Guideline Value for Parvathi Nagar 3rd Cross Street

Parvathi Nagar 3rd Cross Street guideline value

The current guideline value of Parvathi Nagar 3rd 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 it falls under the Commercial Class I Type - II land classification.

How the guideline value of Parvathi Nagar 3rd Cross Street has changed

Over the years, the guideline value of Parvathi Nagar 3rd Cross Street has seen several revisions. The 2012 revision set the value at Rs 2,200 per sq.ft, which was then reduced to Rs 1,474 per sq.ft in the 2017 revision. The value increased significantly in the 2023 revision to Rs 2,200 per sq.ft, and further rose to Rs 2,400 per sq.ft in the 2024 revision, marking a 9% increase from the previous year. The overall change from the 2012 revision to the 2024 revision is a 9% increase.

In terms of percentage changes, the guideline value increased by 49% from 2017 to 2023. However, there were no figures available for the revisions in 2002, 2003, and 2007 for this street. The 2012 revision's value of Rs 2,200 per sq.ft was a decrease of 33% from the 2017 figure.

Guideline values in Madambakkam

In Madambakkam, there are 1,151 streets under the Selaiyur SRO, with the 2024 guideline values ranging from Rs 1,100 to Rs 6,000 per sq.ft. The median value is Rs 2,400 per sq.ft, which is the same as the current guideline value for Parvathi Nagar 3rd Cross Street.

• Parvathi Nagar 3rd Main Road: Rs 2,400 per sq.ft (2024)
• Parvathi Nagar 2nd Street: Rs 2,400 per sq.ft (2024)
• Parvathi Nagar 3rd Street: Rs 2,400 per sq.ft (2024)
• Parvathi Nagar 2nd Main Road: Rs 2,400 per sq.ft (2024)
• Parvathi Nagar 2nd Cross Street: Rs 2,400 per sq.ft (2024)
• Parvathi Nagar 4th Cross Street: Rs 2,400 per sq.ft (2024)

Stamp duty and registration fee for property in Parvathi Nagar 3rd Cross Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,400 per sq.ft, 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, making the total cost Rs 2,16,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Parvathi Nagar 3rd Cross Street?

The Sub Registrar Office that covers Parvathi Nagar 3rd 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 basis for calculating stamp duty and registration fees, ensuring that the government receives appropriate revenue from property transactions.

When a buyer purchases a property, the registration office will assess the guideline value to determine the applicable fees. If the sale price exceeds the guideline value, the fees will be calculated based on the higher amount, ensuring compliance with local regulations.

Frequently asked questions

What is the current guideline value of Parvathi Nagar 3rd Cross Street?

The current guideline value of Parvathi Nagar 3rd 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 3rd Cross Street?

Parvathi Nagar 3rd Cross Street is classified as Commercial Class I Type - II.

What are the stamp duty and registration fees for property transactions?

The stamp duty is charged at 7% of the guideline value, while the registration fee is 2%. For a 1,000 sq.ft plot, the total fees would amount to Rs 2,16,000.

Which office handles registrations for Parvathi Nagar 3rd Cross Street?

The Selaiyur Sub Registrar Office handles registrations for Parvathi Nagar 3rd Cross Street, located at No.36, Bharathmatha Salai, East Tambaram, Chennai - 600 073.