Guideline Value for Parimallazhagar Street

Parimallazhagar Street guideline value

The current guideline value of Parimallazhagar Street is Rs 7,100 per sq.ft. This street is located in Mugappair village and falls under the Konnur SRO. The land classification for this area is Residential Special Type - I.

How the guideline value of Parimallazhagar Street has changed

The guideline value for Parimallazhagar Street has seen several revisions over the years. In 2002, the value was Rs 566 per sq.ft, which increased to Rs 622 per sq.ft in 2003. Following that, in 2007, the value rose significantly to Rs 1,500 per sq.ft, marking an increase of 141%. The value then experienced a substantial jump to Rs 6,500 per sq.ft in 2012, reflecting a 333% increase from the previous revision. However, in 2017, it decreased to Rs 4,355 per sq.ft, a decline of 33%. The value then increased again to Rs 6,500 per sq.ft in 2023, and finally, it reached Rs 7,100 per sq.ft in the 2024 revision, which is a 9% increase from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 1154%. The register has no figure for the years not mentioned in the revisions above.

Guideline values in Mugappair

In Mugappair, there are 224 streets under the Konnur SRO with a 2024 guideline value ranging from Rs 3,300 to Rs 8,800 per sq.ft. The median value of these streets is Rs 7,100 per sq.ft, which is equal to the current guideline value of Parimallazhagar Street.

• Parri Salai (Mugappair East Block 5): Rs 7,100 per sq.ft (2024)
• Panner Nagar Thilak Street: Rs 7,100 per sq.ft (2024)
• Panneer Nagar Part II: Rs 7,100 per sq.ft (2024)
• Panneer Nagar: Rs 7,100 per sq.ft (2024)
• Panjamuga Sivan Koil Street: Rs 7,100 per sq.ft (2024)
• Patchaiappan Salai: Rs 7,100 per sq.ft (2024)

Stamp duty and registration fee for property in Parimallazhagar Street

For a 1,000 sq.ft plot at the current guideline value of Rs 7,100 per sq.ft, the total guideline value would be Rs 71,00,000. The stamp duty at 7% would amount to Rs 4,97,000, and the registration fee at 2% would be Rs 1,42,000, making the total cost for these fees Rs 6,39,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Parimallazhagar Street?

The Sub Registrar Office that covers Parimallazhagar Street is the Konnur Sub Registrar Office, located at Villivakkam Panchayat, Union Office Complex, Dunlop Bus Stop, Ambattur, Chennai. You can find your SRO for more details.

How the guideline value is used when you buy or sell in Mugappair

The guideline value is an important factor when registering property transactions in Mugappair. It serves as a benchmark for determining the stamp duty and registration fees payable during a property sale or purchase. Buyers and sellers must refer to the current guideline value to calculate these costs accurately.

When a property is sold, the guideline value is compared with the sale price, and the higher amount is used to calculate the applicable duties and fees. This ensures that the registration process is transparent and standardized, reflecting the value of properties in the area.

Frequently asked questions

What is the current guideline value of Parimallazhagar Street?

The current guideline value of Parimallazhagar Street is Rs 7,100 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 566 per sq.ft in 2002 to Rs 7,100 per sq.ft in 2024, reflecting a significant overall increase of 1154% over the years.

What is the land classification for Parimallazhagar Street?

The land classification for Parimallazhagar Street is Residential Special Type - I, indicating its intended use for residential purposes.

Where can I find the Sub Registrar Office for Parimallazhagar Street?

The Konnur Sub Registrar Office covers Parimallazhagar Street and is located at Villivakkam Panchayat, Union Office Complex, Dunlop Bus Stop, Ambattur, Chennai.

How is the stamp duty calculated for properties in Mugappair?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. The current rate is 7% for stamp duty and 2% for the registration fee.