Guideline Value for Parimelazhagar Street

Parimelazhagar Street guideline value

The current guideline value of Parimelazhagar Street is Rs 1,600 per sq.ft, effective from 1 July 2024. This street is located in Chembakkam village, under the Selaiyur SRO, and is classified as Residential Class II Type - I.

How the guideline value of Parimelazhagar Street has changed

The guideline value for Parimelazhagar Street has seen several revisions over the years. In 2007, the value was Rs 250 per sq.ft. This increased significantly to Rs 1,500 per sq.ft in 2012, marking a 500% rise. However, the value decreased to Rs 1,005 per sq.ft in 2017, which was a decline of 33%. The subsequent revision in 2023 set the value at Rs 1,500 per sq.ft, followed by a further increase to Rs 1,600 per sq.ft in 2024, reflecting a 7% rise.

Notably, the register has no figures for the years 2002 and 2003. Overall, from 2007 to 2024, the guideline value has increased by 540%.

Guideline values in Chembakkam

In Chembakkam, there are 472 streets under the Selaiyur SRO, with guideline values ranging from Rs 850 to Rs 6,700 per sq.ft. The median guideline value in this area is Rs 2,200 per sq.ft, which indicates that the 2024 figure for Parimelazhagar Street is below this median.

• Padhal Encleve: Rs 2,700 per sq.ft (2024)
• Pon Nagar 1st Main Road: Rs 1,700 per sq.ft (2024)
• Pon Nagar 1st Street: Rs 1,700 per sq.ft (2024)
• Pon Nagar 2nd Main Road: Rs 1,700 per sq.ft (2024)
• Pon Nagar 2nd Street: Rs 1,700 per sq.ft (2024)
• Pon Nagar 3rd Street: Rs 1,700 per sq.ft (2024)

Stamp duty and registration fee for property in Parimelazhagar Street

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

Which Sub Registrar Office covers Parimelazhagar Street?

The Sub Registrar Office that covers Parimelazhagar Street is the Selaiyur Sub Registrar Office, located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073, in the Chengalpattu registration zone. You can find your SRO for more details.

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

The guideline value plays a crucial role in the registration process of property transactions in Chembakkam. It serves as the benchmark for determining the stamp duty and registration fees that need to be paid when buying or selling property in the area.

When a property is registered, the guideline value is compared with the sale price, and the higher of the two is used to calculate the applicable duties. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Parimelazhagar Street?

The current guideline value of Parimelazhagar Street 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 250 per sq.ft in 2007 to Rs 1,600 per sq.ft in 2024, reflecting an overall increase of 540% over the years.

What is the land classification of Parimelazhagar Street?

Parimelazhagar Street is classified as Residential Class II Type - I.

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

The Sub Registrar Office for Parimelazhagar Street is the Selaiyur Sub Registrar Office, located at No.36, Bharathmatha Salai, Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073.

How is the stamp duty calculated for property transactions?

The stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For instance, if the guideline value is Rs 16,00,000, the stamp duty at 7% would be Rs 1,12,000.