Guideline Value for Parvathi Nagar 8th Cross Street

Parvathi Nagar 8th Cross Street guideline value

The current guideline value of Parvathi Nagar 8th Cross Street is Rs 2,400 per sq.ft. This street is located in Madambakkam village, under the Selaiyur SRO. The land classification for this area is Commercial Class I Type - II.

How the guideline value of Parvathi Nagar 8th Cross Street has changed

Over the years, the guideline value for Parvathi Nagar 8th Cross Street has undergone several revisions. 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 2023, marking a change of +9%. Prior to that, in 2017, the guideline value was Rs 1,474 per sq.ft, which means there was a significant increase of +49% when compared to the 2023 figure. The 2012 revision also set the value at Rs 2,200 per sq.ft, which was a decrease of -33% from the 2017 figure. The register has no figure for the years 2002, 2003, and 2007.

When looking at the overall change from 2012 to 2024, the guideline value has increased by +9%, maintaining its position at Rs 2,400 per sq.ft in the current revision. This consistent value aligns with the median guideline value in Madambakkam, which is also Rs 2,400 per sq.ft.

Guideline values in Madambakkam

In Madambakkam, there are 1151 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 is Rs 2,400 per sq.ft, which is equal to the current guideline value of Parvathi Nagar 8th Cross Street. Below are other streets in Madambakkam with their respective guideline values:

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

Stamp duty and registration fee for property in Parvathi Nagar 8th Cross Street

For a property of 1,000 sq.ft at the current guideline value of Rs 2,400 per sq.ft, the total guideline value would be Rs 24,00,000. The stamp duty at 7% would amount to Rs 1,68,000, and the registration fee at 2% would be Rs 48,000. Together, the total cost for these fees 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 use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Parvathi Nagar 8th Cross Street?

The Sub Registrar Office that covers Parvathi Nagar 8th 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 buying or selling property in Madambakkam. It serves as a benchmark for determining the minimum price at which a property can be registered. Buyers and sellers must consider this value to ensure compliance with local regulations during the transaction process.

When registering a property, the guideline value is used to calculate applicable fees such as stamp duty and registration charges. This ensures that both parties are aware of the financial obligations associated with the sale, making the transaction transparent and legally binding.

Frequently asked questions

What is the current guideline value of Parvathi Nagar 8th Cross Street?

The current guideline value of Parvathi Nagar 8th 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 increased from Rs 1,474 per sq.ft in 2017 to Rs 2,400 per sq.ft in 2024, with various changes occurring in between, including a decrease in 2012.

What is the median guideline value in Madambakkam?

The median guideline value in Madambakkam is Rs 2,400 per sq.ft, which is the same as the current value for Parvathi Nagar 8th Cross Street.

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 would be Rs 1,68,000 and the registration fee would be Rs 48,000, totaling Rs 2,16,000.

Where is the Sub Registrar Office for Parvathi Nagar 8th Cross Street located?

The Sub Registrar Office for Parvathi Nagar 8th Cross Street is located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073.