Guideline Value for Parimalam Nagar 2nd Street (Ward 29)

Parimalam Nagar 2nd Street (Ward 29) guideline value

The current guideline value for Parimalam Nagar 2nd Street (Ward 29) is Rs 1,300 per sq.ft, effective from 1 July 2024. This street is located in Madhavaram village under the Madhavaram SRO, and it falls under the Residential Class III Type - I land classification.

How the guideline value of Parimalam Nagar 2nd Street (Ward 29) has changed

In the 2017 revision, the guideline value was set at Rs 804 per sq.ft. This figure increased significantly to Rs 1,200 per sq.ft in the 2023 revision, marking a 49% rise. The current guideline value is Rs 1,300 per sq.ft from the 2024 revision, reflecting an 8% increase from the previous year.

Overall, from the 2017 revision to the 2024 revision, the guideline value has increased by 62%. The register does not have figures for the years 2002, 2003, 2007, and 2012 for this street.

Guideline values in Madhavaram

In Madhavaram, there are 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, with a median value of Rs 1,600 per sq.ft. The guideline value for Parimalam Nagar 2nd Street (Ward 29) is below this median.

• Parimalam Nagar 1st Street (Ward 29): Rs 1,300 per sq.ft (2024)
• Parimalam Nagar Extension: Rs 1,600 per sq.ft (2024)
• Parimalam Nagar: 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 2nd 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 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 to Rs 1,17,000. It is important to note that 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 details.

Which Sub Registrar Office covers Parimalam Nagar 2nd Street (Ward 29)?

The Sub Registrar Office that covers Parimalam Nagar 2nd 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 crucial factor during property registration in Madhavaram. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring transparency in property transactions.

When buying or selling property, the guideline value helps in calculating the stamp duty and registration fees. These fees are essential components of the registration process and are based on the guideline value or the sale price, whichever is higher.

Frequently asked questions

What is the current guideline value for Parimalam Nagar 2nd Street (Ward 29)?

The current guideline value for Parimalam Nagar 2nd Street (Ward 29) 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, representing a total increase of 62% over the seven years.

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

For a 1,000 sq.ft plot valued at Rs 1,300 per sq.ft, the total guideline value is Rs 13,00,000. The stamp duty is Rs 91,000 and the registration fee is Rs 26,000, totaling Rs 1,17,000.

Which Sub Registrar Office is responsible for Parimalam Nagar 2nd Street?

The Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060, is responsible for Parimalam Nagar 2nd Street (Ward 29).

What is the land classification for Parimalam Nagar 2nd Street?

Parimalam Nagar 2nd Street falls under the Residential Class III Type - I land classification.