Guideline Value for Pari Colony

Pari Colony guideline value

The current guideline value of Pari Colony, located in Madipakkam-1 village under the Velacheri SRO, is Rs 1,650 per sq.ft, effective from 1 July 2024. This area falls under the Residential Class II Type - II land classification.

How the guideline value of Pari Colony has changed

The guideline value for Pari Colony has undergone several revisions over the years. The oldest recorded revision is from 2017, where the guideline value was Rs 1,005 per sq.ft. In 2023, this value increased to Rs 1,500 per sq.ft, marking a significant rise of 49%. The most recent revision in 2024 saw the guideline value further increase by 10% to Rs 1,650 per sq.ft. There are no figures available for the revisions from 2002, 2003, 2007, and 2012 for this street.

Overall, from 2017 to 2024, the guideline value has increased by 64%. This consistent rise reflects changes in the property landscape within the region.

Guideline values in Madipakkam-1

In Madipakkam-1, there are 1,823 streets under the Velacheri SRO 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 is below this median.

• Pari Colony/SRVS Colony: Rs 2,200 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

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

Which Sub Registrar Office covers Pari Colony?

Pari Colony falls under the jurisdiction of 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 Madipakkam-1

The guideline value plays a crucial role in the registration process when buying or selling property in Madipakkam-1. It serves as a benchmark for determining the minimum value at which properties can be registered, ensuring that the transaction is recorded at a fair value.

When a property is sold, the buyer must pay stamp duty and registration fees based on the guideline value or the sale price, whichever is higher. This ensures that the government receives appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Pari Colony?

The current guideline value of Pari Colony is Rs 1,650 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed since 2017?

Since 2017, the guideline value has increased from Rs 1,005 per sq.ft to Rs 1,650 per sq.ft, marking an overall increase of 64% over the seven-year period.

What is the stamp duty rate for property in Pari Colony?

The stamp duty rate for property in Pari Colony is 7% of the guideline value or the sale price, whichever is higher.

Where is the Velacheri Sub Registrar Office located?

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

Are there other streets in Madipakkam-1 with different guideline values?

Yes, there are several other streets in Madipakkam-1 with varying guideline values, ranging from Rs 1,650 to Rs 5,500 per sq.ft as of 2024.