How is a part-time degree (from a reputed institute) perceived in the academic job market? I have recently graduated with Computer Science and Engineering and joined an R&amp;D firm. During the job, I enrolled for a part time MS(Research) from the topmost institute in my country (with reputable world rank). Though the only difference from full time course is that we get 1 extra year to complete part time course.Everything else, like the courses, class timings, labs, exams and rigor remains the same. 

I intend to join academia in future. How valuable is a part time degree with respect to joining academia and industry?
The fact that you have done your degree either part or full time will not change your degree's value. I have never heard of part-time degrees being treated differently from full-time degrees. In fact, it would be unusual to list a part-time or full time status on your CV so it's not clear how people would know. And I doubt many people would react differently.

Your decision to do a degree part-time or full-time has other important implications on your long term goals but they are indirect. If you want to go into industry, choosing a part-time degree might mean you have more time to build up industry experience which might be nice. If you want to go into academia — and you can afford to go to school full time — do the full time degree because work in industry will only slow you down from the pursuit of your long term goal. Being a part-time student might also mean less attention from faculty who might think you are less serious about an academic track while you are doing the degree.