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 the Mylapore Part 2 village and falls 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 register has no figure for this street for the years 2002, 2003, 2007, 2012, and 2017. The most recent revision was in 2023, where the value was set at Rs 8,000 per sq.ft. This increased to Rs 8,700 per sq.ft in the 2024 revision, marking a change of +9%.

Prior to the 2023 revision, the register does not provide figures for the years mentioned. The 2024 figure of Rs 8,700 per sq.ft positions this street below the median guideline value of Rs 8,800 per sq.ft for Mylapore Part 2.

Guideline values in Mylapore Part 2

In Mylapore Part 2, there are 332 streets under the Chennai Central Joint I SRO that carry a 2024 guideline value ranging from Rs 4,400 to Rs 25,300 per sq.ft. Parthasarathy Avenue's value is below the median of Rs 8,800 per sq.ft. Here are some other streets in Mylapore Part 2:

• 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)
• Padmavathi Salai @ Jaipur Colony: Rs 15,400 per sq.ft (2024)
• Pachiappan Naicken street: 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 be Rs 6,09,000, and the registration fee at 2% would be Rs 1,74,000, bringing the total to Rs 7,83,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can use our stamp duty and registration fee calculator for more detailed calculations.

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. For more information, you can find your SRO.

How the guideline value is used when you buy or sell in Mylapore Part 2

The guideline value serves as a benchmark for property transactions in Mylapore Part 2. It is used to determine the stamp duty and registration fees that must be paid during the property registration process.

When buying or selling property, it is essential to be aware of the guideline value, as it affects the overall cost of the transaction. Buyers and sellers should ensure that they are informed about the current guideline values to avoid any discrepancies during registration.

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?

The guideline value increased from Rs 8,000 per sq.ft in 2023 to Rs 8,700 per sq.ft in 2024, representing a change of +9%.

What is the land classification for Parthasarathy Avenue?

The land classification for Parthasarathy Avenue is Residential Class I Type - III.

Where can I find the Sub Registrar Office for Parthasarathy Avenue?

The Sub Registrar Office for Parthasarathy Avenue is located at No.182 Bharati Salai (Pycrafts Road), Royapettah, Chennai-600014.

How is the guideline value used in property transactions?

The guideline value is used to determine the stamp duty and registration fees during property transactions. It serves as a benchmark for the value of the property being bought or sold.