Guideline Value for Parameshwarar Nagar 1st Street

Parameshwarar Nagar 1st Street guideline value

The current guideline value of Parameshwarar Nagar 1st Street is Rs 2,800 per sq.ft, effective from 1 July 2024. This street is located in Adambakkam village, under the Alandur SRO, and is classified as Residential Class II Type - II.

How the guideline value of Parameshwarar Nagar 1st Street has changed

The guideline value for Parameshwarar Nagar 1st Street has undergone several revisions over the years. The earliest recorded figure is from 2002, which stands at Rs 188 per sq.ft. This value increased to Rs 215 per sq.ft in 2003, followed by a significant rise to Rs 650 per sq.ft in 2007. The 2012 revision saw the value remain at Rs 2,500 per sq.ft, but it dropped to Rs 1,675 per sq.ft in 2017. The value then increased to Rs 2,500 per sq.ft in 2023, before reaching the current rate of Rs 2,800 per sq.ft in 2024.

Looking at the changes between these revisions, the value increased by 14% from 2002 to 2003, followed by a 202% increase from 2003 to 2007. The value then saw a substantial increase of 285% from 2007 to 2012. However, it decreased by 33% from 2012 to 2017. The value rose 49% from 2017 to 2023, and the latest revision from 2023 to 2024 reflects an increase of 12%. Overall, from 2002 to 2024, the guideline value has increased by 1389%.

Guideline values in Adambakkam

In Adambakkam, there are 569 streets under the Alandur SRO that carry a 2024 guideline value ranging from Rs 2,800 to Rs 11,000 per sq.ft. The median guideline value for these streets is Rs 3,900 per sq.ft, placing Parameshwarar Nagar 1st Street's 2024 figure below that median.

• Parameshwarar Nagar 2nd Street: Rs 2,800 per sq.ft (2024)
• Parameshwarar Nagar 3rd Street: Rs 2,800 per sq.ft (2024)
• Parameshwarar Nagar 4th Street: Rs 2,800 per sq.ft (2024)
• Parameshwarar Nagar 5th Street: Rs 2,800 per sq.ft (2024)
• Parameshwara Nagar South Main Road 1st Street: Rs 2,800 per sq.ft (2024)
• Parameshwarar Nagar 6th Street: Rs 2,800 per sq.ft (2024)

Stamp duty and registration fee for property in Parameshwarar Nagar 1st Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,800 per sq.ft, the total guideline value amounts to Rs 28,00,000. The stamp duty at 7% would be Rs 1,96,000, and the registration fee at 2% would be Rs 56,000, bringing the total fees to Rs 2,52,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for further calculations.

Which Sub Registrar Office covers Parameshwarar Nagar 1st Street?

The Sub Registrar Office that covers Parameshwarar Nagar 1st Street is the Alandur Sub Registrar Office, located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Adambakkam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is recorded accurately in the official records.

When a property is sold, the guideline value is used to calculate the stamp duty and registration fees, which are mandatory for the registration of the property. Buyers should be aware that these fees are based on the higher of the guideline value or the actual sale price.

Frequently asked questions

What is the current guideline value of Parameshwarar Nagar 1st Street?

The current guideline value of Parameshwarar Nagar 1st Street 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 significantly from Rs 188 per sq.ft in 2002 to Rs 2,800 per sq.ft in 2024, reflecting an overall increase of 1389% over the years.

What are the stamp duty and registration fees for property in this area?

For a property valued at Rs 28,00,000, the stamp duty would be Rs 1,96,000 and the registration fee would be Rs 56,000, totaling Rs 2,52,000.

Which Sub Registrar Office covers this street?

The Alandur Sub Registrar Office covers Parameshwarar Nagar 1st Street, located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061.

What is the land classification for Parameshwarar Nagar 1st Street?

Parameshwarar Nagar 1st Street is classified as Residential Class II Type - II, indicating its suitability for residential development.