Guideline Value for PERIYIAR SALAI

Periyiar Salai guideline value

The current guideline value of Periyiar Salai is Rs 3,300 per sq.ft, effective from 1 July 2024. This street is located in Palavakkam village and falls under the Neelankarai SRO. The land classification for this area is Residential Class II Type - II.

How the guideline value of Periyiar Salai has changed

Over the years, the guideline value of Periyiar Salai has seen several revisions. The 2012 revision set the value at Rs 3,000 per sq.ft, which later dropped to Rs 2,010 per sq.ft in the 2017 revision. However, from 2017 to 2023, the value increased significantly to Rs 3,000 per sq.ft, marking a 49% rise. The most recent 2024 revision has further raised the guideline value to Rs 3,300 per sq.ft, reflecting a 10% increase from the previous year.

It is important to note that there are no recorded figures for the years 2002, 2003, and 2007 for this street. Overall, from 2012 to 2024, the guideline value has seen a modest increase of 10%.

Guideline values in Palavakkam

In Palavakkam, there are 349 streets under the Neelankarai SRO that have a 2024 guideline value ranging from Rs 1,000 to Rs 8,800 per sq.ft. The median guideline value for these streets is Rs 3,300 per sq.ft, which aligns with the current value for Periyiar Salai.

• Paul Raj Nagar (Balaji Nagar): Rs 2,200 per sq.ft (2024)
• P.K.S.Garden: Rs 1,700 per sq.ft (2024)
• Pasumpon Street: Rs 1,700 per sq.ft (2024)
• Poonga 1st Street: Rs 1,700 per sq.ft (2024)
• Poonga 2nd Street: Rs 1,700 per sq.ft (2024)
• Poonga 3nd Street: Rs 1,700 per sq.ft (2024)

Stamp duty and registration fee for property in Periyiar Salai

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value is Rs 33,00,000. The stamp duty at 7% would amount to Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, making the total cost Rs 2,97,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Periyiar Salai?

The Sub Registrar Office that covers Periyiar Salai is the Neelankarai Sub Registrar Office, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Palavakkam. It serves as a benchmark for calculating the stamp duty and registration fees, ensuring that these costs are based on a standardized value set by the authorities.

When a property transaction occurs, the guideline value is referenced to determine the applicable fees. Buyers and sellers should be aware that the fees are charged based on the higher of the guideline value or the sale price, ensuring transparency in property transactions.

Frequently asked questions

What is the current guideline value of Periyiar Salai?

The current guideline value of Periyiar Salai is Rs 3,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 3,000 per sq.ft in 2023 to Rs 3,300 per sq.ft in 2024. It was Rs 2,010 per sq.ft in 2017 and Rs 3,000 per sq.ft in 2012.

What is the land classification for Periyiar Salai?

The land classification for Periyiar Salai is Residential Class II Type - II, indicating its designation for residential use.

Where can I find the Neelankarai Sub Registrar Office?

The Neelankarai Sub Registrar Office is located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone.

How is stamp duty calculated for properties in Periyiar Salai?

Stamp duty is 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 stamp duty would amount to Rs 2,31,000.