Guideline Value for Park street

Park street guideline value

The current guideline value of Park street in Veeraragavapuram village is Rs 770 per sq.ft, effective from 1 July 2024. This street falls under the Kunrathur 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. The earliest recorded revision is from 2007, where the value was Rs 250 per sq.ft. This increased significantly to Rs 700 per sq.ft in 2012, marking a change of 180%. The value remained unchanged at Rs 700 per sq.ft until the 2023 revision, which raised it to Rs 770 per sq.ft, a 10% increase. Overall, from 2007 to 2024, the guideline value has increased by 208%.

There are no recorded figures for the years 2002, 2003, and 2017 for Park street. The most recent revision in 2024 reflects the current guideline value of Rs 770 per sq.ft.

Guideline values in Veeraragavapuram

In Veeraragavapuram, there are 10 streets under the Kunrathur SRO that have a guideline value for 2024, ranging from Rs 770 to Rs 2,790 per sq.ft. The median guideline value for these streets is Rs 990 per sq.ft, which means Park street's 2024 figure is below that median.

• Pilliyar Koil Street: Rs 990 per sq.ft (2024)
• Sri Gayathri Co-Operative Mega Nagar: Rs 990 per sq.ft (2024)
• Swagatham Nagar: Rs 990 per sq.ft (2024)
• Vibha: Rs 2,790 per sq.ft (2024)
• Bharathi Nagar: Rs 990 per sq.ft (2024)
• Avadi Main Road: Rs 1,320 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 770 per sq.ft, the total guideline value amounts to Rs 7,70,000. The stamp duty at 7% would be Rs 53,900, and the registration fee at 2% would be Rs 15,400, making the total fees together Rs 69,300. It is important to note that 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 detailed calculations.

Which Sub Registrar Office covers Park street?

The Sub Registrar Office that covers Park street is the Kunrathur Sub Registrar Office, located at No.59, Road Street, Kundrathur, Chennai -600 069. For more information, you can find your SRO.

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

The guideline value is a crucial factor in property transactions in Veeraragavapuram, as it determines the minimum value at which a property can be registered. When buying or selling property, the guideline value is used to calculate the stamp duty and registration fees, ensuring that these costs are based on a standardized valuation.

During the registration process, the buyer must pay the stamp duty and registration fees based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Park street?

The current guideline value of Park street is Rs 770 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

The guideline value has increased from Rs 250 per sq.ft in 2007 to Rs 770 per sq.ft in 2024, which is an overall increase of 208% over the years.

What are the other streets in Veeraragavapuram with guideline values?

Other streets in Veeraragavapuram include Pilliyar Koil Street, Sri Gayathri Co-Operative Mega Nagar, Swagatham Nagar, Vibha, Bharathi Nagar, and Avadi Main Road, with values ranging from Rs 770 to Rs 2,790 per sq.ft.

What is the registration fee for property in Park street?

The registration fee for property in Park street is calculated based on the guideline value. For example, for a property valued at Rs 7,70,000, the registration fee would be Rs 15,400 at a rate of 2%.

Where is the Kunrathur Sub Registrar Office located?

The Kunrathur Sub Registrar Office is located at No.59, Road Street, Kundrathur, Chennai -600 069. This office handles registrations for properties in Park street and surrounding areas.