Guideline Value for Parimalam Nagar 1st Street (Ward 29)

Parimalam Nagar 1st Street (Ward 29) guideline value

The current guideline value of Parimalam Nagar 1st Street (Ward 29) is Rs 1,300 per sq.ft, effective from 1 July 2024. This street is located in Madhavaram village and falls under the Madhavaram SRO. It is classified as Residential Class III Type - I.

How the guideline value of Parimalam Nagar 1st Street (Ward 29) has changed

The guideline value for Parimalam Nagar 1st Street (Ward 29) has seen revisions over the years. The most recent revision in 2024 set the value at Rs 1,300 per sq.ft, which reflects an increase of 8% from the 2023 revision, where the value was Rs 1,200 per sq.ft. Prior to 2023, the register has no figure for this street in the years 2017, 2012, 2007, 2003, and 2002.

In summary, the guideline values have changed from Rs 1,200 per sq.ft in 2023 to Rs 1,300 per sq.ft in 2024. The earlier revisions do not provide any figures for this street, indicating that the value was either not assessed or recorded in those years.

Guideline values in Madhavaram

Madhavaram village has a range of guideline values for its streets, with figures from Rs 1,300 to Rs 7,500 per sq.ft as of 2024. The median guideline value in the village is Rs 1,600 per sq.ft, placing Parimalam Nagar 1st Street's value below this median.

• Parimalam Nagar: Rs 1,600 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)
• Parimalam Nagar, Vinayagapuram (Ward-29): Rs 1,300 per sq.ft (2024)
• Parimalam Rengan Nagar: Rs 1,300 per sq.ft (2024)
• Parimala Nagar (Lakshmipuram): Rs 1,300 per sq.ft (2024)

Stamp duty and registration fee for property in Parimalam Nagar 1st Street (Ward 29)

For a 1,000 sq.ft plot at the current guideline value of Rs 1,300 per sq.ft, the total guideline value would be Rs 13,00,000. The stamp duty, charged at 7%, would amount to Rs 91,000, and the registration fee, charged at 2%, would be Rs 26,000. Thus, the total cost for these fees would be Rs 1,17,000. 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 more precise calculations based on your property details.

Which Sub Registrar Office covers Parimalam Nagar 1st Street (Ward 29)?

The Sub Registrar Office that covers Parimalam Nagar 1st Street (Ward 29) is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. 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 a critical factor in property transactions in Madhavaram. When buying or selling property, the guideline value is used to determine the stamp duty and registration fees applicable to the transaction. It ensures that the fees are calculated based on a standardized assessment of property values in the area.

Additionally, the guideline value helps in maintaining transparency in property transactions, as it provides a benchmark for property values that both buyers and sellers can refer to during negotiations. This system helps in ensuring that the registration process is fair and consistent across the region.

Frequently asked questions

What is the current guideline value of Parimalam Nagar 1st Street (Ward 29)?

The current guideline value of Parimalam Nagar 1st Street (Ward 29) is Rs 1,300 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed recently?

The guideline value increased from Rs 1,200 per sq.ft in 2023 to Rs 1,300 per sq.ft in 2024, marking an 8% increase.

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 guideline value for Parimalam Nagar 1st Street.

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

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 office handles property registrations in Madhavaram?

The Madhavaram Sub Registrar Office handles property registrations in Madhavaram, located at No.7, Roja Nagar, Madhavaram, Chennai-600060.