Guideline Value for PERIYAR NAGAR 4TH STREET

Periyar Nagar 4th Street guideline value

The current guideline value of Periyar Nagar 4th Street is Rs 1,870 per sq.ft, effective from 1 July 2024. This street is located in Medavakkam village and falls under the Chennai South Joint I SRO with a land classification of Residential Class III Type - I.

How the guideline value of Periyar Nagar 4th Street has changed

The guideline value for Periyar Nagar 4th Street has undergone several revisions over the years. The 2012 revision set the value at Rs 1,700 per sq.ft, which was then reduced to Rs 1,139 per sq.ft in the 2017 revision. Following this, the 2023 revision increased the value to Rs 1,700 per sq.ft, and the most recent 2024 revision has raised it to Rs 1,870 per sq.ft. The register has no figures for the years 2002, 2003, and 2007 for this street.

From 2012 to 2017, there was a decrease of 33%. However, the guideline value saw significant increases thereafter, with a rise of 49% from 2017 to 2023. The change from 2023 to 2024 reflects a 10% increase. Overall, from 2012 to 2024, the guideline value has increased by 10%.

Guideline values in Medavakkam

In Medavakkam, there are 379 streets under the Chennai South Joint I SRO that carry 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 for Periyar Nagar 4th Street is below this median.

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

For a 1,000 sq.ft plot at the current guideline value, the total 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. Duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Periyar Nagar 4th Street?

The Sub Registrar Office covering Periyar Nagar 4th 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 is a crucial factor in property transactions in Medavakkam, as it determines the minimum value at which a property can be registered. Buyers and sellers must consider this value when negotiating sale prices, as the registration fees and stamp duties are calculated based on the guideline value or the sale price, whichever is higher.

When a property is sold, the buyer must pay the stamp duty and registration fees based on the guideline value. This ensures that all transactions are in compliance with the regulations set forth by the local authorities, making it important for both parties to be aware of the current guideline value.

Frequently asked questions

What is the current guideline value of Periyar Nagar 4th Street?

The current guideline value of Periyar Nagar 4th 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 is the land classification for Periyar Nagar 4th Street?

Periyar Nagar 4th Street is classified as Residential Class III Type - I.

Where can I find the Sub Registrar Office for Periyar Nagar 4th Street?

The Sub Registrar Office for Periyar Nagar 4th 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.

How is stamp duty calculated for properties in Periyar Nagar 4th Street?

Stamp duty for properties in Periyar Nagar 4th Street is calculated based on the higher of the guideline value or the sale price. For example, for a property valued at Rs 18,70,000, the stamp duty at 7% would be Rs 1,30,900.