Guideline Value for SHRI PARTHASARATHY STREET

Shri Parthasarathy Street guideline value

The current guideline value of Shri Parthasarathy Street is Rs 1,320 per sq.ft, effective from 1 July 2024. This street is located in Pallikaranai village and falls under the Chennai South Joint I SRO. The land classification for this area is Residential Class IV Type - II.

How the guideline value of Shri Parthasarathy Street has changed

The guideline value for Shri Parthasarathy Street has seen significant changes over the years. In 2002, the guideline value was Rs 78 per sq.ft, which increased to Rs 100 per sq.ft in 2003, marking a rise of 28%. The value then surged to Rs 400 per sq.ft in 2007, representing a substantial increase of 300%. Following this, the value remained at Rs 1,200 per sq.ft from 2012 until 2023, showing no change during this period. The 2024 revision brought the current guideline value to Rs 1,320 per sq.ft, an increase of 10% from the previous year.

It is important to note that there is no figure available for the 2017 revision for this street. Overall, from 2002 to 2024, the guideline value has increased by 1,592%.

Guideline values in Pallikaranai

Pallikaranai village has a total of 749 streets under the Chennai South Joint I SRO, with guideline values ranging from Rs 1,110 to Rs 8,580 per sq.ft as of 2024. The median guideline value in this area is Rs 1,650 per sq.ft, indicating that Shri Parthasarathy Street's 2024 figure is below that median.

• Shri Nagar Extn.: Rs 1,320 per sq.ft (2024)
• Shri Nagar: Rs 1,320 per sq.ft (2024)
• Shri Krishna Street: Rs 1,320 per sq.ft (2024)
• Shri Krishna Nagar Extn.: Rs 1,320 per sq.ft (2024)
• Shri Sai Baba Nagar: Rs 1,650 per sq.ft (2024)
• Shri Thirumalai Nagar: Rs 1,320 per sq.ft (2024)

Stamp duty and registration fee for property in Shri Parthasarathy Street

For a 1,000 sq.ft plot at the current rate of Rs 1,320 per sq.ft, the guideline value amounts to Rs 13,20,000. The stamp duty at 7% would be Rs 92,400, and the registration fee at 2% would be Rs 26,400, making the total Rs 1,18,800. It is essential to note that duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Shri Parthasarathy Street?

The Sub Registrar Office that covers Shri Parthasarathy Street is the Chennai South Joint I Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, fanepet Nandanam, Chennai -600 035. You can find your SRO for more information.

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

The guideline value plays a crucial role during the registration process when buying or selling property in Pallikaranai. It is used to determine the stamp duty and registration fees applicable to the transaction. The guideline value is set by the government and reflects the minimum value at which properties in a particular area can be registered.

When a property is sold, the buyer must ensure that the sale price is not lower than the guideline value. If the sale price is higher, the stamp duty will be calculated based on the sale price instead. This ensures that the government receives appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Shri Parthasarathy Street?

The current guideline value of Shri Parthasarathy Street is Rs 1,320 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly, from Rs 78 per sq.ft in 2002 to Rs 1,320 per sq.ft in 2024, reflecting an overall increase of 1,592% over the years.

What is the median guideline value in Pallikaranai?

The median guideline value in Pallikaranai is Rs 1,650 per sq.ft, which is higher than the current guideline value of Shri Parthasarathy Street.

What are the stamp duty rates applicable for properties in this area?

The stamp duty for properties in Shri Parthasarathy Street is charged at 7%, while the registration fee is charged at 2% of the guideline value or sale price, whichever is higher.

Where can I find the Sub Registrar Office for Shri Parthasarathy Street?

The Sub Registrar Office for Shri Parthasarathy Street is the Chennai South Joint I Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, fanepet Nandanam, Chennai -600 035.