Guideline Value for Parimala Nagar (Lakshmipuram)

Parimala Nagar (Lakshmipuram) guideline value

The current guideline value of Parimala Nagar (Lakshmipuram) is Rs 1,300 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 III Type - I.

How the guideline value of Parimala Nagar (Lakshmipuram) has changed

The guideline value for Parimala Nagar has undergone several revisions over the years. The earliest recorded figure is from the 2017 revision, which was Rs 804 per sq.ft. This increased to Rs 1,200 per sq.ft in the 2023 revision, marking a significant rise of 49%. The most recent revision in 2024 set the guideline value at Rs 1,300 per sq.ft, reflecting an 8% increase from the previous year.

Overall, from the 2017 revision to the 2024 revision, the guideline value has increased by 62%. It is important to note that the register has no figures for the years 2002, 2003, 2007, and 2012 for this street.

Guideline values in Madhavaram

In Madhavaram, there are a total of 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 in this area is Rs 1,600 per sq.ft, which means that the guideline value for Parimala Nagar is below this median.

• Parimalam Rengan Nagar: Rs 1,300 per sq.ft (2024)
• Parimalam Nagar, Vinayagapuram (Ward-29): Rs 1,300 per sq.ft (2024)
• Parimalam Nagar Extension: Rs 1,600 per sq.ft (2024)
• Parimalam Nagar 2nd Street (Ward 29): Rs 1,300 per sq.ft (2024)
• Parimalam Nagar 1st Street (Ward 29): Rs 1,300 per sq.ft (2024)
• Parimalam Nagar: Rs 1,600 per sq.ft (2024)

Stamp duty and registration fee for property in Parimala Nagar (Lakshmipuram)

For a 1,000 sq.ft plot at the current guideline value of Rs 1,300 per sq.ft, the total guideline value amounts to Rs 13,00,000. The stamp duty at 7% would be Rs 91,000, and the registration fee at 2% would be Rs 26,000, bringing the total fees to Rs 1,17,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

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

Which Sub Registrar Office covers Parimala Nagar (Lakshmipuram)?

The Sub Registrar Office that covers Parimala Nagar (Lakshmipuram) is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for more details.

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

The guideline value is a crucial factor when registering a property in Madhavaram. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is reflected accurately in official records.

When buying or selling property, the guideline value is used to calculate the stamp duty and registration fees, which are mandatory for the legal transfer of property ownership. This ensures transparency and helps in maintaining a standard valuation across the region.

Frequently asked questions

What is the current guideline value of Parimala Nagar (Lakshmipuram)?

The current guideline value of Parimala Nagar (Lakshmipuram) is Rs 1,300 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

The guideline value has increased from Rs 804 per sq.ft in 2017 to Rs 1,300 per sq.ft in 2024, marking an overall increase of 62% during this period.

What is the median guideline value in Madhavaram?

The median guideline value in Madhavaram is Rs 1,600 per sq.ft, which is higher than the current value of Parimala Nagar.

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

For a property valued at Rs 13,00,000, the stamp duty would be Rs 91,000 and the registration fee would be Rs 26,000, totaling Rs 1,17,000.

Which Sub Registrar Office should I visit for transactions in Parimala Nagar?

The Madhavaram Sub Registrar Office at No.7, Roja Nagar, Madhavaram, Chennai-600060, covers Parimala Nagar for all registration needs.