Guideline Value for PERIYAR NAGAR

Periyar Nagar guideline value

The current guideline value of Periyar Nagar is Rs 1,870 per sq.ft, effective from 1 July 2024. This area is located in Medavakkam village and falls under the Chennai South Joint I SRO. The land classification for this street is Residential Class III Type - I.

How the guideline value of Periyar Nagar has changed

The guideline value for Periyar Nagar has seen several revisions over the years. In 2002, the guideline value was Rs 110 per sq.ft. This increased to Rs 128 per sq.ft in 2003, marking a change of +16%. The value then surged significantly to Rs 900 per sq.ft in 2007, reflecting an increase of +603%. Following this, the value was revised to Rs 1,700 per sq.ft in 2012, which represented a decrease of -33%. In 2017, the guideline value rose to Rs 1,139 per sq.ft, and then further increased to Rs 1,700 per sq.ft in 2023, marking a +49% change. The most recent revision in 2024 set the value at Rs 1,870 per sq.ft, which is a +10% increase from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by +1600%. There are no figures available for years other than those listed above in the register for this street.

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, with a median value of Rs 2,200 per sq.ft. The guideline value for Periyar Nagar is below this median.

• Periyar Nagar 1st Street: Rs 1,870 per sq.ft (2024)
• Periyar Nagar 2nd Street: Rs 1,870 per sq.ft (2024)
• Periyar Nagar 3rd Street: Rs 1,870 per sq.ft (2024)
• Periyar Nagar 4th Street: Rs 1,870 per sq.ft (2024)
• Periyar Nagar 5th Street: Rs 1,870 per sq.ft (2024)
• Periyar Nagar 6th Street: Rs 1,870 per sq.ft (2024)

Stamp duty and registration fee for property in Periyar Nagar

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 at 7% would be Rs 1,30,900, and the registration fee at 2% would be Rs 37,400, bringing the total charges 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?

The Sub Registrar Office that covers Periyar Nagar 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 crucial factor when registering property transactions in Medavakkam. It serves as a benchmark for calculating stamp duty and registration fees, ensuring that these costs are based on a standardized value set by the government.

When buying or selling property, the guideline value helps both parties understand the minimum value at which the property should be registered. This ensures transparency and compliance with local regulations during the transaction process.

Frequently asked questions

What is the current guideline value of Periyar Nagar?

The current guideline value of Periyar Nagar is Rs 1,870 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value for Periyar Nagar has changed from Rs 110 per sq.ft in 2002 to Rs 1,870 per sq.ft in 2024, reflecting an overall increase of +1600% over this period.

What is the registration office for Periyar Nagar?

The registration office for Periyar Nagar 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 property in Periyar Nagar?

Stamp duty for property in Periyar Nagar is calculated based on the guideline value or the sale price, whichever is higher. For example, a 1,000 sq.ft plot at the current rate would incur a total stamp duty of Rs 1,30,900.

What other streets have the same guideline value in Medavakkam?

Other streets in Medavakkam that share the same guideline value of Rs 1,870 per sq.ft include Periyar Nagar 1st Street, 2nd Street, 3rd Street, 4th Street, 5th Street, and 6th Street.