Guideline Value for Parthasarathi Nagar 7th Street

Parthasarathi Nagar 7th Street guideline value

The current guideline value of Parthasarathi Nagar 7th Street is Rs 5,000 per sq.ft, effective from 1 July 2024. This street is located in Adambakkam village under the Alandur SRO, classified as Residential Class I Type - I.

How the guideline value of Parthasarathi Nagar 7th Street has changed

The guideline value for Parthasarathi Nagar 7th Street has seen several revisions over the years. Starting from Rs 249 per sq.ft in 2002, it increased to Rs 284 per sq.ft in 2003, marking a 14% rise. The value then surged significantly to Rs 900 per sq.ft in 2007, reflecting a 217% increase. In 2012, the guideline value was Rs 4,500 per sq.ft, which was a 400% increase from the previous revision. However, this value dropped to Rs 3,015 per sq.ft in 2017, showing a decrease of 33%.

From 2017 to 2023, the value rose sharply to Rs 4,500 per sq.ft, an increase of 49%. The most recent revision in 2024 set the guideline value at Rs 5,000 per sq.ft, which is an 11% increase from the previous year. The register has no figure for any other years for this street.

Guideline values in Adambakkam

In Adambakkam, there are 569 streets under the Alandur SRO with a 2024 guideline value ranging from Rs 2,800 to Rs 11,000 per sq.ft. The median value is Rs 3,900 per sq.ft, placing Parthasarathi Nagar 7th Street's 2024 guideline value above this median.

• Parthasarathi Nagar 6th Street: Rs 5,000 per sq.ft (2024)
• Parthasarathi Nagar 8th Street: Rs 5,000 per sq.ft (2024)
• Parthasarathi Nagar 5th Street: Rs 5,000 per sq.ft (2024)
• Parthasarathi Nagar 8th Street Extension: Rs 5,000 per sq.ft (2024)
• Parthasarathi Nagar 4th Street: Rs 5,000 per sq.ft (2024)
• Parthasarathi Nagar 9th Street: Rs 5,000 per sq.ft (2024)

Stamp duty and registration fee for property in Parthasarathi Nagar 7th 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 charges to Rs 4,50,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Parthasarathi Nagar 7th Street?

The Sub Registrar Office that covers Parthasarathi Nagar 7th 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 details.

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 to determine the minimum value at which a property can be registered, ensuring that the government receives the appropriate revenue from stamp duty and registration fees.

When a property is sold, the guideline value is compared with the sale price, and the higher of the two is used to calculate the applicable stamp duty. This ensures that the transaction is compliant with local regulations and that the correct fees are paid during the registration process.

Frequently asked questions

What is the current guideline value of Parthasarathi Nagar 7th Street?

The current guideline value of Parthasarathi Nagar 7th 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 increased from Rs 249 per sq.ft in 2002 to Rs 5,000 per sq.ft in 2024, representing an overall increase of 1908% over the years.

What is the role of the guideline value in property transactions?

The guideline value is used as a benchmark for determining the minimum value for property registration, which affects the calculation of stamp duty and registration fees during a transaction.

Where can I find the Sub Registrar Office for Parthasarathi Nagar 7th Street?

The Sub Registrar Office for Parthasarathi Nagar 7th Street is the Alandur Sub Registrar Office, located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061.

What are the stamp duty and registration fees for properties in this area?

For a property valued at Rs 50,00,000, the stamp duty would be Rs 3,50,000 and the registration fee would be Rs 1,00,000, totaling Rs 4,50,000.