Guideline Value for Parvathy Avenue 1st Street

Parvathy Avenue 1st Street guideline value

The current guideline value of Parvathy Avenue 1st Street is Rs 3,520 per sq.ft, effective from 1 July 2024. This street is located in Porur village, under the Kunrathur SRO, and is classified as Residential Special Type - II.

How the guideline value of Parvathy Avenue 1st Street has changed

The guideline value for Parvathy Avenue 1st Street has undergone several revisions over the years. The earliest recorded revision was in 2012, where the value was Rs 3,200 per sq.ft. This figure remained until the next revision in 2017, where it decreased to Rs 2,144 per sq.ft, marking a decline of 33%. However, in 2023, the value rose significantly to Rs 3,200 per sq.ft, followed by another increase to Rs 3,520 per sq.ft in 2024, representing a 10% increase.

From 2017 to 2023, there was a notable increase of 49%. Overall, comparing the 2012 revision to the 2024 revision, the guideline value has increased by 10%. The register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Porur

In Porur, there are 530 streets under the Kunrathur SRO, with guideline values ranging from Rs 2,860 to Rs 6,380 per sq.ft. The median guideline value for these streets is Rs 3,960 per sq.ft, placing Parvathy Avenue 1st Street's 2024 figure below that median.

• Parvathy Avenue: Rs 3,520 per sq.ft (2024)
• Parvathy Avenue 2nd Street: Rs 3,520 per sq.ft (2024)
• Parvathy Avenue 3rd Street: Rs 3,520 per sq.ft (2024)
• Parvathy Avenue 4th Street: Rs 3,520 per sq.ft (2024)
• Parvathy Avenue 5th Street: Rs 3,520 per sq.ft (2024)
• Parvathy Avenue 6th Street: Rs 3,520 per sq.ft (2024)

Stamp duty and registration fee for property in Parvathy Avenue 1st Street

For a 1,000 sq.ft plot at the current guideline value, the total guideline value amounts to Rs 35,20,000. The stamp duty, charged at 7%, would be Rs 2,46,400, while the registration fee at 2% would be Rs 70,400. Together, the total cost for these fees would be Rs 3,16,800. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

For more details on calculating these fees, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Parvathy Avenue 1st Street?

The Sub Registrar Office that covers Parvathy Avenue 1st Street is the Kunrathur Sub Registrar Office, located at No.59, Road Street, Kundrathur, Chennai -600 069. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Porur. It serves as a benchmark for determining the stamp duty and registration fees that must be paid during the transaction.

When a property is sold, the buyer must pay the stamp duty 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 Parvathy Avenue 1st Street?

The current guideline value of Parvathy Avenue 1st Street is Rs 3,520 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen several changes: Rs 3,200 per sq.ft in 2023, Rs 2,144 per sq.ft in 2017, and Rs 3,200 per sq.ft in 2012. The most recent revision in 2024 increased the value to Rs 3,520 per sq.ft.

What is the land classification for Parvathy Avenue 1st Street?

Parvathy Avenue 1st Street is classified as Residential Special Type - II.

What are the stamp duty and registration fees for properties in this area?

For a 1,000 sq.ft plot at the current guideline value, the stamp duty would be Rs 2,46,400 and the registration fee would be Rs 70,400, totaling Rs 3,16,800.

Where is the Sub Registrar Office for Parvathy Avenue 1st Street located?

The Kunrathur Sub Registrar Office is located at No.59, Road Street, Kundrathur, Chennai -600 069.