Guideline Value for Parvathy Nagar

Parvathy Nagar guideline value

The current guideline value of Parvathy Nagar, located in Mudichur village under the Padappai SRO, is Rs 1,760 per sq.ft, effective from 1 July 2024. This area falls under Residential Class I Type - I land classification.

How the guideline value of Parvathy Nagar has changed

The guideline value for Parvathy Nagar has seen several revisions over the years. In the 2012 revision, the value was set at Rs 1,600 per sq.ft. This was followed by a decrease to Rs 1,072 per sq.ft in the 2017 revision, marking a decline of 33%. However, the value rebounded significantly in the subsequent revisions, rising to Rs 1,600 per sq.ft in 2023, and then to Rs 1,760 per sq.ft in 2024, reflecting a 10% increase from the previous year.

From 2017 to 2023, there was a substantial increase of 49%, bringing the value back up to Rs 1,600 per sq.ft. Overall, from the 2012 revision to the 2024 revision, the guideline value has increased by 10%. Notably, the register does not contain figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Mudichur

Mudichur village has a total of 135 streets under the Padappai SRO, with guideline values ranging from Rs 880 to Rs 4,000 per sq.ft as of 2024. The median guideline value for these streets is Rs 2,200 per sq.ft, placing Parvathy Nagar's 2024 figure below this median.

• Pallavan Nagar: Rs 3,630 per sq.ft (2024)
• Perumal Nagar: Rs 1,760 per sq.ft (2024)
• Pillaiyar Koil Street: Rs 1,210 per sq.ft (2024)
• Ooratchi Mandra Street: Rs 1,210 per sq.ft (2024)
• Ponnan Nagar: Rs 1,210 per sq.ft (2024)
• Poonga Street: Rs 2,200 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 1,760 per sq.ft, the total guideline value amounts to Rs 17,60,000. The stamp duty at 7% would be Rs 1,23,200, while the registration fee at 2% would be Rs 35,200, bringing the total cost for these fees to Rs 1,58,400. It is important to note that duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Parvathy Nagar?

The Sub Registrar Office that covers Parvathy Nagar is the Padappai Sub Registrar Office, located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone. You can find your SRO for more details.

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

When buying or selling property in Mudichur, the guideline value plays a crucial role in determining the registration fees and stamp duty. These fees are calculated based on the guideline value or the sale price, whichever is higher, ensuring that the government receives appropriate revenue from property transactions.

It is essential for buyers and sellers to be aware of the current guideline value, as it directly impacts the overall cost of the transaction. Understanding these values can help in making informed decisions during the buying or selling process.

Frequently asked questions

What is the current guideline value of Parvathy Nagar?

The current guideline value of Parvathy Nagar is Rs 1,760 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,600 per sq.ft in 2012 to Rs 1,072 per sq.ft in 2017, then increased to Rs 1,600 per sq.ft in 2023, and finally to Rs 1,760 per sq.ft in 2024.

What is the land classification of Parvathy Nagar?

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

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

Stamp duty is charged at 7% of the guideline value or sale price, whichever is higher, while the registration fee is 2% of the guideline value. For example, for a plot valued at Rs 17,60,000, the total fees would amount to Rs 1,58,400.

Where is the Sub Registrar Office for Parvathy Nagar located?

The Sub Registrar Office for Parvathy Nagar is located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone.