Guideline Value for Parthasarathy Reddy Street

Parthasarathy Reddy Street guideline value

The current guideline value of Parthasarathy Reddy Street is Rs 2,400 per sq.ft, effective from 1 July 2024. This street is located in Peravallur village under the Sembiam SRO and is classified as Residential Class I Type - II.

How the guideline value of Parthasarathy Reddy Street has changed

The guideline value for Parthasarathy Reddy Street has undergone several revisions over the years. In 2002, the value was Rs 330 per sq.ft, which increased to Rs 395 per sq.ft in 2003. Following this, the value saw a significant rise to Rs 700 per sq.ft in 2007, and then it jumped to Rs 2,200 per sq.ft in 2012. However, it decreased to Rs 1,474 per sq.ft in 2017 before climbing back to Rs 2,200 per sq.ft in 2023. The most recent revision in 2024 set the value at Rs 2,400 per sq.ft.

In terms of percentage changes, the guideline value increased by 20% from 2002 to 2003, followed by a 77% increase from 2003 to 2007. The value then rose by 214% from 2007 to 2012, but decreased by 33% from 2012 to 2017. From 2017 to 2023, there was a notable increase of 49%, and the latest revision from 2023 to 2024 reflects a 9% increase. Overall, from 2002 to 2024, the guideline value has increased by 627%.

Guideline values in Peravallur

In Peravallur village, there are 423 streets under the Sembiam SRO that carry a 2024 guideline value, ranging from Rs 2,200 to Rs 7,100 per sq.ft. The median guideline value for these streets is Rs 3,301 per sq.ft, making the 2024 figure for Parthasarathy Reddy Street below this median.

• Paper Mills Road: Rs 7,100 per sq.ft (2024)
• Perambur Co-operative Land Acquisation Road: Rs 3,301 per sq.ft (2024)
• Periyar Nagar 10th Cross Street: Rs 4,200 per sq.ft (2024)
• Periyar Nagar 10th Street: Rs 4,200 per sq.ft (2024)
• Periyar Nagar 11th Cross Street: Rs 4,200 per sq.ft (2024)
• Periyar Nagar 11th Street: Rs 4,200 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 2,400 per sq.ft, the total guideline value would be Rs 24,00,000. The stamp duty at 7% would amount to Rs 1,68,000, and the registration fee at 2% would be Rs 48,000, bringing the total cost for these fees to Rs 2,16,000. It is important to 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 detailed calculations.

Which Sub Registrar Office covers Parthasarathy Reddy Street?

The Sub Registrar Office that covers Parthasarathy Reddy Street is the Sembiam Sub Registrar Office, located at 5, Papermills Road, Sembiam, Chennai - 600011. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process of property transactions in Peravallur. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is documented accurately according to government regulations.

When buying or selling property, the guideline value helps in calculating the stamp duty and registration fees, which are mandatory costs associated with the transfer of property ownership. Buyers and sellers should be aware of these values to ensure compliance with legal requirements during 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 2,400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly, starting from Rs 330 per sq.ft in 2002 to Rs 2,400 per sq.ft in 2024, reflecting an overall increase of 627% over the years.

What is the land classification of Parthasarathy Reddy Street?

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

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

The Sub Registrar Office covering Parthasarathy Reddy Street is the Sembiam Sub Registrar Office, located at 5, Papermills Road, Sembiam, Chennai - 600011.

How is the stamp duty calculated for property transactions?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 24,00,000, the stamp duty at 7% would be Rs 1,68,000.