Guideline Value for Pari Colony/SRVS Colony

Pari Colony/SRVS Colony guideline value

The current guideline value of Pari Colony/SRVS Colony is Rs 2,200 per sq.ft, effective from 1 July 2024. This area is located in Madipakkam-1 village under the Velacheri SRO, and it falls under the Residential Class II Type - I land classification.

How the guideline value of Pari Colony/SRVS Colony has changed

The guideline value for Pari Colony/SRVS Colony has seen several revisions over the years. The 2017 revision set the rate at Rs 1,340 per sq.ft. This figure increased significantly to Rs 2,000 per sq.ft in the 2023 revision, marking a 49% increase. The most recent revision in 2024 raised the guideline value to Rs 2,200 per sq.ft, reflecting a 10% increase from the previous year.

Overall, from the 2017 revision to the 2024 revision, the guideline value has increased by 64%. It is important to note that there are no figures available for the years 2002, 2003, 2007, and 2012 for this street in the register.

Guideline values in Madipakkam-1

In Madipakkam-1, there are 1823 streets that carry a 2024 guideline value ranging from Rs 1,650 to Rs 5,500 per sq.ft, with a median value of Rs 2,750 per sq.ft. The guideline value for Pari Colony/SRVS Colony is below this median.

• Pari Colony: Rs 1,650 per sq.ft (2024)
• Park Avenue/Square 1st Street: Rs 2,200 per sq.ft (2024)
• Park Avenue/Square 2nd Street: Rs 2,200 per sq.ft (2024)
• Park Square: Rs 2,200 per sq.ft (2024)
• Park Square 1st Street: Rs 2,200 per sq.ft (2024)
• Pathmavathi Street: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Pari Colony/SRVS Colony

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value would be Rs 22,00,000. The stamp duty at 7% would amount to Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, bringing the total to Rs 1,98,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

For more information on calculating fees, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Pari Colony/SRVS Colony?

The Sub Registrar Office that covers Pari Colony/SRVS Colony 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 details.

How the guideline value is used when you buy or sell in Madipakkam-1

The guideline value is a crucial factor when registering property in Madipakkam-1. It serves as a benchmark for determining the minimum value of a property for registration purposes. Buyers and sellers must consider this value to ensure compliance with registration regulations.

When a property is sold, the guideline value is used to calculate the stamp duty and registration fees. This ensures that the transaction is recorded at a value that reflects the established rates in the area, which is essential for legal and financial purposes.

Frequently asked questions

What is the current guideline value of Pari Colony/SRVS Colony?

The current guideline value of Pari Colony/SRVS Colony is Rs 2,200 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

Since the 2017 revision, the guideline value has increased from Rs 1,340 per sq.ft to Rs 2,200 per sq.ft in 2024, representing an overall increase of 64%.

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

For a property valued at Rs 22,00,000, the stamp duty would be Rs 1,54,000 and the registration fee would be Rs 44,000, totaling Rs 1,98,000.

Which office handles property registrations in Pari Colony/SRVS Colony?

The Velacheri Sub Registrar Office handles property registrations in Pari Colony/SRVS Colony, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

What is the land classification for Pari Colony/SRVS Colony?

Pari Colony/SRVS Colony falls under the Residential Class II Type - I land classification.