Guideline Value for PERIYAR NAGAR MAIN ROAD

Periyar Nagar Main Road guideline value

The current guideline value of Periyar Nagar Main Road is Rs 2,200 per sq.ft, effective from 1 July 2024. This road is located in Pallikaranai village and falls under the Chennai South Joint I SRO. The land classification for this area is Residential Class II Type - I.

How the guideline value of Periyar Nagar Main Road has changed

The guideline value for Periyar Nagar Main Road has seen several revisions over the years. In 2002, the value was Rs 122 per sq.ft, which increased to Rs 144 per sq.ft in 2003, marking an 18% rise. The value then rose significantly to Rs 400 per sq.ft in 2007, a change of 178%. By 2012, the guideline value decreased to Rs 2,000 per sq.ft, reflecting a 400% increase from the previous revision. The 2017 revision saw a further decrease to Rs 1,340 per sq.ft, which was a 33% drop. The value then increased to Rs 2,000 per sq.ft in 2023, before reaching the current rate of Rs 2,200 per sq.ft in 2024, a 10% increase.

Overall, from 2002 to 2024, the guideline value has increased by 1,703%. The revisions have shown significant fluctuations, particularly between 2007 and 2012, and again from 2017 to 2023.

Guideline values in Pallikaranai

Pallikaranai village has a total of 749 streets under the Chennai South Joint I SRO that carry a 2024 guideline value, ranging from Rs 1,110 to Rs 8,580 per sq.ft. The median guideline value for these streets is Rs 1,650 per sq.ft, placing the 2024 value of Periyar Nagar Main Road above this median.

• Periyar Nagar Kannabiran St/Elango Adigalar Street: Rs 1,650 per sq.ft (2024)
• Periyar Nagar Extn.: Rs 2,200 per sq.ft (2024)
• Periyar Nagar 2nd Cross Street: Rs 1,320 per sq.ft (2024)
• Periyar Nagar 1st Cross Street: Rs 2,200 per sq.ft (2024)
• Periyar Nagar: Rs 2,200 per sq.ft (2024)
• Periya Mutharamman Nagar: Rs 1,320 per sq.ft (2024)

Stamp duty and registration fee for property in Periyar Nagar Main Road

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value amounts to Rs 22,00,000. The stamp duty is charged at 7%, which totals Rs 1,54,000, and the registration fee is 2%, amounting to Rs 44,000. Together, the total cost for stamp duty and registration fee would be Rs 1,98,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Periyar Nagar Main Road?

The Sub Registrar Office that covers Periyar Nagar 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 more details.

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

The guideline value is a crucial factor during the registration of property transactions in Pallikaranai. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is documented at a fair value.

When buying or selling property, the guideline value impacts the stamp duty and registration fees, which are calculated based on this value. Buyers should be aware that the duty is charged on the higher of the guideline value or the sale price, which can affect the overall cost of the transaction.

Frequently asked questions

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

The current guideline value of Periyar Nagar Main Road is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 122 per sq.ft in 2002 to Rs 2,200 per sq.ft in 2024, showing an overall increase of 1,703% over the years.

What is the registration office for Periyar Nagar Main Road?

The registration office for Periyar Nagar 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.

How is stamp duty calculated for properties in Pallikaranai?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, a property valued at Rs 22,00,000 would incur a stamp duty of Rs 1,54,000 at 7%.

What are the guideline values of other streets in Pallikaranai?

Other streets in Pallikaranai have varying guideline values. For instance, Periyar Nagar Kannabiran St has a value of Rs 1,650 per sq.ft, while Periyar Nagar Extn. and Periyar Nagar 1st Cross Street both have values of Rs 2,200 per sq.ft.