Guideline Value for Park City

Park City guideline value

The current guideline value of Park City, located in Vedanthangal village under the Madurandakam SRO, is Rs 100 per sq.ft, effective from 1 July 2024. This area is classified as Residential Class I Type - I.

How the guideline value of Park City has changed

The guideline value for Park City has undergone several revisions over the years. In 2007, the value was set at Rs 30 per sq.ft, which increased to Rs 90 per sq.ft in 2012. However, it then dropped to Rs 60 per sq.ft in 2017. The most recent revisions show that the guideline value remained at Rs 100 per sq.ft in both 2023 and 2024, indicating no change between these two years.

From 2007 to 2024, the overall change in the guideline value is an increase of 233%. The increase from 2017 to 2023 was 67%, while the value decreased by 33% from 2012 to 2017. The significant rise of 200% from 2007 to 2012 reflects a notable shift in the valuation during that period.

Guideline values in Vedanthangal

In Vedanthangal, there are five streets under the Madurandakam SRO that have a 2024 guideline value ranging from Rs 100 to Rs 150 per sq.ft. The median value for these streets is Rs 150 per sq.ft, placing Park City's 2024 figure below that median.

• Sri Selvavinayagar Nagar: Rs 150 per sq.ft (2024)
• Jeyam Nagar: Rs 100 per sq.ft (2024)
• Ansar Nagar: Rs 150 per sq.ft (2024)
• new Jayam Nagar Part -III: Rs 150 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 100 per sq.ft, the total guideline value amounts to Rs 1,00,000. The stamp duty at 7% would be Rs 7,000, and the registration fee at 2% would be Rs 2,000, bringing the total fees to Rs 9,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can use the stamp duty and registration fee calculator for further assistance.

Which Sub Registrar Office covers Park City?

The Sub Registrar Office that covers Park City is the Madurandakam Sub Registrar Office, located at No.53, Old Taluk Office Road, Maduranthakam-603306, Chengalpattu registration zone. To find your SRO, you can visit find your SRO.

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

The guideline value is a critical factor in the registration process for property transactions in Vedanthangal. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the sale or purchase of property.

When a buyer or seller engages in a transaction, the guideline value is used to calculate the applicable fees, ensuring that the registration is compliant with the regulations set by the local authorities.

Frequently asked questions

What is the current guideline value of Park City?

The current guideline value of Park City is Rs 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 30 per sq.ft in 2007 to Rs 100 per sq.ft in 2024, reflecting an overall increase of 233% over the years.

What is the land classification for Park City?

Park City is classified as Residential Class I Type - I, which indicates its designation for residential purposes.

Where can I find the Sub Registrar Office for Park City?

The Sub Registrar Office for Park City is the Madurandakam Sub Registrar Office, located at No.53, Old Taluk Office Road, Maduranthakam-603306, Chengalpattu registration zone.

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. For example, for a property valued at Rs 1,00,000, the stamp duty would be Rs 7,000 at a rate of 7%.