Guideline Value for Parthasarathy Pillai Street

Parthasarathy Pillai Street guideline value

The current guideline value of Parthasarathy Pillai Street is Rs 4,800 per sq.ft, effective from 1 July 2024. This street is located in Vepery village, under the Periamet Sub Registrar Office (SRO). The land classification for this area is Residential Class II Type - II.

How the guideline value of Parthasarathy Pillai Street has changed

The guideline value for Parthasarathy Pillai Street has undergone several revisions over the years. The earliest recorded figure is from 2007, where the value was Rs 800 per sq.ft. This figure saw a significant increase to Rs 4,500 per sq.ft in 2012, marking a rise of 463%. However, in 2017, the value dropped to Rs 3,015 per sq.ft, a decrease of 33%. The 2023 revision set the value at Rs 4,500 per sq.ft, and the latest revision in 2024 raised it to Rs 4,800 per sq.ft, reflecting a 7% increase.

In summary, from 2017 to 2023, the guideline value increased by 49%. Overall, from 2007 to 2024, the guideline value has risen by 500%. It is important to note that there are no recorded figures for the years 2002 and 2003 for this street.

Guideline values in Vepery

In Vepery village, there are 290 streets under the Periamet SRO, with guideline values ranging from Rs 2,200 to Rs 22,000 per sq.ft. The median guideline value for these streets in 2024 is Rs 4,800 per sq.ft, which is equal to the current value of Parthasarathy Pillai Street. Below are other streets in Vepery with their respective guideline values:

• Parthasarathy Naidu Street: Rs 4,800 per sq.ft (2024)
• Parthasarathy Naidu New street: Rs 4,800 per sq.ft (2024)
• Parvathi Kakkan Colony (Mudaliar Thottam): Rs 4,400 per sq.ft (2024)
• Pattunool Chandur Street: Rs 8,800 per sq.ft (2024)
• Periyanna Maistry street: Rs 9,900 per sq.ft (2024)
• Periyar nagar (Gray Nagar pallam): Rs 2,700 per sq.ft (2024)

Stamp duty and registration fee for property in Parthasarathy Pillai Street

For a 1,000 sq.ft plot at the current guideline value of Rs 4,800 per sq.ft, the total guideline value amounts to Rs 48,00,000. The stamp duty is charged at 7%, resulting in Rs 3,36,000, while the registration fee at 2% amounts to Rs 96,000. Together, the total cost for stamp duty and registration fee is Rs 4,32,000. It is important to note that duty is charged on the guideline value or the sale price, whichever is higher. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Parthasarathy Pillai Street?

The Sub Registrar Office that covers Parthasarathy Pillai Street is the Periamet Sub Registrar Office, located at 1103, Poonamallee High Road, Chennai-600 003. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Vepery. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the transaction. Buyers and sellers must refer to the guideline value to ensure compliance with the legal requirements set by the Registration Department.

When a property is sold, the guideline value is used to calculate the applicable duty, which is charged on the higher of the guideline value or the sale price. This ensures that the government receives the appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Parthasarathy Pillai Street?

The current guideline value of Parthasarathy Pillai Street is Rs 4,800 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 800 per sq.ft in 2007 to Rs 4,800 per sq.ft in 2024, reflecting an overall increase of 500% over the years.

What are the other streets in Vepery with similar guideline values?

Other streets in Vepery with similar guideline values include Parthasarathy Naidu Street and Parthasarathy Naidu New street, both at Rs 4,800 per sq.ft in 2024.

What are the stamp duty and registration fees for a property in Parthasarathy Pillai Street?

For a property valued at Rs 48,00,000, the stamp duty would be Rs 3,36,000 and the registration fee would be Rs 96,000, totaling Rs 4,32,000.

Which office handles registrations for Parthasarathy Pillai Street?

The Periamet Sub Registrar Office handles registrations for Parthasarathy Pillai Street, located at 1103, Poonamallee High Road, Chennai-600 003.