Guideline Value for Park Street

Park Street guideline value

The current guideline value of Park Street in Tambaram village, under the Tambaram Joint 1 SRO, is Rs 1,650 per sq.ft, effective from 1 July 2024. This street falls under the Residential Class I Type - III land classification.

How the guideline value of Park Street has changed

The guideline value of Park Street has experienced several revisions over the years. In 2002, the guideline value was Rs 362 per sq.ft, which increased to Rs 446 per sq.ft in 2003, marking a 23% rise. Following this, the value rose to Rs 600 per sq.ft in 2007, reflecting a 35% increase from the previous revision. The 2012 revision saw the value at Rs 1,500 per sq.ft, which was a significant increase of 150% from 2007. However, in 2017, the value decreased to Rs 1,005 per sq.ft, a drop of 33% from the 2012 figure. The 2023 revision set the value at Rs 1,500 per sq.ft, showing a 49% increase from 2017. The most recent 2024 revision has set the guideline value at Rs 1,650 per sq.ft, which is a 10% increase from 2023.

Guideline values in Tambaram

In Tambaram, there are 360 streets under the Tambaram Joint 1 SRO that carry a 2024 guideline value ranging from Rs 880 to Rs 8,250 per sq.ft. The median value for these streets is Rs 3,300 per sq.ft, placing Park Street's 2024 figure below that median.

• Pappammal Nagar: Rs 2,200 per sq.ft (2024)
• Panchayat Colony: Rs 1,320 per sq.ft (2024)
• Patel Nagar 1-st Street: Rs 4,400 per sq.ft (2024)
• Patel Nagar 2nd Street: Rs 4,400 per sq.ft (2024)
• Patel Nagar 3rd Cross Street: Rs 4,400 per sq.ft (2024)
• Patel Nagar Main Road: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in Park Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,650 per sq.ft, the total guideline value amounts to Rs 16,50,000. The stamp duty at 7% would be Rs 1,15,500, and the registration fee at 2% would be Rs 33,000, bringing the total to Rs 1,48,500. It's 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 more information.

Which Sub Registrar Office covers Park Street?

The Sub Registrar Office that covers Park Street is the Tambaram Joint 1 Sub Registrar Office, located at No.26, Mes Road, East Tambaram, Chennai-600059, in the Chengalpattu registration zone. You can find your SRO for more details.

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

The guideline value is a crucial factor when registering property transactions in Tambaram. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is documented accurately.

When buying or selling property, the guideline value helps in calculating the applicable stamp duty and registration fees. This ensures transparency in property transactions and helps maintain a standard for property valuations in the region.

Frequently asked questions

What is the current guideline value of Park Street?

The current guideline value of Park Street is Rs 1,650 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 362 in 2002 to Rs 1,650 in 2024, reflecting an overall increase of 356% over the years.

What is the land classification for Park Street?

Park Street is classified under Residential Class I Type - III according to the land classification standards.

Where can I find the registration office for Park Street?

The registration office for Park Street is the Tambaram Joint 1 Sub Registrar Office, located at No.26, Mes Road, East Tambaram, Chennai-600059.

How is stamp duty calculated for properties in Park Street?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, on a 1,000 sq.ft plot at Rs 1,650 per sq.ft, the stamp duty would be Rs 1,15,500.