Guideline Value for Parameshwaran Street

Parameshwaran Street guideline value

The current guideline value of Parameshwaran Street is Rs 3,850 per sq.ft, effective from 1 July 2024. This street is located in Velachery village and falls under the Velacheri SRO. The land classification for this area is Residential Class II Type - III.

How the guideline value of Parameshwaran Street has changed

The guideline value for Parameshwaran Street has undergone several revisions over the years. Starting from the 2002 revision, the value was Rs 343 per sq.ft. This increased to Rs 385 per sq.ft in 2003, marking a change of +12%. The subsequent revision in 2007 saw a significant rise to Rs 1,500 per sq.ft, which is an increase of +290%. In 2012, the value further increased to Rs 3,500 per sq.ft, reflecting a change of +133%. The latest revision in 2024 has set the guideline value at Rs 3,850 per sq.ft, showing an increase of +10% from the previous figure.

It is important to note that the register has no figures for the revisions in 2017 and 2023 for this street. Overall, from 2002 to 2024, the guideline value has increased by +1022%.

Guideline values in Velachery

In Velachery village, there are 2,691 streets under the Velacheri SRO that carry a 2024 guideline value ranging from Rs 3,300 to Rs 13,200 per sq.ft. The median guideline value in this area is Rs 4,400 per sq.ft, which means that Parameshwaran Street's 2024 figure is below that median.

• Parasuraman Street: Rs 3,850 per sq.ft (2024)
• Pandiyan Street/Sankaran Nair Avenue: Rs 3,850 per sq.ft (2024)
• Park Avenue: Rs 4,400 per sq.ft (2024)
• Park Avenue 1st Lane: Rs 4,400 per sq.ft (2024)
• Park Avenue 1st Street: Rs 4,400 per sq.ft (2024)
• Park Avenue 1st Street, Murugan Syndigate: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in Parameshwaran Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,850 per sq.ft, the total guideline value amounts to Rs 38,50,000. The stamp duty at 7% would be Rs 2,69,500, and the registration fee at 2% would be Rs 77,000, bringing the total cost for these fees to Rs 3,46,500. 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 Parameshwaran Street?

The Sub Registrar Office that covers Parameshwaran Street is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. You can find your SRO for more information.

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

The guideline value plays a crucial role during the registration of property transactions in Velachery. It serves as a benchmark for determining the minimum value at which a property can be registered. Buyers and sellers must consider this value to ensure compliance with the legal requirements during the sale process.

When a property is sold, the stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. This means that understanding the guideline value is essential for both parties to accurately assess the costs involved in the transaction.

Frequently asked questions

What is the current guideline value of Parameshwaran Street?

The current guideline value of Parameshwaran Street is Rs 3,850 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 343 per sq.ft in 2002 to Rs 3,850 per sq.ft in 2024, marking an overall increase of +1022% over the years.

What is the land classification for Parameshwaran Street?

Parameshwaran Street is classified as Residential Class II Type - III, indicating its suitability for residential development.

What are the stamp duty and registration fees for property transactions?

For a property valued at Rs 38,50,000, the stamp duty would be Rs 2,69,500 and the registration fee would be Rs 77,000, totaling Rs 3,46,500.

Which office handles registrations for Parameshwaran Street?

The Velacheri Sub Registrar Office is responsible for handling registrations for Parameshwaran Street, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.