Guideline Value for PERIYA STREET

Periya Street guideline value

The current guideline value of Periya Street in Nemilicherry village is Rs 2,420 per sq.ft, effective from 1 July 2024. This street falls under the Pallavaram SRO and is classified as Residential Class I Type - I.

How the guideline value of Periya Street has changed

The guideline value for Periya Street has undergone several revisions over the years. The most recent revision in 2024 set the value at Rs 2,420 per sq.ft, an increase from Rs 2,200 per sq.ft in 2023, marking a change of +10%. Prior to that, in 2017, the value was Rs 1,474 per sq.ft, which shows a significant increase of +49% when compared to the 2023 revision. The 2012 revision also had a value of Rs 2,200 per sq.ft, indicating a decrease of -33% from the 2017 figure.

Notably, the register does not have figures for the years 2002, 2003, and 2007 for this street. Overall, from 2012 to 2024, the guideline value has increased by +10%.

Guideline values in Nemilicherry

In Nemilicherry, there are 172 streets under the Pallavaram SRO that carry a 2024 guideline value ranging from Rs 1,100 to Rs 3,300 per sq.ft. The median guideline value in this area is Rs 2,160 per sq.ft, placing Periya Street's 2024 figure above that median.

• Perumal Koil 1st Street: Rs 2,160 per sq.ft (2024)
• Perumal Koil 2nd Street: Rs 2,160 per sq.ft (2024)
• Perumal Koil Cross St: Rs 2,160 per sq.ft (2024)
• Perumal Koil Street: Rs 2,160 per sq.ft (2024)
• Periyar Nagar 3rd Street: Rs 2,160 per sq.ft (2024)
• Periyar Nagar 2nd Street: Rs 2,160 per sq.ft (2024)

Stamp duty and registration fee for property in Periya Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,420 per sq.ft, the total guideline value amounts to Rs 24,20,000. The stamp duty at 7% would be Rs 1,69,400, and the registration fee at 2% would be Rs 48,400, bringing the total cost for these fees to Rs 2,17,800. It is important to note that the 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 Periya Street?

The Sub Registrar Office that covers Periya Street is the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, in the Chengalpattu registration zone.

You can find your SRO for more details.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Nemilicherry. It serves as a benchmark for determining the minimum sale price at which a property can be registered, ensuring that the transaction is recorded accurately for tax purposes.

When a property is sold, the buyer must pay stamp duty and registration fees based on the guideline value or the sale price, whichever is higher. This ensures that the government receives appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Periya Street?

The current guideline value of Periya Street is Rs 2,420 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,200 per sq.ft in 2023 to Rs 2,420 per sq.ft in 2024, a +10% increase. The value was Rs 1,474 per sq.ft in 2017, showing a +49% increase from 2017 to 2023.

What is the land classification for Periya Street?

Periya Street is classified as Residential Class I Type - I under the Pallavaram SRO.

Where is the Sub Registrar Office located?

The Pallavaram Sub Registrar Office is located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, in the Chengalpattu registration zone.

How is stamp duty calculated for properties in Periya Street?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, a property valued at Rs 24,20,000 would incur a stamp duty of Rs 1,69,400.