at the current guideline value of Rs 660 per sq.ft, the total guideline value amounts to Rs 6,60,000. The stamp duty at 7% would be Rs 46,200, while the registration fee at 2% would be Rs 13,200, bringing the total fees to Rs 59,400. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can also use the stamp duty and registration fee calculator for more details on fees.

Which Sub Registrar Office covers Paramasivam Street?

The Sub Registrar Office that covers Paramasivam Street is the Redhills Sub Registrar Office, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052. You can find your SRO for more information.

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

The guideline value is a crucial factor in property transactions as it determines the amount of stamp duty and registration fees payable during the registration process. Buyers and sellers must refer to the guideline value to ensure compliance with legal requirements when finalizing property transactions.

When registering a property, the guideline value serves as a benchmark for assessing the transaction value, ensuring that the government receives the appropriate revenue from stamp duties and registration fees. This process helps maintain transparency and accountability in real estate transactions.

Frequently asked questions

What is the current guideline value of Paramasivam Street?

The current guideline value of Paramasivam Street is Rs 660 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 300 per sq.ft in 2007 to Rs 660 per sq.ft in 2024, reflecting an overall increase of 120% over the years.

What is the stamp duty rate for properties in this area?

The stamp duty rate for properties in the area is 7% of the guideline value or the sale price, whichever is higher.

Where can I find the Sub Registrar Office for Paramasivam Street?

The Sub Registrar Office for Paramasivam Street is located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052.

What are the guideline values of other streets in Grandlyon?

Other streets in Grandlyon have varying guideline values, with rates ranging from Rs 440 to Rs 1,500 per sq.ft. Some notable examples include N.V.N. Somu Street and Pillaiyar Koil Street, both at Rs 660 per sq.ft in 2024.