Guideline Value for Parthasarathi Nagar 2nd Street

Parthasarathi Nagar 2nd Street guideline value

The current guideline value of Parthasarathi Nagar 2nd 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 Nagar 2nd Street has changed

The guideline value for Parthasarathi Nagar 2nd Street has undergone several revisions over the years. In 2002, the value was Rs 387 per sq.ft, which increased to Rs 441 per sq.ft in 2003. Following this, the value saw a significant rise to Rs 1,621 per sq.ft in 2007, marking an increase of 268%. The value then changed to Rs 4,500 per sq.ft in 2012, which was a decrease of 33%. In 2017, it rose to Rs 3,015 per sq.ft, and by 2023, it had increased to Rs 4,500 per sq.ft. The latest revision in 2024 has set the guideline value at Rs 5,000 per sq.ft, reflecting an increase of 11% from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 1192%. The register has no figure for the years between 2012 and 2017, as well as for the years 2017 and 2023.

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 value for these streets is Rs 3,900 per sq.ft, making the guideline value of Parthasarathi Nagar 2nd Street above this median.

• Parthasarathi Nagar 1st Street: Rs 5,000 per sq.ft (2024)
• Parthasarathi Nagar 2nd street Extension: Rs 5,000 per sq.ft (2024)
• Parthasarathi Nagar 11th Street: Rs 5,000 per sq.ft (2024)
• Parthasarathi Nagar 3rd Street: Rs 5,000 per sq.ft (2024)
• Parthasarathi Nagar 4th Street: Rs 5,000 per sq.ft (2024)
• Parthasarathi Nagar 5th Street: Rs 5,000 per sq.ft (2024)

Stamp duty and registration fee for property in Parthasarathi Nagar 2nd 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 costs together to Rs 4,50,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Parthasarathi Nagar 2nd Street?

The Sub Registrar Office that covers Parthasarathi Nagar 2nd Street is the Alandur Sub Registrar Office, located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061. You can find your SRO for more information.

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 serves as a benchmark for determining the minimum value at which a property can be registered. This ensures that the transaction is conducted at a value that reflects the current market conditions.

When registering a property, the buyer must pay stamp duty and registration fees based on the guideline value or the sale price, whichever is higher. This practice helps maintain transparency and accountability in property transactions within the region.

Frequently asked questions

What is the current guideline value of Parthasarathi Nagar 2nd Street?

The current guideline value of Parthasarathi Nagar 2nd 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 changed significantly from Rs 387 per sq.ft in 2002 to Rs 5,000 per sq.ft in 2024, marking an overall increase of 1192% over the years.

What are the other streets in Adambakkam with the same guideline value?

Other streets in Adambakkam that share the same guideline value of Rs 5,000 per sq.ft include Parthasarathi Nagar 1st Street, Parthasarathi Nagar 2nd street Extension, Parthasarathi Nagar 11th Street, Parthasarathi Nagar 3rd Street, Parthasarathi Nagar 4th Street, and Parthasarathi Nagar 5th Street.

What is the stamp duty for property in Parthasarathi Nagar 2nd Street?

The stamp duty for property in Parthasarathi Nagar 2nd Street is 7% of the guideline value. For a property valued at Rs 50,00,000, the stamp duty would amount to Rs 3,50,000.

Where is the Alandur Sub Registrar Office located?

The Alandur Sub Registrar Office is located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061.