Guideline Value for Parvathy Avenue

Parvathy Avenue guideline value

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

How the guideline value of Parvathy Avenue has changed

The guideline value for Parvathy Avenue has seen several revisions over the years. In 2002, the value was Rs 484 per sq.ft, which increased to Rs 536 per sq.ft in 2003, marking an increase of 11%. The value then rose significantly to Rs 1,000 per sq.ft in 2007, showing an increase of 87%. Following this, in 2012, the guideline value was Rs 3,200 per sq.ft, reflecting a substantial increase of 220% from the previous revision. However, it decreased by 33% to Rs 2,144 per sq.ft in 2017. The value then increased again to Rs 3,200 per sq.ft in 2023, before rising to the current rate of Rs 3,520 per sq.ft in 2024, which is a 10% increase.

Overall, from 2002 to 2024, the guideline value has increased by 627%. There are no figures available for revisions in years other than those specified.

Guideline values in Porur

In Porur, there are 530 streets under the Kunrathur SRO that have a guideline value for 2024, 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's 2024 figure below that median.

• Parvathy Avenue 1st Street: 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

For a 1,000 sq.ft plot at the current guideline value of Rs 3,520 per sq.ft, the total guideline value amounts to Rs 35,20,000. The stamp duty at 7% would be Rs 2,46,400, while the registration fee at 2% would be Rs 70,400, bringing the total cost for these fees to Rs 3,16,800. It is important to note that duty is charged on the higher of the guideline value or the sale price.

For further calculations, 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. You can find your SRO for more information.

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

The guideline value plays a crucial role during property registration in Porur. It serves as a reference for determining the minimum value at which a property can be registered. Buyers and sellers must consider this value to ensure compliance with registration norms.

When a property is sold, the guideline value is used to calculate the applicable stamp duty and registration fees. This ensures that the transaction is recorded accurately and legally in the property records.

Frequently asked questions

What is the current guideline value of Parvathy Avenue?

The current guideline value of Parvathy Avenue 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 changed several times, starting from Rs 484 per sq.ft in 2002 to Rs 3,520 per sq.ft in 2024, showing an overall increase of 627% over the years.

What is the land classification of Parvathy Avenue?

Parvathy Avenue is classified as Residential Special Type - II, indicating its suitability for residential purposes.

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

For a 1,000 sq.ft plot, the total guideline value is Rs 35,20,000. The stamp duty at 7% is Rs 2,46,400, and the registration fee at 2% is Rs 70,400, totaling Rs 3,16,800.

Which Sub Registrar Office covers the registration for Parvathy Avenue?

The registration for Parvathy Avenue is covered by the Kunrathur Sub Registrar Office, located at No.59, Road Street, Kundrathur, Chennai -600 069.