Guideline Value for Park Street

Park Street guideline value

The current guideline value of Park Street in Valasaravakkam village is Rs 4,400 per sq.ft, effective from 1 July 2024. This street falls under the Virugambakkam SRO and is classified as Residential Class I Type - II.

How the guideline value of Park Street has changed

The guideline value for Park Street has seen several revisions over the years. In the 2012 revision, the value was set at Rs 4,000 per sq.ft. This was followed by a decrease in the 2017 revision, where it dropped to Rs 2,680 per sq.ft. However, the most recent 2024 revision marked a significant increase, bringing the value back up to Rs 4,400 per sq.ft, reflecting a 64% rise from the 2017 figure. Overall, from 2012 to 2024, the guideline value has increased by 10%.

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

Guideline values in Valasaravakkam

In Valasaravakkam, there are 774 streets under the Virugambakkam SRO, with guideline values ranging from Rs 2,750 to Rs 8,800 per sq.ft. The median guideline value for these streets is Rs 3,850 per sq.ft, making Park Street's 2024 figure of Rs 4,400 per sq.ft above this median.

• Patel Street: Rs 4,400 per sq.ft (2024)
• PAZHANIYAPPA NAGAR - Arcot Road: Rs 6,600 per sq.ft (2024)
• PAZHANIYAPPA NAGAR - Brahmaputra Street: Rs 4,950 per sq.ft (2024)
• PAZHANIYAPPA NAGAR - Dr.Radhakrishnan Salai: Rs 4,950 per sq.ft (2024)
• PAZHANIYAPPA NAGAR - Fathima Street: Rs 4,950 per sq.ft (2024)
• PAZHANIYAPPA NAGAR - Ganga Street: Rs 4,950 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 4,400 per sq.ft, the total guideline value amounts to Rs 44,00,000. The stamp duty at 7% would be Rs 3,08,000, and the registration fee at 2% would be Rs 88,000, bringing the total cost for these fees to Rs 3,96,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can use the 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 Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. To locate your SRO, you can find your SRO.

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

The guideline value plays a crucial role in the registration process for property transactions in Valasaravakkam. When a property is bought or sold, the guideline value is used to determine the applicable stamp duty and registration fees. This ensures that the fees are calculated based on a standardized value set by the government.

It is essential for buyers and sellers to be aware of the current guideline value, as it directly influences the overall cost of the transaction. Understanding this value can help in making informed decisions during property dealings.

Frequently asked questions

What is the current guideline value of Park Street?

The current guideline value of Park Street is Rs 4,400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 4,000 per sq.ft in 2012 to Rs 2,680 per sq.ft in 2017, and then to Rs 4,400 per sq.ft in 2024. There are no figures available for the years 2002, 2003, 2007, and 2023.

What is the land classification for Park Street?

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

Where can I find the registration office for Park Street?

The registration office covering Park Street is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

How are stamp duty and registration fees calculated?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher, while the registration fee is charged at 2%. For example, for a 1,000 sq.ft plot at the current rate, the total fees amount to Rs 3,96,000.