Guideline Value for PERIYAR NAGAR 1ST STREET

Periyar Nagar 1st Street guideline value

The current guideline value of Periyar Nagar 1st Street is Rs 1,870 per sq.ft, effective from 1 July 2024. This street is located in Medavakkam village under the Chennai South Joint I SRO and is classified as Residential Class III Type - I.

How the guideline value of Periyar Nagar 1st Street has changed

The guideline value for Periyar Nagar 1st Street has undergone several revisions over the years. In the 2012 revision, the value was Rs 1,700 per sq.ft. This was followed by a decrease to Rs 1,139 per sq.ft in the 2017 revision. However, from 2017 to 2023, the value increased significantly to Rs 1,700 per sq.ft, and then to Rs 1,870 per sq.ft in the 2024 revision, marking a 10% increase from the previous year.

Overall, from the 2012 revision to the 2024 revision, the guideline value has increased by 10%. Notably, there are no figures available for the years 2002, 2003, and 2007 in the register for this street.

Guideline values in Medavakkam

In Medavakkam, there are 379 streets under the Chennai South Joint I SRO that have a 2024 guideline value ranging from Rs 1,540 to Rs 7,500 per sq.ft, with a median value of Rs 2,200 per sq.ft. The guideline value of Periyar Nagar 1st Street is below this median.

• Periyar Nagar 2nd Street: Rs 1,870 per sq.ft (2024)
• Periyar Nagar 3rd Street: Rs 1,870 per sq.ft (2024)
• Periyar Nagar 4th Street: Rs 1,870 per sq.ft (2024)
• Periyar Nagar: Rs 1,870 per sq.ft (2024)
• Periyar Nagar 5th Street: Rs 1,870 per sq.ft (2024)
• Periyar Nagar 6th Street: Rs 1,870 per sq.ft (2024)

Stamp duty and registration fee for property in Periyar Nagar 1st Street

For a 1,000 sq.ft plot at the current rate of Rs 1,870 per sq.ft, the guideline value would be Rs 18,70,000. The stamp duty at 7% would amount to Rs 1,30,900, and the registration fee at 2% would be Rs 37,400, totaling Rs 1,68,300. It is important to note that the 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 Nagar 1st Street?

The Sub Registrar Office that covers Periyar Nagar 1st 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 Medavakkam

The guideline value plays a crucial role in the registration process when buying or selling property in Medavakkam. It serves as a benchmark for calculating stamp duty and registration fees, ensuring that these charges are based on a standardized value rather than fluctuating market prices.

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

Frequently asked questions

What is the current guideline value of Periyar Nagar 1st Street?

The current guideline value of Periyar Nagar 1st Street is Rs 1,870 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,700 per sq.ft in 2012 to Rs 1,139 per sq.ft in 2017, then increased to Rs 1,700 per sq.ft in 2023, and finally to Rs 1,870 per sq.ft in 2024.

What are the stamp duty and registration fees for properties in this area?

For a 1,000 sq.ft property at the current guideline value, the total stamp duty and registration fees would be Rs 1,68,300, based on the higher of the guideline value or sale price.

Which office handles registrations for Periyar Nagar 1st Street?

The Chennai South Joint I Sub Registrar Office handles registrations for Periyar Nagar 1st Street, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035.

What is the land classification for Periyar Nagar 1st Street?

Periyar Nagar 1st Street is classified as Residential Class III Type - I, indicating its suitability for residential development.