Guideline Value for Parvathi Nagar 2nd Street

Parvathi Nagar 2nd Street guideline value

The current guideline value of Parvathi Nagar 2nd Street is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is located in Selavoyal village under the Madhavaram SRO, classified as Residential Class II Type - I.

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

The guideline value for Parvathi Nagar 2nd Street has undergone several revisions over the years. In 2012, the guideline value was Rs 1,800 per sq.ft, which decreased to Rs 1,340 per sq.ft in 2017. This was a decline of 26%. However, from 2017 to 2023, the value increased significantly to Rs 2,000 per sq.ft, marking a rise of 49%. The latest revision in 2024 set the guideline value at Rs 2,200 per sq.ft, reflecting a 10% increase from the previous year.

There are no figures available for the years 2002, 2003, and 2007 in the register for this street. Overall, from 2012 to 2024, the guideline value has increased by 22%.

Guideline values in Selavoyal

In Selavoyal, there are 170 streets under the Madhavaram SRO that carry a 2024 guideline value, ranging from Rs 1,900 to Rs 3,300 per sq.ft. The median value is Rs 2,200 per sq.ft, which is the same as the current guideline value for Parvathi Nagar 2nd Street.

• Parvathi Nagar 1st Street: Rs 2,200 per sq.ft (2024)
• Parvathi Nagar 3rd Street: Rs 2,200 per sq.ft (2024)
• Pathragiri Nagar: Rs 1,900 per sq.ft (2024)
• Pathragiri Nagar Extension: Rs 1,900 per sq.ft (2024)
• Pallpannai Salai Cross Main Road: Rs 1,900 per sq.ft (2024)
• Pallpannai Salai 2nd Cross Street: Rs 1,900 per sq.ft (2024)

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

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value amounts to Rs 22,00,000. The stamp duty at 7% would be Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, leading to a total cost of Rs 1,98,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can use the stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Parvathi Nagar 2nd Street?

The Sub Registrar Office that covers Parvathi Nagar 2nd 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 Selavoyal

The guideline value is a crucial factor in the registration process when buying or selling property in Selavoyal. It serves as a benchmark for determining the stamp duty and registration fees applicable to the transaction. Buyers and sellers must refer to the current guideline value to ensure compliance with legal requirements during registration.

When a property is sold, the guideline value helps in assessing the minimum value at which the property can be registered. This ensures that the transaction is recorded accurately and that the appropriate taxes are paid based on the guideline value or the sale price, whichever is higher.

Frequently asked questions

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

The current guideline value of Parvathi Nagar 2nd Street is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,800 per sq.ft in 2012 to Rs 1,340 per sq.ft in 2017, then to Rs 2,000 per sq.ft in 2023, and finally to Rs 2,200 per sq.ft in 2024.

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

The land classification for Parvathi Nagar 2nd Street is Residential Class II Type - I.

Where can I find the Madhavaram Sub Registrar Office?

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

How is the stamp duty calculated for properties in Selavoyal?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, a property valued at Rs 22,00,000 would incur a stamp duty of Rs 1,54,000 at 7%.