Guideline Value for Parvathi Nagar 2nd Cross Street

Parvathi Nagar 2nd Cross Street guideline value

The current guideline value of Parvathi Nagar 2nd Cross Street is Rs 2,400 per sq.ft, effective from 1 July 2024. This street is located in Madambakkam village under the Selaiyur SRO and is classified as Commercial Class I Type - II.

How the guideline value of Parvathi Nagar 2nd Cross Street has changed

The guideline value for Parvathi Nagar 2nd Cross Street has seen several revisions over the years. The earliest recorded figure is from 2012, which was Rs 2,200 per sq.ft. This was followed by a decrease to Rs 1,474 per sq.ft in 2017. In the subsequent revision in 2023, the value increased to Rs 2,200 per sq.ft, and the most recent revision in 2024 set it at Rs 2,400 per sq.ft, marking a 9% increase from the previous year.

From 2017 to 2023, there was a significant increase of 49%. However, the revision from 2012 to 2017 saw a decrease of 33%. Overall, from 2012 to 2024, the guideline value has increased by 9%. The register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Madambakkam

In Madambakkam, there are a total of 1,151 streets under the Selaiyur SRO that carry a 2024 guideline value, ranging from Rs 1,100 to Rs 6,000 per sq.ft. The median value across these streets is Rs 2,400 per sq.ft, which matches the guideline value of Parvathi Nagar 2nd Cross Street.

• Parvathi Nagar 2nd Main Road: Rs 2,400 per sq.ft (2024)
• Parvathi Nagar 1st Street: Rs 2,400 per sq.ft (2024)
• Parvathi Nagar 2nd Street: Rs 2,400 per sq.ft (2024)
• Parvathi Nagar 1st Main Road: Rs 2,400 per sq.ft (2024)
• Parvathi Nagar 3rd Cross Street: Rs 2,400 per sq.ft (2024)
• Parvathi Nagar 1st Cross Street: Rs 2,400 per sq.ft (2024)

Stamp duty and registration fee for property in Parvathi Nagar 2nd Cross Street

For a 1,000 sq.ft plot at the current guideline value, the total guideline value amounts to Rs 24,00,000. The stamp duty at 7% would be Rs 1,68,000, and the registration fee at 2% would be Rs 48,000, bringing the total fees to Rs 2,16,000. It is important to note that duty is charged on the higher of the guideline value and the sale price.

For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Parvathi Nagar 2nd Cross Street?

The Sub Registrar Office that covers Parvathi Nagar 2nd Cross Street is the Selaiyur Sub Registrar Office, located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073, in the Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a critical factor in the registration process when buying or selling property in Madambakkam. It serves as the minimum value on which stamp duty and registration fees are calculated. This ensures that the transaction is recorded at a value that reflects the prevailing market conditions as determined by the government.

When a buyer or seller approaches the registration office, they must provide the sale price of the property. If the sale price is lower than the guideline value, the stamp duty and registration fees will be based on the guideline value instead. This practice helps maintain transparency and fairness in property transactions.

Frequently asked questions

What is the current guideline value of Parvathi Nagar 2nd Cross Street?

The current guideline value of Parvathi Nagar 2nd Cross 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 from Rs 2,200 per sq.ft in 2012 to Rs 1,474 per sq.ft in 2017, then back to Rs 2,200 per sq.ft in 2023, and finally to Rs 2,400 per sq.ft in 2024.

What is the land classification for Parvathi Nagar 2nd Cross Street?

Parvathi Nagar 2nd Cross Street is classified as Commercial Class I Type - II.

What are the stamp duty and registration fees for property in this area?

For a 1,000 sq.ft plot, the total guideline value is Rs 24,00,000, with a stamp duty of Rs 1,68,000 and a registration fee of Rs 48,000, totaling Rs 2,16,000.

Where is the Selaiyur Sub Registrar Office located?

The Selaiyur Sub Registrar Office is located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073.