Guideline Value for Parthasarathy Avenue

Parthasarathy Avenue guideline value

The current guideline value of Parthasarathy Avenue is Rs 8,700 per sq.ft, effective from 1 July 2024. This street is located in Mylapore Part 1 village, under the Chennai Central Joint I SRO. The land classification for this area is Residential Class I Type - III.

How the guideline value of Parthasarathy Avenue has changed

The guideline value for Parthasarathy Avenue has seen several revisions over the years. The most recent revision in 2024 set the value at Rs 8,700 per sq.ft, an increase of 9% from the 2023 figure of Rs 8,000 per sq.ft. The register does not contain figures for the years 2017, 2012, 2007, 2003, and 2002 for this street.

Prior to the 2023 revision, the guideline value was Rs 8,000 per sq.ft. The earlier revisions do not provide specific figures for Parthasarathy Avenue, indicating that the street has not had a recorded guideline value in those years.

Guideline values in Mylapore Part 1

In Mylapore Part 1, there are 333 streets under the Chennai Central Joint I SRO that have a 2024 guideline value ranging from Rs 4,400 to Rs 25,300 per sq.ft, with a median value of Rs 8,800 per sq.ft. Parthasarathy Avenue's 2024 figure is below this median.

• Parthasarathy Garden: Rs 10,900 per sq.ft (2024)
• Parthasarathy Garden @ Parthasarathy Avenue: Rs 17,500 per sq.ft (2024)
• Parthasarathy Pettai Street: Rs 8,700 per sq.ft (2024)
• Parasuram Nagar (North South): Rs 8,700 per sq.ft (2024)
• Periyapalaiayathamman Koil Lane: Rs 7,700 per sq.ft (2024)
• Periyar Salai: Rs 8,700 per sq.ft (2024)

Stamp duty and registration fee for property in Parthasarathy Avenue

For a 1,000 sq.ft plot at the current guideline value of Rs 8,700 per sq.ft, the total guideline value would be Rs 87,00,000. The stamp duty at 7% would amount to Rs 6,09,000, and the registration fee at 2% would be Rs 1,74,000, bringing the total to Rs 7,83,000. 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 Parthasarathy Avenue?

The Sub Registrar Office that covers Parthasarathy Avenue is the Chennai Central Joint I Sub Registrar Office, located at No.182 Bharati Salai (Pycrafts Road), Royapettah, Chennai-600014. To find your SRO, you can visit find your SRO.

How the guideline value is used when you buy or sell in Mylapore Part 1

The guideline value is a crucial factor during the registration process of property transactions in Mylapore Part 1. It serves as a benchmark for determining the stamp duty and registration fees that must be paid when buying or selling property.

When a property is sold, the guideline value is compared to the sale price, and the higher of the two is used to calculate the applicable duties. This ensures that the government receives appropriate revenue based on the property's value.

Frequently asked questions

What is the current guideline value of Parthasarathy Avenue?

The current guideline value of Parthasarathy Avenue is Rs 8,700 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed recently?

Recently, the guideline value increased from Rs 8,000 per sq.ft in 2023 to Rs 8,700 per sq.ft in 2024, marking a 9% increase.

What is the land classification for Parthasarathy Avenue?

The land classification for Parthasarathy Avenue is Residential Class I Type - III, indicating its designation for residential use.

Which office handles registrations for properties in Parthasarathy Avenue?

The Chennai Central Joint I Sub Registrar Office handles registrations for properties in Parthasarathy Avenue, located at No.182 Bharati Salai (Pycrafts Road), Royapettah, Chennai-600014.

How is stamp duty calculated for properties in Parthasarathy Avenue?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, a property with a guideline value of Rs 87,00,000 would incur a stamp duty of Rs 6,09,000 at a rate of 7%.