Guideline Value for Parimalam Nagar, Vinayagapuram (Ward-29)

Parimalam Nagar, Vinayagapuram (Ward-29) guideline value

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

How the guideline value of Parimalam Nagar, Vinayagapuram (Ward-29) has changed

The guideline value for Parimalam Nagar has seen several revisions over the years. The 2017 revision set the value at Rs 804 per sq.ft. This was followed by a significant increase in the 2023 revision, where the value rose to Rs 1,200 per sq.ft, marking a 49% increase from the 2017 figure. The latest revision in 2024 has further increased the guideline value to Rs 1,300 per sq.ft, reflecting an 8% increase from 2023. Notably, there are no figures available for the revisions in 2002, 2003, 2007, and 2012 for this street.

Overall, from the 2017 revision to the 2024 revision, the guideline value has increased by 62%. This consistent rise illustrates the changing landscape of property values in the area.

Guideline values in Madhavaram

In Madhavaram village, 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 value for these streets is Rs 1,600 per sq.ft, indicating that the guideline value for Parimalam Nagar is below this median.

• Parimalam Nagar Extension: Rs 1,600 per sq.ft (2024)
• Parimalam Rengan Nagar: Rs 1,300 per sq.ft (2024)
• Parimalam Nagar 2nd Street (Ward 29): Rs 1,300 per sq.ft (2024)
• Parimala Nagar (Lakshmipuram): 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 Parimalam Nagar, Vinayagapuram (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, calculated at 7%, would be Rs 91,000, while the registration fee at 2% would be Rs 26,000, bringing the total cost for these fees to 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.

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

Which Sub Registrar Office covers Parimalam Nagar, Vinayagapuram (Ward-29)?

The Sub Registrar Office that covers Parimalam Nagar, Vinayagapuram (Ward-29) is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. For more details, you can find your SRO.

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, as it determines the amount of stamp duty and registration fees that must be paid during the registration process. Buyers and sellers must be aware of the current guideline value to ensure compliance with legal requirements and to accurately calculate the associated costs.

When a property is sold, the guideline value is used to assess the minimum value for registration purposes. This means that if the sale price is lower than the guideline value, the higher guideline value will be used to calculate the applicable fees.

Frequently asked questions

What is the current guideline value of Parimalam Nagar?

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

How 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. This represents an overall increase of 62% over the seven years.

What are the stamp duty and registration fees for property transactions?

For a property valued at Rs 13,00,000, the stamp duty is Rs 91,000 and the registration fee is Rs 26,000, totaling Rs 1,17,000. The duty is charged on the higher of the guideline value or the sale price.

Which office handles registrations for Parimalam Nagar?

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

What is the land classification for Parimalam Nagar?

Parimalam Nagar is classified as Residential Class III Type - I, which is relevant for determining the guideline value and other regulatory aspects related to property transactions.