Guideline Value for Parthasarathy Street

Parthasarathy Street guideline value

The current guideline value of Parthasarathy Street is Rs 4,950 per sq.ft, effective from 1 July 2024. This street is located in Saligramam village, under the Virugambakkam SRO, and is classified as Residential Class I Type - I.

How the guideline value of Parthasarathy Street has changed

The guideline value for Parthasarathy Street has undergone several revisions over the years. In 2002, the value was Rs 358 per sq.ft, which increased to Rs 391 per sq.ft in 2003. Following this, there was a significant rise to Rs 850 per sq.ft in 2007, and the value further increased to Rs 4,500 per sq.ft in 2012. However, it saw a decrease to Rs 3,015 per sq.ft in 2017. The value then rose to Rs 4,500 per sq.ft in 2023, and finally, it reached the current figure of Rs 4,950 per sq.ft in 2024.

In terms of percentage changes, the guideline value increased by 10% from 2023 to 2024. Between 2017 and 2023, there was a notable increase of 49%. The value decreased by 33% from 2012 to 2017, while it saw a substantial increase of 429% from 2007 to 2012. From 2003 to 2007, the rise was 117%, and there was a 9% increase from 2002 to 2003. Overall, from 2002 to 2024, the guideline value has increased by 1283%.

Guideline values in Saligramam

In Saligramam village, there are 333 streets under the Virugambakkam SRO that carry a 2024 guideline value, ranging from Rs 2,750 to Rs 13,200 per sq.ft. The median value for these streets is Rs 4,400 per sq.ft, placing Parthasarathy Street's 2024 figure above that median.

• Pasikara Street: Rs 3,300 per sq.ft (2024)
• Pasumpon Muthuramalingam Street (Rajaji Colony): Rs 4,950 per sq.ft (2024)
• Pari Street: Rs 3,300 per sq.ft (2024)
• Pandara Street: Rs 3,300 per sq.ft (2024)
• Panchayat Road: Rs 2,750 per sq.ft (2024)
• Palaniandavar Koil Street: Rs 5,500 per sq.ft (2024)

Stamp duty and registration fee for property in Parthasarathy Street

For a 1,000 sq.ft plot at the current guideline value of Rs 4,950 per sq.ft, the total guideline value would be Rs 49,50,000. The stamp duty at 7% would amount to Rs 3,46,500, and the registration fee at 2% would be Rs 99,000, making the total fees together Rs 4,45,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more information on calculating fees, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Parthasarathy Street?

The Sub Registrar Office that covers Parthasarathy Street is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. You can find your SRO for more details.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Saligramam. It serves as a benchmark for determining the applicable stamp duty and registration fees, ensuring that these charges are calculated based on the official value set by the government.

When a property is registered, the guideline value is compared to the sale price, and the higher amount is used to calculate the stamp duty. This ensures that the government receives the appropriate fees based on the value of the property being transferred.

Frequently asked questions

What is the current guideline value of Parthasarathy Street?

The current guideline value of Parthasarathy Street is Rs 4,950 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 358 per sq.ft in 2002 to Rs 4,950 per sq.ft in 2024, reflecting an overall increase of 1283% over the years.

What is the median guideline value for streets in Saligramam?

The median guideline value for the 333 streets in Saligramam under the Virugambakkam SRO is Rs 4,400 per sq.ft, with Parthasarathy Street's value above this median.

What are the stamp duty and registration fees for properties on Parthasarathy Street?

For a property valued at Rs 49,50,000, the stamp duty would be Rs 3,46,500, and the registration fee would be Rs 99,000, totaling Rs 4,45,500.

Which office handles property registration for Parthasarathy Street?

The Virugambakkam Sub Registrar Office handles property registration for Parthasarathy Street, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.