Guideline Value for Park Street

Park Street guideline value

The current guideline value of Park Street in Varadarajapuram village is Rs 1,650 per sq.ft, effective from 1 July 2024. This street falls under the Padappai Sub Registrar Office (SRO) and is classified as Residential Special Type - II.

How the guideline value of Park Street has changed

The guideline value for Park Street has undergone several revisions over the years. In the 2012 revision, the value was set at Rs 1,500 per sq.ft. This figure decreased to Rs 1,005 per sq.ft in the 2017 revision, marking a decline of 33%. However, the value then increased significantly to Rs 1,500 per sq.ft in the 2023 revision, and further rose to Rs 1,650 per sq.ft in the 2024 revision, reflecting a 10% increase.

From the 2017 revision to the 2023 revision, the guideline value increased by 49%. Overall, from the 2012 revision to the 2024 revision, there has been a 10% increase. It is important to note that the register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Varadarajapuram

In Varadarajapuram, a total of 250 streets are listed under the Padappai SRO, with guideline values ranging from Rs 880 to Rs 4,100 per sq.ft. The median guideline value for these streets is Rs 1,650 per sq.ft, which is equal to the current value for Park Street.

• Parameshwari Nagar: Rs 1,650 per sq.ft (2024)
• Novothaya Estate: Rs 1,650 per sq.ft (2024)
• Pokkisham Nagar: Rs 1,650 per sq.ft (2024)
• Preethi Avenue: Rs 1,650 per sq.ft (2024)
• Premier Garden Phase -I: Rs 2,420 per sq.ft (2024)
• Premier Garden Phase -II: Rs 2,420 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 would be Rs 16,50,000. The stamp duty at 7% would amount to Rs 1,15,500, while the registration fee at 2% would be Rs 33,000. Together, the total cost for stamp duty and registration fee would be Rs 1,48,500. It is important to note that the duty is charged on the higher of the guideline value and the sale price. For further calculations, 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 Padappai Sub Registrar Office, located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai. You can find your SRO for more information.

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

The guideline value is a crucial factor during property registration in Varadarajapuram. It serves as a benchmark for determining the minimum price at which a property can be registered, ensuring that the government receives the appropriate stamp duty and registration fees based on this value.

When buying or selling property, the guideline value helps in assessing the fair value of the property transaction. Buyers and sellers must consider the guideline value to ensure compliance with registration norms and to avoid any legal issues during the transaction.

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 1,500 per sq.ft in 2012 to Rs 1,005 per sq.ft in 2017, then to Rs 1,500 per sq.ft in 2023, and finally to Rs 1,650 per sq.ft in 2024.

What is the median guideline value in Varadarajapuram?

The median guideline value in Varadarajapuram is Rs 1,650 per sq.ft, which is the same as the current value for Park Street.

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

For a property valued at Rs 16,50,000, the stamp duty would be Rs 1,15,500, and the registration fee would be Rs 33,000, totaling Rs 1,48,500.

Which office handles registrations for Park Street?

The Padappai Sub Registrar Office handles registrations for Park Street, located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai.