Guideline Value for Park Street

Park Street guideline value

The current guideline value of Park Street in Madambakkam village is Rs 1,300 per sq.ft, effective from 1 July 2024. This street falls under the Selaiyur SRO and is classified as Residential Class II Type - II.

How the guideline value of Park Street has changed

The guideline value for Park Street has seen several changes over the years. In 2012, the value was set at Rs 1,200 per sq.ft, which then decreased to Rs 804 per sq.ft in 2017. However, the latest revision in 2024 has increased the value to Rs 1,300 per sq.ft, reflecting a significant increase of 62% from the 2017 figure. Overall, from 2012 to 2024, there has been a slight increase of 8%.

It is important to note that there are no figures available for the years 2023, 2007, 2003, and 2002 for Park Street in the guideline value register.

Guideline values in Madambakkam

In Madambakkam, there are 1,151 streets under the Selaiyur SRO that have a 2024 guideline value ranging from Rs 1,100 to Rs 6,000 per sq.ft. The median value for these streets is Rs 2,400 per sq.ft, positioning Park Street's 2024 figure below the median.

• Parsuvanath Avenue: Rs 2,200 per sq.ft (2024)
• Parsuvanath Avenue 1st Cross Street: Rs 2,200 per sq.ft (2024)
• Parsuvanath Avenue 1st Street: Rs 2,200 per sq.ft (2024)
• Parsuvanath Avenue 2nd Cross Street: Rs 2,200 per sq.ft (2024)
• Parsuvanath Avenue 2nd Street: Rs 2,200 per sq.ft (2024)
• Parsuvanath Avenue 3rd Cross Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Park Street

For a 1,000 sq.ft plot at the current rate of Rs 1,300 per sq.ft, the guideline value amounts to Rs 13,00,000. The stamp duty at 7% would be Rs 91,000, and the registration fee at 2% would be Rs 26,000, totaling Rs 1,17,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Park Street?

The Sub Registrar Office that covers Park Street is the Selaiyur Sub Registrar Office, located at No.36, Bharathmatha Salai (opp to Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073, within the Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value plays a crucial role in property transactions in Madambakkam. It is the minimum value set by the government for properties in a specific area and is used to calculate the stamp duty and registration fees during the property registration process. Buyers and sellers must consider this value to ensure compliance with legal requirements.

When a property is sold, the guideline value is referenced to determine the applicable fees. If the sale price of the property is higher than the guideline value, the stamp duty will be calculated based on the sale price instead. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Park Street?

The current guideline value of Park Street is Rs 1,300 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

The guideline value has changed from Rs 1,200 per sq.ft in 2012 to Rs 804 per sq.ft in 2017, and then to Rs 1,300 per sq.ft in 2024, reflecting an overall increase of 8% from 2012 to 2024.

What is the land classification of Park Street?

Park Street is classified as Residential Class II Type - II, indicating its suitability for residential purposes.

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

The stamp duty is 7% of the guideline value, while the registration fee is 2%. For a property with a guideline value of Rs 13,00,000, the total fees would amount to Rs 1,17,000.

Which office handles property registrations for Park Street?

The Selaiyur Sub Registrar Office handles property registrations for Park Street, located at No.36, Bharathmatha Salai, East Tambaram, Chennai - 600 073.