Guideline Value for PERIYAR NAGAR EXTN MAIN ROAD

Periyar Nagar Extn Main Road guideline value

The current guideline value of Periyar Nagar Extn Main Road is Rs 1,870 per sq.ft, effective from 1 July 2024. This road is located in Medavakkam village, under the Chennai South Joint I SRO, and is classified as Residential Class III Type - I.

How the guideline value of Periyar Nagar Extn Main Road has changed

The guideline value for Periyar Nagar Extn Main Road has seen several revisions over the years. Starting from the 2012 revision, the value was Rs 1,700 per sq.ft. This figure remained until the 2017 revision, where it dropped to Rs 1,139 per sq.ft, marking a decrease of 33%. Following this, the value increased significantly to Rs 1,700 per sq.ft in 2023, and then further rose to Rs 1,870 per sq.ft in the 2024 revision, reflecting a 10% increase from the previous year. Notably, the register has no figures for the years 2002, 2003, and 2007.

When we look at the overall changes from 2012 to 2024, the guideline value has increased by 10%, moving from Rs 1,700 per sq.ft in 2012 to Rs 1,870 per sq.ft in 2024. The most significant jump occurred between 2017 and 2023, where the value rose by 49%, highlighting the fluctuations in the guideline value over the years.

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, positioning Periyar Nagar Extn Main Road's 2024 figure below this median.

• Periyar Nagar Gandhi Street: Rs 1,870 per sq.ft (2024)
• Periyar Nagar Pandiyan Street: Rs 1,870 per sq.ft (2024)
• Periyar Nagar Dr. Ramadas Street: Rs 1,870 per sq.ft (2024)
• Periyar Nagar Dharmaboopathy Street: Rs 1,870 per sq.ft (2024)
• Periyar Nagar Cholan 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 Extn Main Road

For a 1,000 sq.ft plot at the current guideline value of Rs 1,870 per sq.ft, the total guideline value amounts to Rs 18,70,000. The stamp duty, charged at 7%, would be Rs 1,30,900, while the registration fee at 2% would be Rs 37,400, bringing the total to 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 details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Periyar Nagar Extn Main Road?

The Sub Registrar Office that covers Periyar Nagar Extn Main Road 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 further assistance.

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

The guideline value plays a crucial role during the registration process of property transactions in Medavakkam. It serves as a benchmark for determining the minimum value at which properties can be registered, ensuring that the transaction reflects a fair value for tax purposes.

When buying or selling property, the guideline value is used to calculate the stamp duty and registration fees, which are mandatory costs associated with property transactions. Buyers should be aware that these fees are based on the higher of the guideline value or the sale price, which can influence the total cost of the transaction.

Frequently asked questions

What is the current guideline value of Periyar Nagar Extn Main Road?

The current guideline value of Periyar Nagar Extn Main Road 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 Extn Main Road?

Periyar Nagar Extn Main Road is classified as Residential Class III Type - I.

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

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

How are stamp duty and registration fees calculated?

Stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. For example, for a 1,000 sq.ft plot at the current guideline value, the total fees amount to Rs 1,68,300.