Guideline Value for Park Square 1st Street

Park Square 1st Street guideline value

The current guideline value of Park Square 1st 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, and falls under the Residential Class II Type - I land classification.

How the guideline value of Park Square 1st Street has changed

The guideline value for Park Square 1st Street has seen significant changes over the years. In the 2017 revision, the value was Rs 1,340 per sq.ft. This increased 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, which is 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 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 value for these streets is Rs 2,750 per sq.ft, placing Park Square 1st Street's 2024 figure below this median.

• Park Square: Rs 2,200 per sq.ft (2024)
• Park Avenue/Square 2nd Street: Rs 2,200 per sq.ft (2024)
• Park Avenue/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 Square 1st Street

For a 1,000 sq.ft plot at the current rate of Rs 2,200 per sq.ft, the guideline value totals Rs 22,00,000. The stamp duty at 7% would be Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, bringing the total to Rs 1,98,000. It is essential to note that 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 information.

Which Sub Registrar Office covers Park Square 1st Street?

The Sub Registrar Office that covers Park Square 1st 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 is a crucial factor in property transactions, as it determines the minimum value at which a property can be registered. When buying or selling property in Madipakkam-1, the guideline value is used to calculate the stamp duty and registration fees, ensuring that both parties are aware of the financial implications.

During the registration process, the guideline value serves as a benchmark for the sale price. If the sale price exceeds the guideline value, the stamp duty is calculated based on the higher amount, ensuring that the government receives appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Park Square 1st Street?

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

How much has the guideline value changed over the years?

Since 2017, the guideline value has increased from Rs 1,340 per sq.ft to Rs 2,200 per sq.ft in 2024, reflecting an overall increase of 64%.

What is the median guideline value in Madipakkam-1?

The median guideline value for streets in Madipakkam-1 is Rs 2,750 per sq.ft, which means Park Square 1st Street's value is below this median.

What are the stamp duty and registration fees for property in Park Square 1st Street?

For a property valued at Rs 22,00,000, the stamp duty would be Rs 1,54,000, and the registration fee would be Rs 44,000, totaling Rs 1,98,000.

Where is the Sub Registrar Office for Park Square 1st Street located?

The Velacheri Sub Registrar Office is located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042, covering Park Square 1st Street.