Guideline Value for Parvathi Nagar 8th Street

Parvathi Nagar 8th Street guideline value

The current guideline value of Parvathi Nagar 8th Street is Rs 2,400 per sq.ft, effective from 1 July 2024. This street is located in Madambakkam village under the Selaiyur SRO, classified as Commercial Class I Type - II.

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

The guideline value for Parvathi Nagar 8th Street has seen several revisions over the years. The 2012 revision set the value at Rs 2,200 per sq.ft, which remained unchanged until the 2023 revision, where it was again Rs 2,200 per sq.ft. However, in the 2024 revision, the value increased to Rs 2,400 per sq.ft, marking a 9% rise from the previous year.

Overall, from the 2012 revision to the 2024 revision, the guideline value has increased by 9%. Notably, there are no figures available for the revisions in 2002, 2003, 2007, and 2017 for this street.

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 in this area is Rs 2,400 per sq.ft, which is the same as the current value for Parvathi Nagar 8th Street.

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

Stamp duty and registration fee for property in Parvathi Nagar 8th 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. Together, the total cost for stamp duty and registration would be Rs 2,16,000. It is important to note that duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for further calculations.

Which Sub Registrar Office covers Parvathi Nagar 8th Street?

The Sub Registrar Office that covers Parvathi Nagar 8th 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, 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 plays a crucial role in the registration process when buying or selling property in Madambakkam. It serves as a benchmark for determining the minimum value at which a property can be registered. Buyers and sellers must ensure that the transaction value is in line with the guideline value to avoid any discrepancies during registration.

When a property is sold, the stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions in the area.

Frequently asked questions

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

The current guideline value of Parvathi Nagar 8th 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 at Rs 2,200 per sq.ft from 2012 to 2023 and increased to Rs 2,400 per sq.ft in 2024. Overall, there has been a 9% increase from the 2012 revision to the 2024 revision.

What are the stamp duty and registration fees for property in Parvathi Nagar 8th Street?

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. Duty is charged on the higher of the guideline value or the sale price.

Which Sub Registrar Office covers Parvathi Nagar 8th Street?

The Selaiyur Sub Registrar Office covers Parvathi Nagar 8th Street, located at No.36, Bharathmatha Salai, East Tambaram, Chennai - 600 073.

What is the land classification of Parvathi Nagar 8th Street?

Parvathi Nagar 8th Street is classified as Commercial Class I Type - II, indicating its suitability for commercial activities.