Guideline Value for Parvathi Nagar 7th Cross Street

Parvathi Nagar 7th Cross Street guideline value

The current guideline value of Parvathi Nagar 7th Cross Street is Rs 2,400 per sq.ft, effective from 1 July 2024. This street is located in Madambakkam village and falls under the Selaiyur SRO. The land classification for this area is Commercial Class I Type - II.

How the guideline value of Parvathi Nagar 7th Cross Street has changed

The guideline value for Parvathi Nagar 7th Cross Street has undergone several revisions over the years. The earliest recorded revision is from 2012, where the guideline value was Rs 2,200 per sq.ft. This was followed by a decrease to Rs 1,474 per sq.ft in the 2017 revision. The 2023 revision saw an increase to Rs 2,200 per sq.ft, and the latest revision in 2024 has further increased the value to Rs 2,400 per sq.ft.

Between the revisions, the changes are notable. From 2012 to 2017, there was a decrease of 33%. However, from 2017 to 2023, the value increased by 49%. The most recent change from 2023 to 2024 reflects a 9% increase. Overall, from 2012 to 2024, the guideline value has increased by 9%.

Guideline values in Madambakkam

In Madambakkam, there are 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 guideline value for these streets is Rs 2,400 per sq.ft, making the 2024 figure for Parvathi Nagar 7th Cross Street equal to that median.

• Parvathi Nagar 7th Street: Rs 2,400 per sq.ft (2024)
• Parvathi Nagar 6th Cross Street: Rs 2,400 per sq.ft (2024)
• Parvathi Nagar 8th Cross Street: Rs 2,400 per sq.ft (2024)
• Parvathi Nagar 5th Cross Street: Rs 2,400 per sq.ft (2024)
• Parvathi Nagar 8th Street: Rs 2,400 per sq.ft (2024)
• Parvathi Nagar Extn: Rs 2,400 per sq.ft (2024)

Stamp duty and registration fee for property in Parvathi Nagar 7th 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 is charged at 7%, which would be Rs 1,68,000, and the registration fee is 2%, amounting to Rs 48,000. Together, the total cost for stamp duty and registration fee would be 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.

You can also use the stamp duty and registration fee calculator for more information.

Which Sub Registrar Office covers Parvathi Nagar 7th Cross Street?

The Sub Registrar Office that covers Parvathi Nagar 7th 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 further assistance.

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

The guideline value is a crucial factor when registering a property in Madambakkam. It determines the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees. Buyers and sellers must be aware of the guideline value to avoid any discrepancies during the transaction.

When a property is bought or sold, the guideline value serves as a benchmark for calculating the stamp duty and registration fees. This ensures that both parties are aware of the financial obligations involved in the property transfer process.

Frequently asked questions

What is the current guideline value of Parvathi Nagar 7th Cross Street?

The current guideline value of Parvathi Nagar 7th 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. It then increased to Rs 2,200 per sq.ft in 2023 and is now Rs 2,400 per sq.ft in 2024.

What is the land classification for Parvathi Nagar 7th Cross Street?

The land classification for Parvathi Nagar 7th Cross Street is Commercial Class I Type - II.

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

For a property valued at Rs 24,00,000, the stamp duty is Rs 1,68,000 and the registration fee is Rs 48,000, totaling Rs 2,16,000.

Which office handles the registration for Parvathi Nagar 7th Cross Street?

The Selaiyur Sub Registrar Office handles the registration for Parvathi Nagar 7th Cross Street, located at No.36, Bharathmatha Salai, East Tambaram, Chennai - 600 073.