Guideline Value for Parvathy Avenue

Parvathy Avenue guideline value

The current guideline value of Parvathy Avenue in Manancheri village, under the Kunrathur SRO, is Rs 1,650 per sq.ft, effective from 1 July 2024. This street falls under the Residential Class V Type - V land classification.

How the guideline value of Parvathy Avenue has changed

Over the years, the guideline value of Parvathy Avenue has undergone several revisions. The most recent revision in 2024 set the value at Rs 1,650 per sq.ft, which is an increase of 10% from the 2023 revision figure of Rs 1,500 per sq.ft. Prior to 2023, the register has no figures for the years 2017, 2012, 2007, 2003, and 2002 for this street.

In summary, the guideline value has increased from Rs 1,500 per sq.ft in 2023 to Rs 1,650 per sq.ft in 2024. This reflects a significant upward adjustment, although there are no recorded figures for the previous years mentioned.

Guideline values in Manancheri

In Manancheri, there are 59 streets under the Kunrathur SRO, with the 2024 guideline values ranging from Rs 550 to Rs 3,400 per sq.ft. The median guideline value in this area is Rs 990 per sq.ft, placing Parvathy Avenue's 2024 figure above the median.

• Parvathy Enclave: Rs 2,500 per sq.ft (2024)
• Pallavaram Main Road: Rs 1,320 per sq.ft (2024)
• Palayakara Street: Rs 660 per sq.ft (2024)
• Perumal koil Street: Rs 1,100 per sq.ft (2024)
• Padmavathy Nagar: Rs 990 per sq.ft (2024)
• Pilliyar koil Sandhu: Rs 990 per sq.ft (2024)

Stamp duty and registration fee for property in Parvathy Avenue

For a 1,000 sq.ft plot at the current guideline value of Rs 1,650 per sq.ft, the total guideline value amounts to Rs 16,50,000. The stamp duty, calculated at 7%, would be Rs 1,15,500, while the registration fee at 2% would be Rs 33,000. Therefore, the combined cost for stamp duty and registration would be Rs 1,48,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more information on calculating your costs, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Parvathy Avenue?

The Sub Registrar Office that covers Parvathy Avenue is the Kunrathur Sub Registrar Office, located at No.59, Road Street, Kundrathur, Chennai -600 069. For further assistance, you can find your SRO.

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

The guideline value plays a crucial role during the registration process when buying or selling property in Manancheri. It serves as a benchmark for determining the minimum value at which a property can be registered. This ensures that the transaction is recorded accurately and that the appropriate taxes are levied.

When a buyer or seller approaches the registration office, the guideline value is used to calculate the applicable stamp duty and registration fees. This helps in maintaining transparency and fairness in property transactions within the region.

Frequently asked questions

What is the current guideline value of Parvathy Avenue?

The current guideline value of Parvathy Avenue is Rs 1,650 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value changed from Rs 1,500 per sq.ft in 2023 to Rs 1,650 per sq.ft in 2024, marking a 10% increase. There are no recorded figures for the years 2017, 2012, 2007, 2003, and 2002 for this street.

What is the land classification for Parvathy Avenue?

Parvathy Avenue falls under the Residential Class V Type - V land classification.

What are the registration fees for property in Parvathy Avenue?

For a property valued at Rs 16,50,000, the stamp duty would be Rs 1,15,500 and the registration fee would be Rs 33,000, totaling Rs 1,48,500. These fees are based on the guideline value or the sale price, whichever is higher.

Which office handles registrations for Parvathy Avenue?

The Kunrathur Sub Registrar Office handles registrations for Parvathy Avenue, located at No.59, Road Street, Kundrathur, Chennai -600 069.