Guideline Value for Parasakthi Nagar

Parasakthi Nagar guideline value

The current guideline value of Parasakthi Nagar is Rs 1,600 per sq.ft, effective from 1 July 2024. This area is located in Madhavaram village, under the Madhavaram SRO, and is classified as Residential Class II Type - I.

How the guideline value of Parasakthi Nagar has changed

Looking at the revisions over the years, the guideline value for Parasakthi Nagar has seen significant changes. In 2012, the value was Rs 1,500 per sq.ft, which dropped to Rs 1,005 per sq.ft in 2017. This was a decrease of 33%. However, from 2017 to 2023, the value increased by 49% to reach Rs 1,500 per sq.ft. The most recent revision in 2024 saw a further increase to Rs 1,600 per sq.ft, marking a 7% rise from the previous year.

It is important to note that there are no figures available for the years 2002, 2003, and 2007 in the register for this street. Overall, from 2012 to 2024, the guideline value has increased by 7%.

Guideline values in Madhavaram

In Madhavaram, there are 1,946 streets under the Madhavaram SRO that carry a 2024 guideline value, ranging from Rs 1,300 to Rs 7,500 per sq.ft. The median guideline value for these streets is Rs 1,600 per sq.ft, which is equal to the current value of Parasakthi Nagar.

• Parasuraman Nagar: Rs 1,300 per sq.ft (2024)
• Parasuram Nagar (Ponniamman Medu) (Ward-24): Rs 1,300 per sq.ft (2024)
• Parimalam Nagar: Rs 1,600 per sq.ft (2024)
• Parimalam Nagar 1st Street (Ward 29): Rs 1,300 per sq.ft (2024)
• Parimalam Nagar 2nd Street (Ward 29): Rs 1,300 per sq.ft (2024)
• Parimalam Nagar Extension: Rs 1,600 per sq.ft (2024)

Stamp duty and registration fee for property in Parasakthi Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 1,600 per sq.ft, the total guideline value would be Rs 16,00,000. The stamp duty at 7% would amount to Rs 1,12,000, and the registration fee at 2% would be Rs 32,000, bringing the total fees to Rs 1,44,000. 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 Parasakthi Nagar?

The Sub Registrar Office that covers Parasakthi Nagar is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060, in the Chennai registration zone. You can find your SRO for more information.

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

The guideline value is an essential factor in property transactions in Madhavaram. It serves as a reference point for determining the stamp duty and registration fees that need to be paid when buying or selling property. This value is crucial for both buyers and sellers to understand the financial implications of their transactions.

When a property is registered, the guideline value is used to calculate the applicable fees, ensuring that the transaction is documented accurately. It is important for buyers to be aware of the current guideline value to avoid any surprises during the registration process.

Frequently asked questions

What is the current guideline value of Parasakthi Nagar?

The current guideline value of Parasakthi Nagar is Rs 1,600 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly, moving from Rs 1,500 per sq.ft in 2012 to Rs 1,005 per sq.ft in 2017, then increasing to Rs 1,500 per sq.ft in 2023, and finally reaching Rs 1,600 per sq.ft in 2024.

What is the land classification of Parasakthi Nagar?

Parasakthi Nagar is classified as Residential Class II Type - I, indicating its suitability for residential purposes.

Where can I find the Madhavaram Sub Registrar Office?

The Madhavaram Sub Registrar Office is located at No.7, Roja Nagar, Madhavaram, Chennai-600060, within the Chennai registration zone.

How is the stamp duty calculated for properties in Parasakthi Nagar?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a 1,000 sq.ft plot at the current guideline value, the total stamp duty would be Rs 1,12,000 at a rate of 7%.