Guideline Value for Park Street

Park Street guideline value

The current guideline value of Park Street, located in Siruvallur village under the Sembiam SRO, is Rs 2,700 per sq.ft, effective from 1 July 2024. The land classification for this area is Residential Class II Type - I.

How the guideline value of Park Street has changed

The guideline value for Park Street has seen several revisions over the years. The earliest recorded value is from 2002, which was Rs 427 per sq.ft. This figure increased to Rs 469 per sq.ft in 2003, marking a rise of approximately 10%. Following this, the value rose significantly to Rs 1,000 per sq.ft in 2007, reflecting an increase of 113%. By 2012, the guideline value reached Rs 2,500 per sq.ft, a substantial jump of 150% from the previous revision.

In 2017, the value was revised to Rs 1,675 per sq.ft, indicating a decrease of 33%. However, this trend reversed in the subsequent years, with the 2023 revision setting the value at Rs 2,500 per sq.ft. The most recent revision in 2024 has established the current guideline value at Rs 2,700 per sq.ft, which is an 8% increase from the previous year.

Guideline values in Siruvallur

In Siruvallur village, there are 86 streets under the Sembiam SRO that have a 2024 guideline value ranging from Rs 1,600 to Rs 6,600 per sq.ft. The median value for these streets is Rs 1,900 per sq.ft, positioning Park Street's 2024 figure above this median.

• Park Lane Street: Rs 1,900 per sq.ft (2024)
• Paper Mills Road 2nd Lane: Rs 3,300 per sq.ft (2024)
• Paper Mills Road 1nd Lane: Rs 3,300 per sq.ft (2024)
• Paper Mills Road: Rs 6,600 per sq.ft (2024)
• Pananthoppu Railway Colony: Rs 1,900 per sq.ft (2024)
• Palavoyal Street: Rs 1,900 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 2,700 per sq.ft, the total guideline value would be Rs 27,00,000. The stamp duty at 7% would amount to Rs 1,89,000, and the registration fee at 2% would be Rs 54,000, bringing the total to Rs 2,43,000. It is important to note that the 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 Street?

The Sub Registrar Office that covers Park Street is the Sembiam Sub Registrar Office, located at 5, Papermills Road, Sembiam, Chennai - 600011. To find your SRO, you can visit find your SRO.

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

The guideline value plays a crucial role in the registration process of property transactions in Siruvallur. It serves as a reference point for determining the minimum value at which a property can be registered. Buyers and sellers must be aware of this value to ensure compliance with legal requirements during the sale or purchase of property.

When a property is sold, the guideline value is used to calculate the applicable stamp duty and registration fees. This ensures that the taxes collected reflect the official value of the property, safeguarding the interests of both the government and the parties involved in the transaction.

Frequently asked questions

What is the current guideline value of Park Street?

The current guideline value of Park Street is Rs 2,700 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed through several revisions, from Rs 427 per sq.ft in 2002 to Rs 2,700 per sq.ft in 2024, reflecting an overall increase of 532% since 2002.

What is the land classification of Park Street?

Park Street is classified as Residential Class II Type - I, which indicates its suitability for residential development.

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, for a property valued at Rs 27,00,000, the stamp duty would be Rs 1,89,000 at a rate of 7%.

Where can I find the Sub Registrar Office for Park Street?

The Sub Registrar Office for Park Street is the Sembiam Sub Registrar Office, located at 5, Papermills Road, Sembiam, Chennai - 600011. You can find more information by visiting the find your SRO page.