Guideline Value for Parthasarathi 8th Street

Parthasarathi 8th Street guideline value

The current guideline value of Parthasarathi 8th Street is Rs 5,000 per sq.ft, effective from 1 July 2024. This street is located in Adambakkam village, under the Alandur SRO, and is classified as Residential Class I Type - I.

How the guideline value of Parthasarathi 8th Street has changed

The guideline value for Parthasarathi 8th Street has undergone several revisions over the years. The earliest recorded figure is from 2003, which was Rs 284 per sq.ft. This increased to Rs 900 per sq.ft in 2007, marking a significant rise of 217%. In 2012, the value was revised to Rs 4,500 per sq.ft, reflecting a 400% increase from the previous revision. However, this figure dropped by 33% to Rs 3,015 per sq.ft in 2017. The next revision in 2023 saw the value rise to Rs 4,500 per sq.ft, and finally, the current value is Rs 5,000 per sq.ft as of 2024, representing an 11% increase from the previous year.

It is important to note that the register has no figure for this street for the year 2002. Overall, from 2003 to 2024, the guideline value has increased by 1661%.

Guideline values in Adambakkam

In Adambakkam, there are 569 streets under the Alandur SRO that carry a 2024 guideline value, ranging from Rs 2,800 to Rs 11,000 per sq.ft. The median guideline value for these streets is Rs 3,900 per sq.ft, placing Parthasarathi 8th Street's current value above this median.

• Parthasarathi 10th Street: Rs 5,000 per sq.ft (2024)
• Parthasarathi Nagar 11th Street: Rs 5,000 per sq.ft (2024)
• Parthasarathi Nagar 1st Street: Rs 5,000 per sq.ft (2024)
• Parthasarathi Nagar 2nd Street: Rs 5,000 per sq.ft (2024)
• Parthasarathi Nagar 2nd street Extension: Rs 5,000 per sq.ft (2024)
• Parthasarathi Nagar 3rd Street: Rs 5,000 per sq.ft (2024)

Stamp duty and registration fee for property in Parthasarathi 8th Street

For a 1,000 sq.ft plot at the current guideline value of Rs 5,000 per sq.ft, the total guideline value amounts to Rs 50,00,000. The stamp duty at 7% would be Rs 3,50,000, and the registration fee at 2% would be Rs 1,00,000, bringing the total cost for these fees to Rs 4,50,000. 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 the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Parthasarathi 8th Street?

The Sub Registrar Office that covers Parthasarathi 8th Street is the Alandur Sub Registrar Office, located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061. To find your SRO, you can visit find your SRO.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Adambakkam. It is used to determine the stamp duty and registration fees applicable on the transaction. Buyers and sellers must be aware that these fees are calculated based on the higher of the guideline value or the agreed sale price.

Understanding the guideline value is essential for ensuring compliance with local regulations during property transactions. It helps in determining the financial obligations associated with the transfer of property ownership.

Frequently asked questions

What is the current guideline value of Parthasarathi 8th Street?

The current guideline value of Parthasarathi 8th Street is Rs 5,000 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen several changes, starting from Rs 284 per sq.ft in 2003 to Rs 5,000 per sq.ft in 2024. The most significant increase occurred from 2007 to 2012, where it rose by 400%.

What is the land classification for Parthasarathi 8th Street?

Parthasarathi 8th Street is classified as Residential Class I Type - I. This classification is important for understanding the permissible uses of the land.

Where can I find the Sub Registrar Office for Parthasarathi 8th Street?

The Sub Registrar Office for Parthasarathi 8th Street is the Alandur Sub Registrar Office, located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061.

How is the stamp duty calculated for properties in Adambakkam?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, if the guideline value is Rs 50,00,000, the stamp duty at 7% would be Rs 3,50,000.