Guideline Value for Parasuraman Street

Parasuraman Street guideline value

The current guideline value of Parasuraman Street is Rs 3,850 per sq.ft, effective from 1 July 2024. This street is located in Velachery village, under the jurisdiction of the Velacheri SRO. The land classification for this area is Residential Class II Type - III.

How the guideline value of Parasuraman Street has changed

The guideline value for Parasuraman Street has seen significant changes over the years. In 2002, the guideline value was Rs 307 per sq.ft, which increased to Rs 344 per sq.ft in 2003, marking a 12% rise. By 2007, the value had jumped to Rs 1,500 per sq.ft, reflecting a substantial increase of 336%. The 2012 revision set the value at Rs 3,500 per sq.ft, which was a 133% increase from the previous revision. The latest revision in 2024 has raised the guideline value to Rs 3,850 per sq.ft, a 10% increase from 2012.

It is important to note that there are no figures available for the years 2017 and 2023 for this street in the register. Overall, from 2002 to 2024, the guideline value has increased by 1154%.

Guideline values in Velachery

In Velachery, there are 2,691 streets under the Velacheri SRO that carry a 2024 guideline value, ranging from Rs 3,300 to Rs 13,200 per sq.ft. The median guideline value in this area is Rs 4,400 per sq.ft, indicating that the 2024 figure for Parasuraman Street is below the median.

• Parameshwaran Street: Rs 3,850 per sq.ft (2024)
• Park Avenue: Rs 4,400 per sq.ft (2024)
• Park Avenue 1st Lane: Rs 4,400 per sq.ft (2024)
• Park Avenue 1st Street: Rs 4,400 per sq.ft (2024)
• Park Avenue 1st Street, Murugan Syndigate: Rs 4,400 per sq.ft (2024)
• Park Avenue 2nd Street: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in Parasuraman Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,850 per sq.ft, the total guideline value would be Rs 38,50,000. The stamp duty, charged at 7%, would amount to Rs 2,69,500, while the registration fee at 2% would be Rs 77,000. Therefore, the total cost for stamp duty and registration fee together would be Rs 3,46,500. It is essential to note that duty is charged on the higher of the guideline value or the sale price.

For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Parasuraman Street?

The Sub Registrar Office that covers Parasuraman Street is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. You can find your SRO for more information.

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

The guideline value is a crucial factor during the registration of property transactions in Velachery. It serves as a benchmark for calculating stamp duty and registration fees, ensuring that the government receives the appropriate revenue from property transactions.

When buying or selling property, it is essential to be aware of the current guideline value, as it can influence the overall cost of the transaction. Buyers should ensure that they are prepared for the associated fees based on this value during the registration process.

Frequently asked questions

What is the current guideline value of Parasuraman Street?

The current guideline value of Parasuraman Street is Rs 3,850 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 307 per sq.ft in 2002 to Rs 3,850 per sq.ft in 2024, reflecting an overall increase of 1154% over this period.

Are there any years with no guideline value figures for Parasuraman Street?

Yes, the register has no figures for Parasuraman Street for the years 2017 and 2023.

What is the median guideline value in Velachery?

The median guideline value in Velachery is Rs 4,400 per sq.ft, which is higher than the current guideline value of Parasuraman Street.

Where is the Sub Registrar Office for Parasuraman Street located?

The Velacheri Sub Registrar Office is located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.