Guideline Value for PERIYAR NAGAR (PADIKUPPAM)

Periyar Nagar (Padikuppam) guideline value

The current guideline value of Periyar Nagar (Padikuppam) is Rs 2,200 per sq.ft, effective from 1 July 2024. This area is located in Padi village and falls under the Villivakkam SRO. The land classification for this street is Residential Class V Type - II.

How the guideline value of Periyar Nagar (Padikuppam) has changed

The guideline value for Periyar Nagar (Padikuppam) has seen several revisions over the years. In 2007, the value was Rs 405 per sq.ft, which increased significantly to Rs 2,000 per sq.ft in 2012, marking an increase of 394%. However, the value dropped to Rs 1,340 per sq.ft in 2017, a decrease of 33%. The next revision in 2023 brought the value back up to Rs 2,000 per sq.ft, and the most recent revision in 2024 set it at Rs 2,200 per sq.ft, reflecting a 10% increase from the previous year. The register has no figure for this street in 2002 and 2003.

Overall, from 2007 to 2024, the guideline value has increased by 443%. The changes in value illustrate the fluctuations that have occurred over the years, with significant increases and decreases at various points in time.

Guideline values in Padi

In Padi, there are 354 streets under the Villivakkam SRO that carry a 2024 guideline value ranging from Rs 2,200 to Rs 13,200 per sq.ft, with a median value of Rs 3,800 per sq.ft. The guideline value for Periyar Nagar (Padikuppam) is below this median.

• Periyar Nagar (Near Canal-Slums) & Peariyar Street: Rs 2,200 per sq.ft (2024)
• Pasumpon Muthuramalinga Thevar Nagar: Rs 2,500 per sq.ft (2024)
• PASUMPON DEVAR NAGAR 'V.O.C.STREET' (Kovil Land): Rs 2,500 per sq.ft (2024)
• PASUMPON DEVAR NAGAR 'JAWAHAR STREET' (Kovil Land): Rs 2,500 per sq.ft (2024)
• PASUMPON DEVAR NAGAR 'GANDHI STREET' (Kovil Land): Rs 2,500 per sq.ft (2024)
• PASUMPON DEVAR NAGAR 'ANNA 2ND STREET' (Kovil Land): Rs 2,500 per sq.ft (2024)

Stamp duty and registration fee for property in Periyar Nagar (Padikuppam)

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total 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, totaling Rs 1,98,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Periyar Nagar (Padikuppam)?

The Villivakkam Sub Registrar Office covers Periyar Nagar (Padikuppam). The office is located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office. To find your SRO, you can visit find your SRO.

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

The guideline value is a crucial factor when registering property in Padi. It serves as a baseline for determining the stamp duty and registration fees that must be paid during the transaction. Buyers and sellers must be aware of the guideline value to ensure compliance with legal requirements during the registration process.

When a property is sold, the guideline value helps in assessing the minimum value at which the property can be registered. This ensures that the transaction is documented accurately and that the appropriate taxes are collected by the government.

Frequently asked questions

What is the current guideline value of Periyar Nagar (Padikuppam)?

The current guideline value of Periyar Nagar (Padikuppam) 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 significantly from Rs 405 per sq.ft in 2007 to Rs 2,200 per sq.ft in 2024, reflecting an overall increase of 443% over the years.

What is the land classification for Periyar Nagar (Padikuppam)?

The land classification for Periyar Nagar (Padikuppam) is Residential Class V Type - II.

How is stamp duty calculated for properties in Padi?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, a property valued at Rs 22,00,000 would incur a stamp duty of Rs 1,54,000 at 7%.

Where can I find the Sub Registrar Office for Periyar Nagar (Padikuppam)?

The Sub Registrar Office for Periyar Nagar (Padikuppam) is located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037. You can find more information by visiting the provided link.