Guideline Value for PERIYAR NAGAR GANDHI STREET

Periyar Nagar Gandhi Street guideline value

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

The guideline value for Periyar Nagar Gandhi 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 value increased significantly to Rs 1,700 per sq.ft in 2023, and most recently to Rs 1,870 per sq.ft in the 2024 revision, reflecting a 10% increase from the previous year.

Overall, from the 2012 revision to the 2024 revision, the guideline value has increased by 10%. The changes between the revisions show a 49% increase from 2017 to 2023 and a 33% decrease from 2012 to 2017. The register has no figures for the years 2002, 2003, and 2007 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 Gandhi Street is below this median.

• Periyar Nagar Extn Main Road: 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 Gandhi Street

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 at 7% would be Rs 1,30,900, and 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.

You can use our stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Periyar Nagar Gandhi Street?

The Sub Registrar Office that covers Periyar Nagar Gandhi 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 factor in the registration process when buying or selling property in Medavakkam. It determines the amount of stamp duty and registration fees that need to be paid, ensuring that the transaction is officially recorded with the appropriate authorities.

When a property is sold, the guideline value is used as a baseline for calculating these fees. If the sale price is higher than the guideline value, the stamp duty will be calculated based on the sale price instead.

Frequently asked questions

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

The current guideline value of Periyar Nagar Gandhi 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 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 Gandhi Street?

The land classification for Periyar Nagar Gandhi 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 Gandhi 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 this area?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 18,70,000, the stamp duty at 7% would be Rs 1,30,900.