Guideline Value for PERIYAR STREET

Periyar Street guideline value

The current guideline value of Periyar Street in Manapakkam village is Rs 2,200 per sq.ft, effective from 1 July 2024. This street falls under the Chennai South Joint I SRO and is classified as Residential Class IV Type - I.

How the guideline value of Periyar Street has changed

The guideline value of Periyar Street has seen several revisions over the years. In 2003, the value was Rs 160 per sq.ft, which increased significantly to Rs 400 per sq.ft in 2007. Following this, the value surged to Rs 2,000 per sq.ft in 2012, marking a 400% increase from the previous revision. However, it then dropped to Rs 1,340 per sq.ft in 2017, representing a decrease of 33%.

From 2017 to 2023, the guideline value rose to Rs 2,000 per sq.ft, reflecting a 49% increase. The most recent revision in 2024 set the value at Rs 2,200 per sq.ft, an increase of 10% from 2023. It is important to note that the register has no figure for this street for the year 2002.

Guideline values in Manapakkam

In Manapakkam, there are 368 streets under the Chennai South Joint I SRO that have a 2024 guideline value ranging from Rs 1,100 to Rs 12,800 per sq.ft. The median value for these streets is Rs 2,530 per sq.ft, placing Periyar Street's 2024 figure below this median.

• Periyar Salai Main Road: Rs 2,200 per sq.ft (2024)
• Periyar Salai / Krishna Nagar: Rs 2,200 per sq.ft (2024)
• Periyar Salai Cross Street: Rs 2,200 per sq.ft (2024)
• Periyar Salai 5th Main Road: Rs 2,200 per sq.ft (2024)
• Periyar Salai 5th Cross Street: Rs 2,200 per sq.ft (2024)
• Periyar Salai 4th Cross Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Periyar Street

For a 1,000 sq.ft plot at the current rate of Rs 2,200 per sq.ft, the guideline value amounts to Rs 22,00,000. The stamp duty at 7% would be Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, bringing the total to Rs 1,98,000. It is important to note that duty is charged on the guideline value or the sale price, whichever is higher. You can also use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Periyar Street?

The Sub Registrar Office that covers Periyar 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 Manapakkam

The guideline value plays a crucial role in the registration process when buying or selling property in Manapakkam. It serves as a benchmark for determining the stamp duty and registration fees applicable to the transaction. Buyers and sellers must consider this value to ensure compliance with local regulations during the registration process.

When a property is sold, the guideline value is used to assess the applicable charges. If the sale price is higher than the guideline value, the duty is calculated based on the sale price. This ensures that the registration reflects the true value of the property being transferred.

Frequently asked questions

What is the current guideline value of Periyar Street?

The current guideline value of Periyar Street is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed several times, starting from Rs 160 per sq.ft in 2003 to Rs 2,200 per sq.ft in 2024, showing an overall increase of 1275% over the years.

What is the land classification of Periyar Street?

Periyar Street is classified as Residential Class IV Type - I, indicating its use for residential purposes.

What are the stamp duty rates for properties in Periyar Street?

The stamp duty for properties in Periyar Street is charged at 7% of the guideline value or sale price, whichever is higher. Registration fees are charged at 2% of the guideline value.

Where can I find the Sub Registrar Office for Periyar Street?

The Sub Registrar Office covering Periyar Street is located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035.