Guideline Value for PERIYAR NAGAR 6TH STREET

Periyar Nagar 6th Street guideline value

The current guideline value of Periyar Nagar 6th 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 6th Street has changed

The guideline value for Periyar Nagar 6th Street has seen 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. This was a decrease of 33%. The following revision in 2023 raised the value to Rs 1,700 per sq.ft, and the most recent 2024 revision increased it further to Rs 1,870 per sq.ft, marking a 10% increase from the previous year.

Overall, from the 2012 revision to the 2024 revision, the guideline value has increased by 10%. 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 6th Street is below this median.

• Periyar Nagar 5th Street: Rs 1,870 per sq.ft (2024)
• Periyar Nagar 7th Street: Rs 1,870 per sq.ft (2024)
• Periyar Nagar 4th Street: Rs 1,870 per sq.ft (2024)
• Periyar Nagar 3rd Street: Rs 1,870 per sq.ft (2024)
• Periyar Nagar Cheran Street: Rs 1,870 per sq.ft (2024)
• Periyar Nagar Cholan Street: Rs 1,870 per sq.ft (2024)

Stamp duty and registration fee for property in Periyar Nagar 6th Street

For a 1,000 sq.ft plot at the current rate 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. For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Periyar Nagar 6th Street?

The Sub Registrar Office that covers Periyar Nagar 6th 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 details.

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

The guideline value is an essential factor when registering a property in Medavakkam. It determines the minimum value on which stamp duty and registration fees are calculated, ensuring that the transaction is recorded accurately in the official register.

When buying or selling property, the guideline value serves as a benchmark for both parties. It is crucial to be aware of the current guideline value to ensure compliance with local regulations and to understand the financial implications of the transaction.

Frequently asked questions

What is the current guideline value of Periyar Nagar 6th Street?

The current guideline value of Periyar Nagar 6th 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 back to Rs 1,700 per sq.ft in 2023, and currently stands at Rs 1,870 per sq.ft in 2024.

What is the land classification for Periyar Nagar 6th Street?

The land classification for Periyar Nagar 6th Street is Residential Class III Type - I.

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

The Sub Registrar Office for Periyar Nagar 6th 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 the stamp duty calculated for properties in Periyar Nagar 6th Street?

The stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher, along with a registration fee of 2% of the guideline value.