Guideline Value for Park Avenue/Square 2nd Street

Park Avenue/Square 2nd Street guideline value

The current guideline value of Park Avenue/Square 2nd Street is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is located in Madipakkam-1 village, under the Velacheri SRO. The land classification for this area is Residential Class II Type - I.

How the guideline value of Park Avenue/Square 2nd Street has changed

The guideline value for Park Avenue/Square 2nd Street has seen several revisions over the years. The earliest recorded revision is from 2017, where the value was Rs 1,340 per sq.ft. This figure increased significantly to Rs 2,000 per sq.ft in the 2023 revision, marking a 49% rise. The most recent revision in 2024 set the value at Rs 2,200 per sq.ft, reflecting a 10% increase from the previous year.

It is important to note that there are no figures available for the years 2002, 2003, 2007, and 2012 in the register for this street. Overall, from 2017 to 2024, the guideline value has increased by 64%.

Guideline values in Madipakkam-1

In Madipakkam-1, there are 1,823 streets under the Velacheri SRO, with guideline values ranging from Rs 1,650 to Rs 5,500 per sq.ft. The median guideline value for the area is Rs 2,750 per sq.ft, placing Park Avenue/Square 2nd Street's 2024 figure below this median.

• Park Avenue/Square 1st Street: Rs 2,200 per sq.ft (2024)
• Park Square: Rs 2,200 per sq.ft (2024)
• Park Square 1st Street: Rs 2,200 per sq.ft (2024)
• Pari Colony/SRVS Colony: Rs 2,200 per sq.ft (2024)
• Pari Colony: Rs 1,650 per sq.ft (2024)
• Pathmavathi Street: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Park Avenue/Square 2nd Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value would be Rs 22,00,000. The stamp duty at 7% would amount to Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, bringing the total fees to Rs 1,98,000. It is important to note that duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Park Avenue/Square 2nd Street?

The Sub Registrar Office that covers Park Avenue/Square 2nd Street is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. You can find your SRO for more details.

How the guideline value is used when you buy or sell in Madipakkam-1

The guideline value plays a crucial role during the registration of property transactions in Madipakkam-1. It is the basis for calculating stamp duty and registration fees, which are mandatory for property transfers.

When buying or selling property, the guideline value ensures that the transaction is recorded at a fair value as determined by the government. This helps in maintaining transparency and accountability in property dealings.

Frequently asked questions

What is the current guideline value of Park Avenue/Square 2nd Street?

The current guideline value of Park Avenue/Square 2nd Street is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,340 per sq.ft in 2017 to Rs 2,200 per sq.ft in 2024. This represents a 64% increase over the seven-year period.

What is the land classification for Park Avenue/Square 2nd Street?

The land classification for Park Avenue/Square 2nd Street is Residential Class II Type - I.

Where can I find the Velacheri Sub Registrar Office?

The Velacheri Sub Registrar Office is located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

How is stamp duty calculated for properties in this area?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, on a property valued at Rs 22,00,000, the stamp duty would be Rs 1,54,000 at 7%.