Guideline Value for Parthasarathy Reddy Street

Parthasarathy Reddy Street guideline value

The current guideline value of Parthasarathy Reddy Street is Rs 2,500 per sq.ft, effective from 1 July 2024. This street is located in Erukancherry village under the Madhavaram SRO, classified as Residential Class III Type - I.

How the guideline value of Parthasarathy Reddy Street has changed

The guideline value for Parthasarathy Reddy Street has undergone several revisions over the years. The 2012 revision set the value at Rs 2,300 per sq.ft, which was later reduced to Rs 1,541 per sq.ft in the 2017 revision. Following this, the 2023 revision increased the guideline value to Rs 2,300 per sq.ft, and the latest 2024 revision has raised it further to Rs 2,500 per sq.ft. There are no figures available for the years 2002, 2003, and 2007 in the register for this street.

In terms of percentage changes, the guideline value increased by 9% from 2023 to 2024. Between 2017 and 2023, there was a significant increase of 49%. However, from 2012 to 2017, there was a decrease of 33%. Overall, from 2012 to 2024, the guideline value has increased by 9%.

Guideline values in Erukancherry

In Erukancherry, there are 376 streets under the Madhavaram SRO that have a 2024 guideline value ranging from Rs 1,900 to Rs 3,800 per sq.ft, with a median value of Rs 2,500 per sq.ft. Parthasarathy Reddy Street's 2024 guideline value aligns perfectly with this median.

• Park Street: Rs 2,500 per sq.ft (2024)
• Pappathi Ammal Koil Street: Rs 2,200 per sq.ft (2024)
• Pandurangan Street: Rs 2,200 per sq.ft (2024)
• Pandurangan Lane: Rs 1,900 per sq.ft (2024)
• Pandit Nehru Street: Rs 1,900 per sq.ft (2024)
• Pandian Nagar: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Parthasarathy Reddy Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,500 per sq.ft, the total guideline value would be Rs 25,00,000. The stamp duty at 7% would amount to Rs 1,75,000, and the registration fee at 2% would be Rs 50,000, bringing the total fees to Rs 2,25,000. Please note that the duty is charged on the higher of the guideline value and the sale price. You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Parthasarathy Reddy Street?

The Sub Registrar Office that covers Parthasarathy Reddy 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 Erukancherry

The guideline value plays a crucial role during the registration of property transactions in Erukancherry. It serves as a benchmark for determining the minimum value at which properties can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees.

When buying or selling property, the guideline value is used to calculate the applicable stamp duty and registration fees. Buyers should be aware that these fees are based on the guideline value or the sale price, whichever is higher, which impacts the overall cost of the transaction.

Frequently asked questions

What is the current guideline value of Parthasarathy Reddy Street?

The current guideline value of Parthasarathy Reddy Street is Rs 2,500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,300 per sq.ft in 2012 to Rs 1,541 per sq.ft in 2017, then to Rs 2,300 per sq.ft in 2023, and finally to Rs 2,500 per sq.ft in 2024.

What is the land classification for Parthasarathy Reddy Street?

Parthasarathy Reddy Street is classified as Residential Class III Type - I.

What are the stamp duty rates for properties in this area?

The stamp duty rate for properties in Parthasarathy Reddy Street is 7% of the guideline value or sale price, whichever is higher.

Where can I find the Madhavaram Sub Registrar Office?

The Madhavaram Sub Registrar Office is located at No.7, Roja Nagar, Madhavaram, Chennai-600060.