Guideline Value for Park Square

Park Square guideline value

The current guideline value of Park Square, located in Madipakkam-1 village under the Velacheri SRO, is Rs 2,200 per sq.ft, effective from 1 July 2024. This area is classified as Residential Class II Type - I.

How the guideline value of Park Square has changed

In the 2017 revision, the guideline value was Rs 1,340 per sq.ft. This increased significantly to Rs 2,000 per sq.ft in the 2023 revision, marking a 49% rise. The current guideline value is Rs 2,200 per sq.ft from the 2024 revision, reflecting a 10% increase from the previous year.

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

Guideline values in Madipakkam-1

In Madipakkam-1, there are a total of 1823 streets under the Velacheri SRO, with the 2024 guideline values ranging from Rs 1,650 to Rs 5,500 per sq.ft. The median guideline value for this village is Rs 2,750 per sq.ft, which means that Park Square's 2024 figure is below this median.

• Park Square 1st Street: 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

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, while the registration fee at 2% would be Rs 44,000. Together, the total cost for stamp duty and registration fee would be Rs 1,98,000. It is important to note that duty is charged on the guideline value or the sale price, whichever is higher. You can also use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Park Square?

The Sub Registrar Office that covers Park Square 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 information.

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

The guideline value is a crucial factor in property transactions in Madipakkam-1. It serves as a benchmark for determining the minimum value at which properties can be registered. When buying or selling a property, the guideline value helps ensure that the transaction is recorded accurately in the official records.

At the time of registration, the stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Park Square?

The current guideline value of Park Square 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, reflecting an overall increase of 64% over these years.

What are the stamp duty and registration fees for properties in Park Square?

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.

Which Sub Registrar Office is responsible for Park Square?

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

What is the land classification for Park Square?

Park Square is classified as Residential Class II Type - I, indicating its designation for residential use within the area.