Guideline Value for Parimalam Nagar

Parimalam Nagar guideline value

The current guideline value of Parimalam Nagar 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 has changed

The guideline value for Parimalam Nagar has undergone several revisions over the years. The 2012 revision set the value at Rs 1,500 per sq.ft, which then decreased to Rs 1,005 per sq.ft in the 2017 revision. Following that, the value saw a significant increase to Rs 1,500 per sq.ft in the 2023 revision, and it further rose to Rs 1,600 per sq.ft in the 2024 revision, marking a 7% increase from the previous year. The register has no figure for this street for the years 2002, 2003, and 2007.

From 2012 to 2017, the guideline value decreased by 33%, but from 2017 to 2023, it increased by 49%. Overall, from 2012 to 2024, the guideline value has increased by 7%. The current value of Rs 1,600 per sq.ft aligns with the median value of Rs 1,600 per sq.ft for the 1,946 streets in Madhavaram under the Madhavaram SRO.

Guideline values in Madhavaram

In Madhavaram, the guideline values for various streets range from Rs 1,300 to Rs 7,500 per sq.ft, with the median being Rs 1,600 per sq.ft. Parimalam Nagar's 2024 guideline value matches this median. Below are the guideline values for other streets in Madhavaram:

• Parimalam Nagar 1st Street (Ward 29): Rs 1,300 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

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 charges together to Rs 1,44,000. It is important to note that duty is charged on the higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Parimalam Nagar?

The Sub Registrar Office that covers Parimalam Nagar 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 in the property registration process in Madhavaram. It serves as a benchmark for determining the minimum price at which a property can be sold or bought, ensuring that the transaction is recorded accurately in official documents.

When you decide to buy or sell a property, the guideline value will influence the stamp duty and registration fees payable. These fees are calculated based on the guideline value or the sale price, whichever is higher, thus playing a significant role in the overall transaction costs.

Frequently asked questions

What is the current guideline value of Parimalam Nagar?

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

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,500 per sq.ft in 2023 to Rs 1,600 per sq.ft in 2024. It was Rs 1,005 per sq.ft in 2017 and Rs 1,500 per sq.ft in 2012.

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

The stamp duty is charged at 7% and the registration fee at 2% of the guideline value or sale price, whichever is higher. For a 1,000 sq.ft plot, the total charges would amount to Rs 1,44,000.

Which Sub Registrar Office covers Parimalam Nagar?

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

What is the land classification of Parimalam Nagar?

Parimalam Nagar is classified as Residential Class II Type - I, which indicates the type of development permitted in the area.