Guideline Value for Parthasarathy Garden

Parthasarathy Garden guideline value

The current guideline value of Parthasarathy Garden is Rs 10,900 per sq.ft, effective from 1 July 2024. This property is located in Mylapore Part 1 village and falls under the Chennai Central Joint I SRO. The land classification for this area is Residential Class I Type - I.

How the guideline value of Parthasarathy Garden has changed

The guideline value for Parthasarathy Garden has undergone several revisions over the years. The register has no figures for the years 2002, 2003, 2007, 2012, and 2017. In the 2023 revision, the guideline value was set at Rs 10,000 per sq.ft, which increased to Rs 10,900 per sq.ft in the 2024 revision, marking a change of +9%.

Prior to the 2023 revision, there were no recorded figures for the street in the previous years mentioned. The 2024 figure of Rs 10,900 per sq.ft is above the median value for Mylapore Part 1, which stands at Rs 8,800 per sq.ft.

Guideline values in Mylapore Part 1

Mylapore Part 1 has a total of 333 streets under the Chennai Central Joint I SRO, with guideline values ranging from Rs 4,400 to Rs 25,300 per sq.ft. The current figure for Parthasarathy Garden is above the median value. Here are some other streets in Mylapore Part 1:

• Parthasarathy Avenue: Rs 8,700 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 Garden

For a 1,000 sq.ft plot at the current guideline value of Rs 10,900 per sq.ft, the total guideline value amounts to Rs 1,09,00,000. The stamp duty at 7% would be Rs 7,63,000, and the registration fee at 2% would be Rs 2,18,000, bringing the total to Rs 9,81,000. 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 Parthasarathy Garden?

The Sub Registrar Office that covers Parthasarathy Garden is the Chennai Central Joint I Sub Registrar Office, located at No.182 Bharati Salai (Pycrafts Road), Royapettah, Chennai-600014. You can find your SRO for more details.

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

The guideline value is a critical component in the registration process when buying or selling property in Mylapore Part 1. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the transaction.

When a property is sold, the registration office uses the guideline value to calculate the applicable duties and fees. Buyers should be aware that the duty is charged based on the higher of the guideline value or the sale price of the property.

Frequently asked questions

What is the current guideline value of Parthasarathy Garden?

The current guideline value of Parthasarathy Garden is Rs 10,900 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value increased from Rs 10,000 per sq.ft in 2023 to Rs 10,900 per sq.ft in 2024, which is a change of +9%. There are no recorded figures for the years 2002, 2003, 2007, 2012, and 2017.

What is the median guideline value in Mylapore Part 1?

The median guideline value in Mylapore Part 1 is Rs 8,800 per sq.ft. The guideline value for Parthasarathy Garden is above this median.

What are the stamp duty rates for property transactions?

The stamp duty for property transactions is charged at 7% of the guideline value or sale price, whichever is higher. The registration fee is charged at 2% of the guideline value.

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

The Sub Registrar Office covering Parthasarathy Garden is the Chennai Central Joint I Sub Registrar Office, located at No.182 Bharati Salai (Pycrafts Road), Royapettah, Chennai-600014.