Guideline Value for Park City

Park City guideline value

The current guideline value of Park City, located in Umaiyal Parancheri village under the Sunguvarchattram SRO, is Rs 500 per sq.ft. This value is effective from 1 July 2024 and falls under the Residential Class V Type - I land classification.

How the guideline value of Park City has changed

The guideline value for Park City has seen several revisions over the years. In 2007, the value was Rs 120 per sq.ft, which increased significantly to Rs 500 per sq.ft in 2012. However, it then decreased to Rs 335 per sq.ft in 2017, before rising again to Rs 500 per sq.ft in both 2023 and 2024. Notably, the register has no figures for the years 2002 and 2003.

From 2017 to 2023, the guideline value increased by 49%. The increase from 2007 to 2012 was a substantial 317%, while the value remained unchanged from 2023 to 2024, showing no percentage change. Overall, from 2007 to 2024, the guideline value has increased by 317%.

Guideline values in Umaiyal Parancheri

In Umaiyal Parancheri, there are 18 streets under the Sunguvarchattram SRO that carry a 2024 guideline value, ranging from Rs 175 to Rs 500 per sq.ft. The median guideline value for these streets is Rs 200 per sq.ft, placing Park City's value above that median.

• Perumal Kovil Street: Rs 200 per sq.ft (2024)
• Pillayar Kovil Street: Rs 175 per sq.ft (2024)
• MuthuKumaran Nagar: Rs 250 per sq.ft (2024)
• M.R.Rajamani Nagar: Rs 200 per sq.ft (2024)
• Rattinamkinaru Street: Rs 175 per sq.ft (2024)
• Mariamman Kovil Street( Kulakkarai Street): Rs 175 per sq.ft (2024)

Stamp duty and registration fee for property in Park City

For a 1,000 sq.ft plot at the current guideline value of Rs 500 per sq.ft, the total guideline value would be Rs 5,00,000. The stamp duty at 7% would amount to Rs 35,000, and the registration fee at 2% would be Rs 10,000, bringing the total charges to Rs 45,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Park City?

The Sub Registrar Office that covers Park City is the Sunguvarchattram Sub Registrar Office, located at Vadivamal Nagar Kandigai Road Caparo Company Opp, Sunguvarchatram, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor in property transactions in Umaiyal Parancheri. It determines the minimum price at which a property can be registered and is used to calculate the stamp duty and registration fees applicable to the transaction.

When buying or selling property, both parties must agree on the sale price, which should not be lower than the guideline value. This ensures that the government receives the appropriate revenue from the transaction, based on the established guideline value.

Frequently asked questions

What is the current guideline value of Park City?

The current guideline value of Park City is Rs 500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed several times, with a significant increase from Rs 120 per sq.ft in 2007 to Rs 500 per sq.ft in 2012, followed by a decrease to Rs 335 per sq.ft in 2017. It remained at Rs 500 per sq.ft in both 2023 and 2024.

What are the stamp duty and registration fees for property in Park City?

For a 1,000 sq.ft property at the current guideline value, the total stamp duty would be Rs 35,000 and the registration fee would be Rs 10,000, totaling Rs 45,000. Duty is charged on the higher of the guideline value or the sale price.

Which Sub Registrar Office is responsible for Park City?

The Sunguvarchattram Sub Registrar Office is responsible for Park City, located at Vadivamal Nagar Kandigai Road Caparo Company Opp, Sunguvarchatram, Chengalpattu registration zone.

What is the median guideline value in Umaiyal Parancheri?

The median guideline value for streets in Umaiyal Parancheri is Rs 200 per sq.ft. Park City's guideline value of Rs 500 per sq.ft is above this median.