Guideline Value for Parkrest Apartments

Parkrest Apartments guideline value

The current guideline value of Parkrest Apartments in 1. Nolambur village, under the Villivakkam SRO, is Rs 7,100 per sq.ft, effective from 1 July 2024. The land classification for this area is Residential Special Type - I.

How the guideline value of Parkrest Apartments has changed

The guideline value for Parkrest Apartments has seen several revisions over the years. The 2017 revision set the value at Rs 4,355 per sq.ft, which increased significantly to Rs 6,500 per sq.ft in the 2023 revision. The most recent revision in 2024 has raised the guideline value to Rs 7,100 per sq.ft, marking a 9% increase from the previous year. Overall, the guideline value has increased by 63% from the 2017 figure to the current 2024 figure.

There are no figures available for the revisions in 2002, 2003, 2007, and 2012 for this street. The 2024 revision reflects a substantial increase of 49% from the 2017 revision, showcasing a significant change in the guideline value over the years.

Guideline values in 1. Nolambur

In 1. Nolambur, there are 73 streets under the Villivakkam SRO that carry a 2024 guideline value, ranging from Rs 3,300 to Rs 8,800 per sq.ft. The median value for this area is Rs 7,100 per sq.ft, which matches the guideline value for Parkrest Apartments. Below are the guideline values for other streets in 1. Nolambur:

• Patchaiappan Nagar: Rs 7,100 per sq.ft (2024)
• Panjamuga Sivan Koil Street: Rs 4,355 per sq.ft (2024)
• Periyanolambur: Rs 3,300 per sq.ft (2024)
• Padasalai Street: Rs 3,300 per sq.ft (2024)
• Pacific City: Rs 7,100 per sq.ft (2024)
• Perumal Koil Street: Rs 3,700 per sq.ft (2024)

Stamp duty and registration fee for property in Parkrest Apartments

For a 1,000 sq.ft plot at the current guideline value of Rs 7,100 per sq.ft, the total guideline value amounts to Rs 71,00,000. The stamp duty at 7% would be Rs 4,97,000, and the registration fee at 2% would be Rs 1,42,000, totaling Rs 6,39,000. 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 Parkrest Apartments?

The Sub Registrar Office that covers Parkrest Apartments is the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur EB Office. You can find your SRO for more information.

How the guideline value is used when you buy or sell in 1. Nolambur

The guideline value plays a crucial role in the registration process when buying or selling property in 1. Nolambur. It is used to determine the stamp duty and registration fees that need to be paid during the transaction.

When a property is sold, the guideline value is compared to the sale price, and the duty is charged on the higher of the two. This ensures that the government receives the appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value for Parkrest Apartments?

The current guideline value for Parkrest Apartments is Rs 7,100 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 4,355 per sq.ft in 2017 to Rs 7,100 per sq.ft in 2024, representing a 63% overall increase over this period.

What are the stamp duty and registration fees for Parkrest Apartments?

The stamp duty for a property valued at Rs 71,00,000 is Rs 4,97,000, and the registration fee is Rs 1,42,000, totaling Rs 6,39,000.

Which Sub Registrar Office is responsible for Parkrest Apartments?

The Villivakkam Sub Registrar Office is responsible for Parkrest Apartments, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037.

What other streets have guideline values in 1. Nolambur?

Other streets in 1. Nolambur include Patchaiappan Nagar, Panjamuga Sivan Koil Street, Periyanolambur, Padasalai Street, Pacific City, and Perumal Koil Street, with values ranging from Rs 3,300 to Rs 7,100 per sq.ft.