Guideline Value for PERIYAR NAGAR 5TH STREET

Periyar Nagar 5th Street guideline value

The current guideline value of Periyar Nagar 5th 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. The land classification for this area is Residential Class III Type - I.

How the guideline value of Periyar Nagar 5th Street has changed

The guideline value for Periyar Nagar 5th Street has seen several revisions over the years. The 2012 revision set the value at Rs 1,700 per sq.ft, which was a decrease of 33% from Rs 1,139 per sq.ft in the 2017 revision. The 2023 revision increased the value to Rs 1,700 per sq.ft, and the latest 2024 revision has raised it further to Rs 1,870 per sq.ft, marking a 10% increase from the previous year.

Between 2012 and 2024, the overall change in the guideline value is an increase of 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 carry a 2024 guideline value, 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, which means that the guideline value of Rs 1,870 per sq.ft for Periyar Nagar 5th Street is below the median.

• Periyar Nagar 6th Street: Rs 1,870 per sq.ft (2024)
• Periyar Nagar 4th Street: Rs 1,870 per sq.ft (2024)
• Periyar Nagar 7th Street: Rs 1,870 per sq.ft (2024)
• Periyar Nagar 3rd Street: Rs 1,870 per sq.ft (2024)
• Periyar Nagar 2nd Street: Rs 1,870 per sq.ft (2024)
• Periyar Nagar Cheran Street: Rs 1,870 per sq.ft (2024)

Stamp duty and registration fee for property in Periyar Nagar 5th Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,870 per sq.ft, the guideline value amounts to Rs 18,70,000. The stamp duty at 7% would be 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 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 5th Street?

The Sub Registrar Office that covers Periyar Nagar 5th 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 critical component in the registration process when buying or selling property in Medavakkam. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the transaction.

When a property is sold, the registration office uses the guideline value to calculate the applicable fees, ensuring that both buyers and sellers are aware of the costs involved in the transaction. This value is essential for maintaining transparency in property dealings.

Frequently asked questions

What is the current guideline value of Periyar Nagar 5th Street?

The current guideline value of Periyar Nagar 5th 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 2023 to Rs 1,870 per sq.ft in 2024, which is a 10% increase. It was Rs 1,139 per sq.ft in 2017, and the value was Rs 1,700 per sq.ft in 2012.

What is the land classification for Periyar Nagar 5th Street?

The land classification for Periyar Nagar 5th Street is Residential Class III Type - I. This classification is important for understanding the permissible uses of the land.

What are the registration fees for a property in Periyar Nagar 5th Street?

For a property valued at Rs 18,70,000, the stamp duty would be Rs 1,30,900, and the registration fee would be Rs 37,400, totaling Rs 1,68,300. These fees are based on the guideline value.

Which Sub Registrar Office handles registrations for this area?

The Chennai South Joint I Sub Registrar Office handles registrations for Periyar Nagar 5th Street. It is located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035.