Guideline Value for Parimalam Nagar Extension

Parimalam Nagar Extension guideline value

The current guideline value of Parimalam Nagar Extension is Rs 1,600 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 II Type - I.

How the guideline value of Parimalam Nagar Extension has changed

The guideline value for Parimalam Nagar Extension has undergone several revisions over the years. The oldest recorded revision is from 2017, where the value was Rs 1,005 per sq.ft. This increased significantly to Rs 1,500 per sq.ft in 2023, marking a 49% increase. The most recent revision in 2024 shows a further increase to Rs 1,600 per sq.ft, which is a 7% rise from the previous year.

There are no recorded figures for the years 2002, 2003, 2007, and 2012 for this street. Overall, from 2017 to 2024, the guideline value has increased by 59%.

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. The median guideline value is Rs 1,600 per sq.ft, which is the same as the current value for Parimalam Nagar Extension.

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

Stamp duty and registration fee for property in Parimalam Nagar Extension

For a 1,000 sq.ft plot at the current guideline value of Rs 1,600 per sq.ft, the total guideline value amounts to Rs 16,00,000. The stamp duty at 7% would be Rs 1,12,000, and the registration fee at 2% would be Rs 32,000, bringing the total to Rs 1,44,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Parimalam Nagar Extension?

The Sub Registrar Office that covers Parimalam Nagar Extension 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 when buying or selling property in Madhavaram. It serves as a reference point for determining the minimum value of the property for registration purposes. Buyers and sellers must consider this value to ensure compliance with local regulations during transactions.

When a property is registered, the guideline value is used to calculate the applicable stamp duty and registration fees. This ensures that the government receives the necessary revenue from property transactions, based on the established guideline values.

Frequently asked questions

What is the current guideline value of Parimalam Nagar Extension?

The current guideline value of Parimalam Nagar Extension is Rs 1,600 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed from 2017 to 2024?

From 2017 to 2024, the guideline value has increased by 59%, rising from Rs 1,005 per sq.ft to Rs 1,600 per sq.ft.

What is the stamp duty rate applicable in Parimalam Nagar Extension?

The stamp duty rate applicable in Parimalam Nagar Extension is 7% of the guideline value or the sale price, whichever is higher.

Where can I find the Madhavaram Sub Registrar Office?

The Madhavaram Sub Registrar Office is located at No.7, Roja Nagar, Madhavaram, Chennai-600060.

What are the other streets in Madhavaram with their guideline values?

Other streets in Madhavaram include Parimalam Nagar 2nd Street, Parimalam Nagar, Vinayagapuram, Parimalam Nagar 1st Street, Parimalam Rengan Nagar, and Parimala Nagar (Lakshmipuram), all with a guideline value of Rs 1,300 per sq.ft, except for Parimalam Nagar, which is Rs 1,600 per sq.ft.