Guideline Value for Parvathy Nagar

Parvathy Nagar guideline value

The current guideline value of Parvathy Nagar is Rs 1,300 per sq.ft, effective from 1 July 2024. This area is located in Madhavaram village, under the Madhavaram SRO, and is classified as Residential Class III Type - I.

How the guideline value of Parvathy Nagar has changed

Over the years, the guideline value of Parvathy Nagar has seen several revisions. The 2012 revision set the value at Rs 1,200 per sq.ft, which was then reduced to Rs 804 per sq.ft in the 2017 revision. Following this, the 2023 revision increased the value to Rs 1,200 per sq.ft, and the most recent 2024 revision raised it further to Rs 1,300 per sq.ft. The changes between these revisions include a decrease of 33% from 2012 to 2017, followed by a significant increase of 49% from 2017 to 2023, and an increase of 8% from 2023 to 2024.

It is important to note that the guideline value register has no figures for the years 2002, 2003, and 2007 for this street. Overall, from 2012 to 2024, the guideline value has increased by 8%.

Guideline values in Madhavaram

In Madhavaram, there are 1,946 streets under the Madhavaram SRO that carry a 2024 guideline value ranging from Rs 1,300 to Rs 7,500 per sq.ft, with a median value of Rs 1,600 per sq.ft. Parvathy Nagar's current 2024 figure is below this median.

• Parvathy Amman St (Ward-02): Rs 1,300 per sq.ft (2024)
• Parvathiamman Koil Street: Rs 1,300 per sq.ft (2024)
• Parthasarathy Street (Ward-01): Rs 1,600 per sq.ft (2024)
• Patchaiamman Nagar: Rs 1,300 per sq.ft (2024)
• Patchaiappan Nagar Extention (Ward 29): Rs 1,300 per sq.ft (2024)
• Patchaiappan Nagar (Ward-02): Rs 1,300 per sq.ft (2024)

Stamp duty and registration fee for property in Parvathy Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 1,300 per sq.ft, the total guideline value would be Rs 13,00,000. The stamp duty at 7% would amount to Rs 91,000, and the registration fee at 2% would be Rs 26,000, leading to a total of Rs 1,17,000. 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 further assistance.

Which Sub Registrar Office covers Parvathy Nagar?

The Sub Registrar Office that covers Parvathy Nagar is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for more information.

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

The guideline value plays a crucial role in property transactions in Madhavaram. It serves as a reference point for calculating the stamp duty and registration fees during the buying or selling of property. This ensures that the transaction is recorded accurately and fairly according to the prevailing rates set by the registration department.

When buyers or sellers engage in property transactions, the guideline value is used to determine the official value of the property. This value is essential for legal documentation and helps in maintaining transparency in property dealings.

Frequently asked questions

What is the current guideline value of Parvathy Nagar?

The current guideline value of Parvathy Nagar is Rs 1,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed several times, with the most recent increase being from Rs 1,200 per sq.ft in 2023 to Rs 1,300 per sq.ft in 2024, which is an increase of 8%.

What is the land classification for Parvathy Nagar?

Parvathy Nagar is classified as Residential Class III Type - I, indicating its designation for residential purposes.

What are the stamp duty and registration fees for property transactions?

The stamp duty is charged at 7% of the guideline value or sale price, whichever is higher, while the registration fee is charged at 2%. For example, a 1,000 sq.ft plot would incur a total of Rs 1,17,000 in fees based on the current guideline value.

Which office handles registrations for Parvathy Nagar?

The Madhavaram Sub Registrar Office handles registrations for Parvathy Nagar, located at No.7, Roja Nagar, Madhavaram, Chennai-600060.