Guideline Value for PERIYAR NAGAR 2ND STREET

Periyar Nagar 2nd Street guideline value

The current guideline value of Periyar Nagar 2nd Street is Rs 1,870 per sq.ft. This street is located in Medavakkam village and falls under the Chennai South Joint I SRO. The land classification for this area is Residential Class III Type - I.

How the guideline value of Periyar Nagar 2nd Street has changed

The guideline value for Periyar Nagar 2nd Street has seen several revisions over the years. The 2012 revision set the value at Rs 1,700 per sq.ft, which was then followed by a decrease to Rs 1,139 per sq.ft in the 2017 revision. However, the value rebounded significantly to Rs 1,700 per sq.ft in the 2023 revision, before reaching the current figure of Rs 1,870 per sq.ft in the 2024 revision, marking a 10% increase from the previous year.

In summary, from 2012 to 2017, the guideline value decreased by 33%. From 2017 to 2023, it increased by 49%. Overall, from 2012 to 2024, there has been a 10% increase in the guideline value for this street.

Guideline values in Medavakkam

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

• Periyar Nagar 3rd Street: Rs 1,870 per sq.ft (2024)
• Periyar Nagar 4th Street: Rs 1,870 per sq.ft (2024)
• Periyar Nagar 1st Street: 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)
• Periyar Nagar 7th Street: Rs 1,870 per sq.ft (2024)

Stamp duty and registration fee for property in Periyar Nagar 2nd Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,870 per sq.ft, the total guideline value would be Rs 18,70,000. The stamp duty at 7% would amount to Rs 1,30,900, while the registration fee at 2% would be Rs 37,400. Together, the total cost for stamp duty and registration would be Rs 1,68,300. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Periyar Nagar 2nd Street?

The Sub Registrar Office that covers Periyar Nagar 2nd 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.

For more information, you can find your SRO.

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

The guideline value is a crucial factor when registering a property in Medavakkam. It serves as a benchmark for the minimum value at which properties can be registered, ensuring that the government receives appropriate stamp duty and registration fees based on this value.

When a buyer or seller engages in a property transaction, the guideline value helps determine the applicable fees and taxes. It is essential to be aware of the current guideline value to ensure compliance with legal requirements during the registration process.

Frequently asked questions

What is the current guideline value of Periyar Nagar 2nd Street?

The current guideline value of Periyar Nagar 2nd 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 several times, with the most recent increase being from Rs 1,700 per sq.ft in 2023 to Rs 1,870 per sq.ft in 2024, a 10% increase. The value has also seen fluctuations from Rs 1,139 per sq.ft in 2017 to Rs 1,700 per sq.ft in 2023.

What is the land classification for Periyar Nagar 2nd Street?

The land classification for Periyar Nagar 2nd Street is Residential Class III Type - I, indicating its suitability for residential purposes.

Where can I find the Sub Registrar Office for this area?

The Sub Registrar Office covering Periyar Nagar 2nd Street is located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035.

How is stamp duty calculated for properties in Medavakkam?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 18,70,000, the stamp duty would be 7% of this amount, along with a registration fee of 2%.