Guideline Value for Parvathipuram

Parvathipuram guideline value

The current guideline value of Parvathipuram, located in Vadaperumbakkam village under the Redhills SRO, is Rs 1,003 per sq.ft. This value is effective from the 2024 revision, which will come into effect on 1 July 2024. The land classification for this area is Residential Class I Type - I.

How the guideline value of Parvathipuram has changed

The guideline value for Parvathipuram has seen significant changes over the years. In 2003, the guideline value was Rs 41 per sq.ft, which increased dramatically to Rs 500 per sq.ft in 2007, marking an increase of 1,120%. The value then rose to Rs 800 per sq.ft in 2012, reflecting a 60% increase. However, it decreased to Rs 536 per sq.ft in 2017, a decline of 33%. The latest revision in 2024 has brought the value to Rs 1,003 per sq.ft, which is an increase of 87% from the 2017 figure.

It is important to note that the register has no figure for the years 2023 and 2002 for this street. Overall, from 2003 to 2024, the guideline value has increased by 2,346%.

Guideline values in Vadaperumbakkam

In Vadaperumbakkam, there are 77 streets under the Redhills SRO that carry a 2024 guideline value ranging from Rs 1,000 to Rs 1,300 per sq.ft, with a median value of Rs 1,003 per sq.ft. The guideline value for Parvathipuram aligns with this median.

• Parvathipuram Part-I: Rs 1,003 per sq.ft (2024)
• Parvathipuram Part-II: Rs 1,003 per sq.ft (2024)
• Parvathipuram Part-IV: Rs 1,003 per sq.ft (2024)
• Parvathypuram Part III: Rs 1,003 per sq.ft (2024)
• Perumal Koil Street: Rs 1,004 per sq.ft (2024)
• Om Sakthi Nagar: Rs 1,004 per sq.ft (2024)

Stamp duty and registration fee for property in Parvathipuram

For a 1,000 sq.ft plot at the current guideline value of Rs 1,003 per sq.ft, the total guideline value amounts to Rs 10,03,000. The stamp duty at 7% would be Rs 70,210, and the registration fee at 2% would be Rs 20,060, totaling Rs 90,270. It is essential to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can also use the stamp duty and registration fee calculator for precise calculations.

Which Sub Registrar Office covers Parvathipuram?

The Sub Registrar Office covering Parvathipuram is the Redhills Sub Registrar Office, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052. To find your specific SRO, you can visit find your SRO.

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

The guideline value plays a crucial role during property registration in Vadaperumbakkam. It serves as a benchmark for determining 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 registration process.

When a property is sold, the guideline value is compared with the sale price. The higher of the two values is used to calculate the applicable stamp duty and registration fees. This ensures that the transaction aligns with the official valuation set by the government.

Frequently asked questions

What is the current guideline value of Parvathipuram?

The current guideline value of Parvathipuram is Rs 1,003 per sq.ft, effective from the 2024 revision starting on 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 41 per sq.ft in 2003 to Rs 1,003 per sq.ft in 2024, marking an overall increase of 2,346% over this period.

What are the other streets in Vadaperumbakkam with similar guideline values?

Other streets in Vadaperumbakkam include Parvathipuram Part-I, Part-II, Part-IV, and Part III, all with a guideline value of Rs 1,003 per sq.ft for 2024.

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

The stamp duty is calculated at 7% and the registration fee at 2% of the guideline value. For a 1,000 sq.ft plot, the total fees would amount to Rs 90,270.

Which Sub Registrar Office covers Parvathipuram?

The Redhills Sub Registrar Office covers Parvathipuram, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052.