Guideline Value for Parameshwarar Nagar 2nd Street

Parameshwarar Nagar 2nd Street guideline value

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

How the guideline value of Parameshwarar Nagar 2nd Street has changed

The guideline value for Parameshwarar Nagar 2nd Street has undergone several revisions over the years. Starting from the 2002 revision, the guideline value was Rs 250 per sq.ft. This increased to Rs 285 per sq.ft in 2003, marking a change of +14%. The value then saw a significant rise to Rs 650 per sq.ft in 2007, which was an increase of +128%. In 2012, the value was revised to Rs 2,500 per sq.ft, reflecting a decrease of -33%. Following this, the 2017 revision set the value at Rs 1,675 per sq.ft, an increase of +49% from the previous revision. In 2023, the value was revised again to Rs 2,500 per sq.ft, and the most recent revision in 2024 set the value at Rs 2,800 per sq.ft, which is an increase of +12%.

It is important to note that there are no figures available for the revisions in years other than those listed above for this street.

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, which means that the 2024 figure for Parameshwarar Nagar 2nd Street is below that median.

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

Stamp duty and registration fee for property in Parameshwarar Nagar 2nd Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,800 per sq.ft, the total guideline value would be Rs 28,00,000. The stamp duty at 7% would amount to Rs 1,96,000, and the registration fee at 2% would be Rs 56,000, making the total cost for these fees Rs 2,52,000. It is important to note that 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 Parameshwarar Nagar 2nd Street?

The Sub Registrar Office that covers Parameshwarar Nagar 2nd 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 when buying or selling property in Adambakkam. It serves as a reference point for determining the stamp duty and registration fees that need to be paid during the transaction. Buyers and sellers must be aware of the current guideline value to ensure compliance with legal requirements during the registration process.

When a property is sold, the guideline value is considered to ensure that the transaction is registered at a fair value. This helps in maintaining transparency in property transactions and assists in the accurate collection of taxes by the government.

Frequently asked questions

What is the current guideline value of Parameshwarar Nagar 2nd Street?

The current guideline value of Parameshwarar Nagar 2nd 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 several times, starting from Rs 250 per sq.ft in 2002 to Rs 2,800 per sq.ft in 2024, showing an overall increase of +1020% over the years.

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

The stamp duty is calculated at 7% of the guideline value, and the registration fee is 2%. For a property valued at Rs 28,00,000, the total fees would amount to Rs 2,52,000.

Which Sub Registrar Office covers this street?

The Alandur Sub Registrar Office covers Parameshwarar Nagar 2nd Street, located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061.

What is the median guideline value for streets in Adambakkam?

The median guideline value for streets in Adambakkam is Rs 3,900 per sq.ft, while Parameshwarar Nagar 2nd Street's guideline value is below this median at Rs 2,800 per sq.ft.