Guideline Value for Parthasarathy Nagar / Muthamzhi Nagar

Parthasarathy Nagar / Muthamzhi Nagar guideline value

The current guideline value for Parthasarathy Nagar / Muthamzhi Nagar is Rs 2,475 per sq.ft, effective from 1 July 2024. This area is located in Pammal village, under the Pammal SRO, and is classified as Residential Class I Type - II.

How the guideline value of Parthasarathy Nagar / Muthamzhi Nagar has changed

The guideline value for Parthasarathy Nagar / Muthamzhi Nagar has undergone several revisions over the years. Starting from the 2002 revision, the guideline value was Rs 241 per sq.ft. It increased to Rs 273 per sq.ft in 2003, marking a 13% rise. The value then saw a significant jump to Rs 360 per sq.ft in 2007, which was a 32% increase. The 2017 revision raised the value to Rs 1,507 per sq.ft, reflecting a remarkable 319% change. Following this, the 2023 revision set the value at Rs 2,250 per sq.ft, a 49% increase from the previous revision. The latest revision in 2024 has further increased the guideline value to Rs 2,475 per sq.ft, a 10% rise from 2023.

It is important to note that there is no figure available for the year 2012 in the register for this street. Overall, from 2002 to 2024, the guideline value has risen by 927%.

Guideline values in Pammal

In Pammal village, there are 926 streets under the Pammal SRO that carry a 2024 guideline value, ranging from Rs 880 to Rs 3,300 per sq.ft. The median guideline value for these streets is Rs 2,090 per sq.ft, placing Parthasarathy Nagar / Muthamzhi Nagar above this median.

• Parsuraman Street / Muthamazhi Nagar: Rs 2,475 per sq.ft (2024)
• Parvathi Street /Anna Nagar: Rs 2,750 per sq.ft (2024)
• Pasumbon Nagar Vallalar Street Links Nagalingam Street: Rs 2,750 per sq.ft (2024)
• Parasuraman Street, Nehru Nagar: Rs 1,980 per sq.ft (2024)
• Pasumpon Nagar, 1st Street: Rs 1,980 per sq.ft (2024)
• Pasumpon Nagar, 2nd Street: Rs 1,980 per sq.ft (2024)

Stamp duty and registration fee for property in Parthasarathy Nagar / Muthamzhi Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 2,475 per sq.ft, the total guideline value amounts to Rs 24,75,000. The stamp duty, charged at 7%, would be Rs 1,73,250, while the registration fee at 2% would be Rs 49,500. Together, these fees total Rs 2,22,750. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can also use our stamp duty and registration fee calculator for precise calculations.

Which Sub Registrar Office covers Parthasarathy Nagar / Muthamzhi Nagar?

The Sub Registrar Office that covers Parthasarathy Nagar / Muthamzhi Nagar is the Pammal Sub Registrar Office, located at Kamarajapuram Thiruneermalai Main Road, Pammal, Chennai-600075, in the Chengalpattu registration zone. You can find your SRO for more information.

How the guideline value is used when you buy or sell in Pammal

The guideline value is a critical factor when buying or selling property in Pammal. It serves as a benchmark for determining the minimum value of a property for registration purposes. This value is essential for calculating stamp duty and registration fees, which are necessary steps in the property transaction process.

When a buyer agrees to purchase a property, the guideline value ensures that the transaction is recorded accurately and transparently. This helps in maintaining the integrity of property transactions within the region.

Frequently asked questions

What is the current guideline value of Parthasarathy Nagar / Muthamzhi Nagar?

The current guideline value of Parthasarathy Nagar / Muthamzhi Nagar is Rs 2,475 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 241 per sq.ft in 2002 to Rs 2,475 per sq.ft in 2024, marking an overall increase of 927% over the years.

What are the stamp duty and registration fees for property transactions?

The stamp duty is charged at 7% of the guideline value or sale price, whichever is higher, while the registration fee is 2%. For a plot valued at Rs 24,75,000, the total fees would amount to Rs 2,22,750.

Which Sub Registrar Office covers this area?

The Pammal Sub Registrar Office covers Parthasarathy Nagar / Muthamzhi Nagar, located at Kamarajapuram Thiruneermalai Main Road, Pammal, Chennai-600075.

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

The guideline value is used to establish the minimum value of a property for registration and is essential for calculating stamp duty and registration fees during property transactions.