Guideline Value for Parvathi Nagar

Parvathi Nagar guideline value

The current guideline value of Parvathi Nagar, located in Melamaiyur village under the Chengleput Joint I SRO, is Rs 1,100 per sq.ft, effective from July 1, 2024. The land classification for this area is Mixed Type - II.

How the guideline value of Parvathi Nagar has changed

The guideline value for Parvathi Nagar has seen several revisions over the years. In 2007, the value was Rs 333 per sq.ft, which increased significantly to Rs 1,000 per sq.ft in 2012. However, this figure decreased to Rs 670 per sq.ft in 2017. The 2023 revision brought the value back up to Rs 1,000 per sq.ft, and the most recent revision in 2024 set it at Rs 1,100 per sq.ft. The register has no figures for the years 2002 and 2003 for this street.

Between the revisions, the changes were notable. From 2007 to 2012, there was a remarkable increase of 200%. However, the value dropped by 33% from 2012 to 2017. The jump from 2017 to 2023 was significant, with a 49% increase. Finally, the transition from 2023 to 2024 saw a 10% rise in the guideline value, resulting in an overall increase of 230% from 2007 to 2024.

Guideline values in Melamaiyur

In Melamaiyur village, there are 37 streets under the Chengleput Joint I SRO that carry a 2024 guideline value, ranging from Rs 440 to Rs 3,000 per sq.ft. The median value for these streets is Rs 1,212 per sq.ft, making the guideline value of Parvathi Nagar below that median.

• Nandhagopal Nagar: Rs 1,322 per sq.ft (2024)
• Rakamth Goldencity: Rs 1,100 per sq.ft (2024)
• Ramakrishna Nagar: Rs 1,320 per sq.ft (2024)
• Melamaiyur New Colony: Rs 1,322 per sq.ft (2024)
• Melamaiyur Colony: Rs 440 per sq.ft (2024)
• Sabthagiri nagar: Rs 825 per sq.ft (2024)

Stamp duty and registration fee for property in Parvathi Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 1,100 per sq.ft, the total guideline value would be Rs 11,00,000. The stamp duty at 7% would amount to Rs 77,000, while the registration fee at 2% would be Rs 22,000, bringing the total to Rs 99,000. 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?

The Chengleput Joint I Sub Registrar Office covers Parvathi Nagar. The office is located at 10, Kancheepuram Main Road, Chengalpattu 603 002, 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 Melamaiyur

The guideline value is a crucial factor when buying or selling property in Melamaiyur, as it determines the minimum value at which a property can be registered. This value is used to calculate the stamp duty and registration fees that must be paid during the transaction.

When a property is sold, the guideline value ensures that the transaction is recorded at a fair value, preventing undervaluation. Buyers and sellers should be aware of the current guideline value to ensure compliance with registration requirements.

Frequently asked questions

What is the current guideline value of Parvathi Nagar?

The current guideline value of Parvathi Nagar is Rs 1,100 per sq.ft, effective from July 1, 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 333 per sq.ft in 2007 to Rs 1,100 per sq.ft in 2024, marking an overall increase of 230% over the years.

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

For a property valued at Rs 11,00,000, the stamp duty would be Rs 77,000 and the registration fee would be Rs 22,000, totaling Rs 99,000.

Which office handles registrations for Parvathi Nagar?

The Chengleput Joint I Sub Registrar Office handles registrations for Parvathi Nagar, located at 10, Kancheepuram Main Road, Chengalpattu 603 002.

What is the land classification for Parvathi Nagar?

The land classification for Parvathi Nagar is Mixed Type - II, which indicates the type of usage permitted in this area.