Guideline Value for Park Street

Park Street guideline value

The current guideline value of Park Street in Kodungaiyur village, under the Madhavaram SRO, is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is classified as Residential Class II Type - I.

How the guideline value of Park Street has changed

The guideline value for Park Street has undergone several revisions over the years. The earliest available figure is from the 2012 revision, which was set at Rs 2,000 per sq.ft. This figure remained unchanged in the 2023 revision, where it was still Rs 2,000 per sq.ft. However, in the 2024 revision, the guideline value increased to Rs 2,200 per sq.ft, marking a 10% rise from the previous year.

It is important to note that there are no figures available for the years 2002, 2003, 2007, and 2017 in the register for this street. Overall, from the 2012 revision to the 2024 revision, the guideline value has increased by 10%.

Guideline values in Kodungaiyur

Kodungaiyur has a total of 1,318 streets under the Madhavaram SRO, with 2024 guideline values ranging from Rs 1,900 to Rs 4,000 per sq.ft. The median guideline value for these streets is Rs 2,700 per sq.ft, placing Park Street's 2024 figure below that median.

• Parthasarathy Reddiar Street: Rs 2,700 per sq.ft (2024)
• Palpannai Salai: Rs 3,301 per sq.ft (2024)
• Periyar Nagar: Rs 2,700 per sq.ft (2024)
• Periyar Nagar 1st Street: Rs 2,700 per sq.ft (2024)
• Periyar Nagar 2nd Street: Rs 2,700 per sq.ft (2024)
• Palani 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 guideline value of Rs 2,200 per sq.ft, the total guideline value amounts to 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 fees together to Rs 1,98,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Park Street?

The Sub Registrar Office that covers Park Street is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for more details.

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

The guideline value is a critical factor in property transactions in Kodungaiyur. When buying or selling property, the guideline value is used to determine the stamp duty and registration fees payable at the time of registration. Buyers should be aware that the guideline value may affect the overall cost of the transaction.

It is essential for both buyers and sellers to understand that the guideline value serves as a reference point for property valuation. This value is established by the Registration Department and is subject to periodic revisions, reflecting changes in the real estate market.

Frequently asked questions

What is the current guideline value of Park Street?

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

How has the guideline value changed over the years?

Since the 2012 revision, the guideline value has increased from Rs 2,000 per sq.ft to Rs 2,200 per sq.ft in 2024, marking a 10% rise overall. The value remained unchanged at Rs 2,000 per sq.ft from 2012 to 2023.

What other streets have guideline values in Kodungaiyur?

Other streets in Kodungaiyur include Parthasarathy Reddiar Street, Palpannai Salai, and Periyar Nagar, among others. Each of these streets has its own guideline value, with rates varying from Rs 2,200 to Rs 3,301 per sq.ft in 2024.

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

For a property on Park Street valued at Rs 22,00,000, the stamp duty would be Rs 1,54,000 and the registration fee would be Rs 44,000. Together, these fees would total Rs 1,98,000.

Where is the Sub Registrar Office for Park Street located?

The Sub Registrar Office for Park Street is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. This office handles the registration of properties in the area.