Guideline Value for Parthasarathy Reddiar Street

Parthasarathy Reddiar Street guideline value

The current guideline value of Parthasarathy Reddiar Street is Rs 2,700 per sq.ft, effective from 1 July 2024. This street is located in Kodungaiyur village under the Madhavaram SRO, classified as Residential Class I Type - I.

How the guideline value of Parthasarathy Reddiar Street has changed

The guideline value for Parthasarathy Reddiar Street has seen several revisions over the years. The 2012 revision set the value at Rs 2,500 per sq.ft, which remained unchanged until the 2023 revision, where it was still Rs 2,500 per sq.ft. However, in the 2024 revision, the value increased to Rs 2,700 per sq.ft, marking an 8% rise from the previous year.

Overall, from the 2012 revision to the 2024 revision, the guideline value has increased by 8%. It is important to note that there are no figures available for the revisions in 2002, 2003, 2007, and 2017 for this street.

Guideline values in Kodungaiyur

In Kodungaiyur, there are 1,318 streets under the Madhavaram SRO with a 2024 guideline value ranging from Rs 1,900 to Rs 4,000 per sq.ft. The median value is Rs 2,700 per sq.ft, which matches the current guideline value of Parthasarathy Reddiar Street.

• Park Street: Rs 2,200 per sq.ft (2024)
• Palpannai Salai: Rs 3,301 per sq.ft (2024)
• Periyar Nagar: Rs 2,700 per sq.ft (2024)
• Periyar Nagar 1st Street: Rs 2,700 per sq.ft (2024)
• Periyar Nagar 2nd Street: Rs 2,700 per sq.ft (2024)
• Palani Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Parthasarathy Reddiar Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,700 per sq.ft, the total guideline value amounts to Rs 27,00,000. The stamp duty, charged at 7%, would be Rs 1,89,000, while the registration fee at 2% would be Rs 54,000. Thus, the total cost for stamp duty and registration would be Rs 2,43,000. Please note that duty is charged on the higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Parthasarathy Reddiar Street?

The Sub Registrar Office that covers Parthasarathy Reddiar Street is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for more information.

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

The guideline value is a critical factor during the registration of property transactions in Kodungaiyur. It determines the minimum value at which a property can be registered and is used to calculate the applicable stamp duty and registration fees.

When buying or selling property, the guideline value ensures that the transaction is recorded at a fair value, which helps in maintaining transparency in real estate dealings. Buyers and sellers should be aware of the guideline value to ensure compliance with legal requirements during property registration.

Frequently asked questions

What is the current guideline value of Parthasarathy Reddiar Street?

The current guideline value of Parthasarathy Reddiar Street is Rs 2,700 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value for Parthasarathy Reddiar Street has changed from Rs 2,500 per sq.ft in 2012 to Rs 2,700 per sq.ft in 2024, reflecting an 8% increase. There were no changes recorded in the years 2017, 2007, 2003, and 2002.

What is the stamp duty for property in Parthasarathy Reddiar Street?

The stamp duty for property in Parthasarathy Reddiar Street is calculated at 7% of the guideline value. For a property valued at Rs 27,00,000, the stamp duty would be Rs 1,89,000.

Which office handles property registration for this street?

The Madhavaram Sub Registrar Office handles property registration for Parthasarathy Reddiar Street. It is located at No.7, Roja Nagar, Madhavaram, Chennai-600060.

How is the guideline value used in property transactions?

The guideline value is used to determine the minimum value for property registration and is essential for calculating stamp duty and registration fees. It ensures that property transactions are conducted transparently and legally.