Guideline Value for Park Sight Street

Park Sight Street guideline value

The current guideline value of Park Sight Street is Rs 7,700 per sq.ft, effective from 1 July 2024. This street is located in Nungambakkam village under the Chennai Central Joint II SRO, classified as Residential Class I Type - I.

How the guideline value of Park Sight Street has changed

The guideline value of Park Sight Street has seen several revisions over the years. In 2007, the guideline value was Rs 2,000 per sq.ft, which increased significantly to Rs 7,000 per sq.ft in 2012, marking a 250% rise. However, it decreased to Rs 4,690 per sq.ft in 2017, representing a 33% drop. The value then increased to Rs 7,000 per sq.ft in 2023, followed by a further increase to Rs 7,700 per sq.ft in 2024, which is a 10% rise.

There are no figures available for the revisions in 2002 and 2003 for Park Sight Street. Overall, from 2007 to 2024, the guideline value has increased by 285%.

Guideline values in Nungambakkam

In Nungambakkam, there are 270 streets under the Chennai Central Joint II SRO with a 2024 guideline value range from Rs 3,300 to Rs 22,000 per sq.ft. The median value is Rs 8,800 per sq.ft, placing Park Sight Street's current guideline value below this median.

• Pathari Road: Rs 20,900 per sq.ft (2024)
• Panakara Thiruveedhiyan St: Rs 9,300 per sq.ft (2024)
• Panakara Arogyam Street: Rs 9,300 per sq.ft (2024)
• Perumal Mudali Lane: Rs 7,700 per sq.ft (2024)
• Perumal Mudali Street (Extention): Rs 7,700 per sq.ft (2024)
• Nungambakkam High Road (or) Uthamar Gandhi Road: Rs 22,000 per sq.ft (2024)

Stamp duty and registration fee for property in Park Sight Street

For a 1,000 sq.ft plot at the current rate of Rs 7,700 per sq.ft, the guideline value amounts to Rs 77,00,000. The stamp duty at 7% would be Rs 5,39,000, and the registration fee at 2% would be Rs 1,54,000, totaling Rs 6,93,000. It is important to note that duty is charged on the higher of the guideline value and the sale price. You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Park Sight Street?

The Sub Registrar Office that covers Park Sight Street is the Chennai Central Joint II Sub Registrar Office, located at No:5/9, Kavigar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018. You can find your SRO for further assistance.

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

The guideline value plays a crucial role during property transactions in Nungambakkam. It is used to determine the stamp duty and registration fees that need to be paid when a property is bought or sold. Buyers and sellers must refer to the current guideline value to ensure compliance with the registration requirements.

When a property is registered, the guideline value is considered alongside the sale price. The higher of the two values will be used to calculate the applicable duties and fees, ensuring that the transaction is processed according to the regulations set by the Registration Department.

Frequently asked questions

What is the current guideline value of Park Sight Street?

The current guideline value of Park Sight Street is Rs 7,700 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 2,000 per sq.ft in 2007 to Rs 7,700 per sq.ft in 2024, reflecting an overall increase of 285% over this period.

What is the land classification of Park Sight Street?

Park Sight Street is classified as Residential Class I Type - I under the Chennai Central Joint II SRO.

What are the stamp duty rates for properties on Park Sight Street?

The stamp duty for properties on Park Sight Street is 7% of the guideline value or sale price, whichever is higher.

Where can I find the Sub Registrar Office for Park Sight Street?

The Sub Registrar Office for Park Sight Street is located at No:5/9, Kavigar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018.