Guideline Value for PERIYAR STREET

Periyar Street guideline value

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

How the guideline value of Periyar Street has changed

The guideline value for Periyar Street has undergone several revisions over the years. In 2003, the value was Rs 90 per sq.ft, which increased significantly to Rs 300 per sq.ft in 2007. The value then saw a remarkable rise to Rs 1,700 per sq.ft in 2012, but it dropped to Rs 1,139 per sq.ft in 2017. The 2023 revision set the value at Rs 1,700 per sq.ft, and the most recent revision in 2024 has increased it to Rs 1,870 per sq.ft.

From 2017 to 2023, the guideline value increased by 49%, and the jump from 2023 to 2024 is noted at 10%. The 2012 to 2017 period saw a decrease of 33%, while the rise from 2007 to 2012 was a substantial 467%. The overall change from 2003 to 2024 reflects an increase of 1978%.

Guideline values in Medavakkam

In Medavakkam, there are 379 streets under the Chennai South Joint I SRO that carry a guideline value for 2024, ranging from Rs 1,540 to Rs 7,500 per sq.ft, with a median value of Rs 2,200 per sq.ft. Periyar Street's 2024 guideline value is below this median.

• Periyar Nagar Venkatraman Street: Rs 1,870 per sq.ft (2024)
• Perumal Koil 1st Street: Rs 2,200 per sq.ft (2024)
• Perumal Koil 2nd Street: Rs 2,200 per sq.ft (2024)
• Periyar Nagar Pandiyan Street: Rs 1,870 per sq.ft (2024)
• Periyar Nagar Gandhi Street: Rs 1,870 per sq.ft (2024)
• Periyar Nagar Extn Main Road: Rs 1,870 per sq.ft (2024)

Stamp duty and registration fee for property in Periyar 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, leading to a total of Rs 1,68,300. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

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

Which Sub Registrar Office covers Periyar Street?

The Sub Registrar Office that covers Periyar 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 crucial factor 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 compliance with the legal requirements set by the state.

When buying or selling property, the guideline value helps in calculating the applicable stamp duty and registration fees. This ensures that both buyers and sellers are aware of the costs involved in the transaction, based on the established guideline value.

Frequently asked questions

What is the current guideline value of Periyar Street?

The current guideline value of Periyar 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 90 per sq.ft in 2003 to Rs 1,870 per sq.ft in 2024, reflecting an overall increase of 1978% over the years.

What is the median guideline value in Medavakkam?

The median guideline value in Medavakkam is Rs 2,200 per sq.ft for the year 2024, which is higher than the current value of Periyar Street.

What are the stamp duty and registration fees for properties in Periyar Street?

For a property valued at Rs 18,70,000, the stamp duty would be Rs 1,30,900 and the registration fee would be Rs 37,400, totaling Rs 1,68,300.

Which office handles registrations for Periyar Street?

The Chennai South Joint I Sub Registrar Office handles registrations for Periyar Street, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035.