Guideline Value for Parameshwari Nagar

Parameshwari Nagar guideline value

The current guideline value of Parameshwari Nagar, located in Varadarajapuram village under the Padappai SRO, is Rs 1,650 per sq.ft, effective from 1 July 2024. The land classification for this area is Residential Special Type - II.

How the guideline value of Parameshwari Nagar has changed

The guideline value of Parameshwari Nagar has seen significant changes over the years. The earliest recorded figure is from 2007, which was Rs 120 per sq.ft. This value increased dramatically to Rs 1,500 per sq.ft in 2012, marking a rise of 1,150%. However, it then decreased to Rs 1,005 per sq.ft in 2017, a drop of 33%. By 2023, the value rose again to Rs 1,500 per sq.ft, and the latest revision in 2024 set it at Rs 1,650 per sq.ft, reflecting a 10% increase from the previous year.

From 2017 to 2023, the guideline value increased by 49%. Overall, from the 2007 figure to the current 2024 value, there has been a substantial increase of 1,275%. It is important to note that there are no recorded figures for the years 2002 and 2003 for this street.

Guideline values in Varadarajapuram

In Varadarajapuram, there are 250 streets under the Padappai SRO that carry a 2024 guideline value ranging from Rs 880 to Rs 4,100 per sq.ft. The median value is Rs 1,650 per sq.ft, which is the same as the guideline value for Parameshwari Nagar. This indicates that Parameshwari Nagar is positioned at the median value for the area.

• Park Street: Rs 1,650 per sq.ft (2024)
• Novothaya Estate: Rs 1,650 per sq.ft (2024)
• Pokkisham Nagar: Rs 1,650 per sq.ft (2024)
• Preethi Avenue: Rs 1,650 per sq.ft (2024)
• Premier Garden Phase -I: Rs 2,420 per sq.ft (2024)
• Premier Garden Phase -II: Rs 2,420 per sq.ft (2024)

Stamp duty and registration fee for property in Parameshwari Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 1,650 per sq.ft, the total guideline value would be Rs 16,50,000. The stamp duty at 7% would amount to Rs 1,15,500, and the registration fee at 2% would be Rs 33,000. Together, the total cost for stamp duty and registration would be Rs 1,48,500. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Parameshwari Nagar?

The Sub Registrar Office that covers Parameshwari Nagar is the Padappai Sub Registrar Office, located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone. To find your specific SRO, you can find your SRO here.

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

The guideline value is a crucial factor when registering property transactions in Varadarajapuram. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that all transactions are conducted within a regulated framework.

When buying or selling property, the guideline value will influence the stamp duty and registration fees payable. It is essential for buyers and sellers to be aware of the current guideline values to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Parameshwari Nagar?

The current guideline value of Parameshwari Nagar is Rs 1,650 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 120 per sq.ft in 2007 to Rs 1,650 per sq.ft in 2024, reflecting an overall increase of 1,275% over the years.

What are the stamp duty and registration fees for property in Parameshwari Nagar?

For a property valued at Rs 16,50,000, the stamp duty would be Rs 1,15,500 and the registration fee would be Rs 33,000, totaling Rs 1,48,500.

Which Sub Registrar Office covers Parameshwari Nagar?

The Padappai Sub Registrar Office covers Parameshwari Nagar, located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone.

How is the guideline value used in property transactions?

The guideline value is used to determine the minimum value for property registration and influences the stamp duty and registration fees payable during a transaction.