Guideline Value for PERIYAR NAGAR CHOLAN STREET

Periyar Nagar Cholan Street guideline value

The current guideline value of Periyar Nagar Cholan 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 Cholan Street has changed

The guideline value for Periyar Nagar Cholan Street has seen several revisions over the years. The 2012 revision set the value at Rs 1,700 per sq.ft. This was followed by a decrease to Rs 1,139 per sq.ft in the 2017 revision, reflecting a drop of 33%. However, from 2017 to 2023, the value increased significantly to Rs 1,700 per sq.ft, marking a rise of 49%. The most recent revision in 2024 raised the value to Rs 1,870 per sq.ft, which is an increase of 10% from the previous year.

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

Guideline values in Medavakkam

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

• Periyar Nagar Cheran Street: Rs 1,870 per sq.ft (2024)
• Periyar Nagar Dharmaboopathy Street: Rs 1,870 per sq.ft (2024)
• Periyar Nagar Dr. Ramadas Street: Rs 1,870 per sq.ft (2024)
• Periyar Nagar 7th Street: Rs 1,870 per sq.ft (2024)
• Periyar Nagar 6th Street: Rs 1,870 per sq.ft (2024)
• Periyar Nagar 5th Street: Rs 1,870 per sq.ft (2024)

Stamp duty and registration fee for property in Periyar Nagar Cholan 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, charged at 7%, would amount to Rs 1,30,900, while the registration fee at 2% would be Rs 37,400. Together, these fees would total 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 also use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Periyar Nagar Cholan Street?

The Sub Registrar Office that covers Periyar Nagar Cholan 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 plays a crucial role in property transactions in Medavakkam. It serves as a benchmark for determining the minimum value of a property for registration purposes. When buying or selling property, the guideline value is used to calculate the stamp duty and registration fees that need to be paid.

It is essential for buyers and sellers to be aware of the guideline value as it can impact the overall cost of the transaction. Ensuring that the sale price is aligned with the guideline value can help avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Periyar Nagar Cholan Street?

The current guideline value of Periyar Nagar Cholan 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 median guideline value in Medavakkam?

The median guideline value in Medavakkam is Rs 2,200 per sq.ft, which is higher than the current value of Periyar Nagar Cholan Street.

What are the stamp duty rates for properties in Periyar Nagar Cholan Street?

The stamp duty rate for properties in Periyar Nagar Cholan Street is 7%, while the registration fee is 2% of the guideline value or sale price, whichever is higher.

Where is the Sub Registrar Office for Periyar Nagar Cholan Street located?

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