Guideline Value for Parvathi Nagar 7th Street

Parvathi Nagar 7th Street guideline value

The current guideline value of Parvathi Nagar 7th 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 7th Street has changed

The guideline value for Parvathi Nagar 7th Street has seen several revisions over the years. The most recent revision in 2024 set the value at Rs 2,400 per sq.ft, an increase from Rs 2,200 per sq.ft in the 2023 revision. Interestingly, there was no change from the 2012 revision, which also recorded Rs 2,200 per sq.ft. The register has no figures for the years 2002, 2003, 2007, and 2017.

Overall, from 2012 to 2024, the guideline value has increased by 9%. The change from 2023 to 2024 represents a 9% increase, while the value remained unchanged from 2012 to 2023.

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, which is equal to the guideline value of Parvathi Nagar 7th Street.

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

Stamp duty and registration fee for property in Parvathi Nagar 7th 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, bringing the total cost together to 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 information on calculating fees, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Parvathi Nagar 7th Street?

The Sub Registrar Office that covers Parvathi Nagar 7th 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 details.

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

The guideline value is a critical factor in property transactions in Madambakkam, as it determines the minimum value at which a property can be registered. When buying or selling property, the guideline value is used to calculate the stamp duty and registration fees, ensuring that these costs are based on a standardized value set by the government.

It is essential for buyers and sellers to be aware of the guideline value to avoid any discrepancies during the registration process. This helps in ensuring that all transactions are compliant with local regulations and are accurately reflected in the official records.

Frequently asked questions

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

The current guideline value of Parvathi Nagar 7th 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 remained unchanged at Rs 2,200 per sq.ft from 2012 to 2023, but increased to Rs 2,400 per sq.ft in 2024. Overall, from 2012 to 2024, the guideline value has increased by 9%.

What is the land classification of Parvathi Nagar 7th Street?

Parvathi Nagar 7th Street is classified as Commercial Class I Type - II, indicating its suitability for commercial activities.

Where can I find the Selaiyur Sub Registrar Office?

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

How is the stamp duty calculated for properties in Parvathi Nagar 7th Street?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, a property with a guideline value of Rs 24,00,000 would incur a stamp duty of Rs 1,68,000.