Guideline Value for Parameshwari Nagar 2nd Street

Parameshwari Nagar 2nd Street guideline value

The current guideline value of Parameshwari Nagar 2nd Street is Rs 6,600 per sq.ft, effective from 1 July 2024. This street is located in Urur village, under the Adayar SRO, and is classified as Residential Class II Type - I.

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

The guideline value for Parameshwari Nagar 2nd Street has undergone several revisions since 2002. In 2002, the value was Rs 1,262 per sq.ft, which increased to Rs 1,493 per sq.ft in 2003, marking an 18% rise. The value saw significant growth in subsequent years, reaching Rs 3,300 per sq.ft in 2007, an increase of 121%. By 2012, the value was Rs 6,000 per sq.ft, reflecting an 82% increase from the previous revision.

From 2012 to 2017, the guideline value decreased to Rs 4,020 per sq.ft, a decline of 33%. However, from 2017 to 2023, the value rose sharply to Rs 6,000 per sq.ft, representing a 49% increase. The most recent revision in 2024 set the guideline value at Rs 6,600 per sq.ft, which is a 10% increase from 2023. Overall, from 2002 to 2024, the guideline value has increased by 423%.

Guideline values in Urur

In Urur village, there are 176 streets under the Adayar SRO with a 2024 guideline value ranging from Rs 4,400 to Rs 15,400 per sq.ft. The median value is Rs 6,600 per sq.ft, which is the same as the guideline value for Parameshwari Nagar 2nd Street.

• Parameshwari Nagar 1st Street Extension: Rs 6,600 per sq.ft (2024)
• Parameshwari Nagar 3rd Street: Rs 6,600 per sq.ft (2024)
• Parameshwari Nagar 1st Street: Rs 6,600 per sq.ft (2024)
• Parameshwari Nagar 4th Street: Rs 6,600 per sq.ft (2024)
• Penko Colony 1st Cross Street: Rs 6,600 per sq.ft (2024)
• Penko Colony 1st Street: Rs 6,600 per sq.ft (2024)

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

For a 1,000 sq.ft plot at the current guideline value of Rs 6,600 per sq.ft, the total guideline value would be Rs 66,00,000. The stamp duty at 7% would amount to Rs 4,62,000, and the registration fee at 2% would be Rs 1,32,000, together totaling Rs 5,94,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. You can use the stamp duty and registration fee calculator for further calculations.

Which Sub Registrar Office covers Parameshwari Nagar 2nd Street?

The Sub Registrar Office that covers Parameshwari Nagar 2nd Street is the Adayar Sub Registrar Office, located at 51, Kamaraj Avenue, Second Street, Adyar, Chennai-20. You can find your SRO for more information.

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

The guideline value is a critical factor during the registration of property transactions in Urur. It is used to determine the stamp duty and registration fees that must be paid at the time of registration. Buyers and sellers should be aware that the guideline value serves as a benchmark for these fees.

When a property is sold, the registration office will assess the guideline value to calculate the applicable duties. It is essential for both parties to understand that the higher of the guideline value or the sale price will be used for calculating the stamp duty.

Frequently asked questions

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

The current guideline value of Parameshwari Nagar 2nd Street is Rs 6,600 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 1,262 per sq.ft in 2002 to Rs 6,600 per sq.ft in 2024, reflecting an overall increase of 423% over the years.

What is the stamp duty for property in Parameshwari Nagar 2nd Street?

The stamp duty for property in Parameshwari Nagar 2nd Street is 7% of the guideline value or the sale price, whichever is higher.

Where can I find the Sub Registrar Office for Parameshwari Nagar 2nd Street?

The Adayar Sub Registrar Office covers Parameshwari Nagar 2nd Street, located at 51, Kamaraj Avenue, Second Street, Adyar, Chennai-20.

What is the land classification of Parameshwari Nagar 2nd Street?

Parameshwari Nagar 2nd Street is classified as Residential Class II Type - I under the guideline value register.