Guideline Value for Parthasarathy Pettai Street

Parthasarathy Pettai Street guideline value

The current guideline value of Parthasarathy Pettai Street is Rs 8,700 per sq.ft, effective from 1 July 2024. This street is located in Mylapore Part 2 village under the Chennai Central Joint I SRO, and it falls under the Residential Class I Type - III land classification.

How the guideline value of Parthasarathy Pettai Street has changed

In the 2023 revision, the guideline value for Parthasarathy Pettai Street was Rs 8,000 per sq.ft. This represented an increase of 9% to the current value of Rs 8,700 per sq.ft in the 2024 revision. The register has no figures for the years 2017, 2012, 2007, 2003, and 2002 for this street.

To summarize the revisions, the guideline value increased from Rs 8,000 per sq.ft in 2023 to Rs 8,700 per sq.ft in 2024. The changes reflect the latest adjustments made by the registration department.

Guideline values in Mylapore Part 2

In Mylapore Part 2, there are 332 streets under the Chennai Central Joint I SRO, with guideline values ranging from Rs 4,400 to Rs 25,300 per sq.ft. The median guideline value for these streets is Rs 8,800 per sq.ft, placing Parthasarathy Pettai Street's 2024 figure below that median.

• Parthasarathy Avenue: 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 Pettai Street

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, charged at 7%, would amount to Rs 6,09,000, and the registration fee at 2% would be Rs 1,74,000. Together, the total cost for stamp duty and registration would be Rs 7,83,000. Please note that the duty is charged on the higher of the guideline value or the sale price.

For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Parthasarathy Pettai Street?

The Sub Registrar Office that covers Parthasarathy Pettai Street 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 information.

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

The guideline value is a crucial factor during the registration of property transactions in Mylapore Part 2. It serves as a benchmark for determining the minimum price at which a property can be registered, ensuring transparency and standardization in property dealings.

When buying or selling property, the guideline value helps in calculating the applicable stamp duty and registration fees. This ensures that both buyers and sellers are aware of the costs involved in the transaction, which are based on the guideline value or the sale price, whichever is higher.

Frequently asked questions

What is the current guideline value of Parthasarathy Pettai Street?

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

How has the guideline value changed over the years?

The guideline value increased from Rs 8,000 per sq.ft in 2023 to Rs 8,700 per sq.ft in 2024. There are no figures available for the years 2017, 2012, 2007, 2003, and 2002 for this street.

What is the land classification for Parthasarathy Pettai Street?

Parthasarathy Pettai Street is classified under Residential Class I Type - III. This classification indicates the type of residential development permitted in the area.

Where can I find the Sub Registrar Office for this street?

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

How is stamp duty calculated for property transactions?

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