Guideline Value for PERUMAL KOIL 1ST CROSS & 2ND CROSS

Perumal Koil 1st Cross & 2nd Cross guideline value

The current guideline value for Perumal Koil 1st Cross & 2nd Cross is Rs 1,650 per sq.ft, effective from 1 July 2024. This area is located in Perumalagaram village and falls under the Chennai South Joint II SRO. The land classification for this street is Residential Class III Type - I.

How the guideline value of Perumal Koil 1st Cross & 2nd Cross has changed

Over the years, the guideline value for Perumal Koil 1st Cross & 2nd Cross has seen several revisions. The 2012 revision set the value at Rs 1,500 per sq.ft, which was a decrease of 33% from the Rs 1,005 per sq.ft recorded in the 2017 revision. The value remained at Rs 1,500 per sq.ft until the 2023 revision, which increased it to Rs 1,650 per sq.ft, marking a 10% increase. Overall, from 2012 to 2024, the guideline value has increased by 10%.

It is important to note that there are no figures available for the revisions in 2002, 2003, and 2007 for this street. The 2023 revision saw a significant increase of 49% from the 2017 figure, reflecting a notable change in the guideline value.

Guideline values in Perumalagaram

In Perumalagaram, there are 74 streets under the Chennai South Joint II SRO that carry a 2024 guideline value ranging from Rs 825 to Rs 7,920 per sq.ft. The median guideline value for these streets is Rs 3,190 per sq.ft, indicating that the guideline value for Perumal Koil 1st Cross & 2nd Cross is below this median.

• Perumalargaram Rajan Kuppam Cross Street: Rs 825 per sq.ft (2024)
• Perumalagaram Rajan Kuppam Road: Rs 825 per sq.ft (2024)
• Perumalagaram Atrangarai Street: Rs 825 per sq.ft (2024)
• Perumal Koil Street: Rs 1,650 per sq.ft (2024)
• Perumallagaram Mayana Road: Rs 825 per sq.ft (2024)
• Perumal Street: Rs 3,190 per sq.ft (2024)

Stamp duty and registration fee for property in Perumal Koil 1st Cross & 2nd Cross

For a 1,000 sq.ft plot at the current guideline value of Rs 1,650 per sq.ft, the total guideline value would be Rs 16,50,000. The stamp duty at 7% would amount to Rs 1,15,500, and the registration fee at 2% would be Rs 33,000, bringing the total fees together to Rs 1,48,500. 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 Perumal Koil 1st Cross & 2nd Cross?

The Sub Registrar Office covering Perumal Koil 1st Cross & 2nd Cross is the Chennai South Joint II 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 Perumalagaram

The guideline value plays a crucial role in the registration process when buying or selling property in Perumalagaram. It determines the minimum value at which the property can be registered, ensuring that the transaction reflects a fair value as per the government’s assessment.

When a property is sold, the buyer must pay stamp duty and registration fees based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value for Perumal Koil 1st Cross & 2nd Cross?

The current guideline value for Perumal Koil 1st Cross & 2nd Cross is Rs 1,650 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,500 per sq.ft in 2012 to Rs 1,650 per sq.ft in 2024, with notable changes in between, including a 49% increase from 2017 to 2023.

What is the registration office for this area?

The registration office for Perumal Koil 1st Cross & 2nd Cross is the Chennai South Joint II Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035.

What are the stamp duty rates applicable?

The stamp duty applicable for property transactions in this area is 7% of the guideline value or sale price, whichever is higher.

How does the guideline value affect property transactions?

The guideline value is used to determine the minimum registration value for property transactions and is essential for calculating stamp duty and registration fees.