Guideline Value for PERUMAL NAGAR

Perumal Nagar guideline value

The current guideline value of Perumal Nagar, located in Korattur village under the Villivakkam SRO, is Rs 1,600 per sq.ft. This value is effective from 1 July 2024 and falls under the Residential Class III Type - III land classification.

How the guideline value of Perumal Nagar has changed

The guideline value for Perumal Nagar has seen several revisions over the years. Starting from the 2002 revision, the value was Rs 126 per sq.ft. This increased to Rs 250 per sq.ft in 2007, marking a significant rise of 98%. The value then jumped to Rs 1,500 per sq.ft in 2012, reflecting a 500% increase from the previous revision. However, in 2017, it decreased to Rs 1,005 per sq.ft, which was a decline of 33%. The value rose again to Rs 1,500 per sq.ft in 2023, and most recently, it has increased to Rs 1,600 per sq.ft in 2024, a change of 7%.

It is important to note that there is no figure available for the year 2003 in the register for this street. Overall, from 2002 to 2024, the guideline value has increased by 1170%, reflecting the fluctuations in property values in the area.

Guideline values in Korattur

In Korattur, there are 617 streets under the Villivakkam SRO, with 2024 guideline values ranging from Rs 1,100 to Rs 8,200 per sq.ft. The median value for these streets is Rs 2,500 per sq.ft, indicating that Perumal Nagar's 2024 figure of Rs 1,600 per sq.ft is below this median.

• Perumal Koil Street (Madhanakuppam): Rs 1,300 per sq.ft (2024)
• PERUMAL KOIL STREET (AGRAHARAM) 2nd STREET: Rs 2,500 per sq.ft (2024)
• PERUMAL KOIL STREET (AGRAHARAM) 1st STREET: Rs 2,500 per sq.ft (2024)
• Perumal Koil Street (Agraharam): Rs 2,500 per sq.ft (2024)
• Perumal Koil Street: Rs 1,600 per sq.ft (2024)
• Pillaiyar Koil Street: Rs 2,100 per sq.ft (2024)

Stamp duty and registration fee for property in Perumal Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 1,600 per sq.ft, the total guideline value would be Rs 16,00,000. The stamp duty at 7% would amount to Rs 1,12,000, and the registration fee at 2% would be Rs 32,000. Together, the total cost for these fees would be Rs 1,44,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can calculate your fees using the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Perumal Nagar?

The Sub Registrar Office that covers Perumal Nagar is the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037 (Near By Nolambur Eb Office). You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process of property transactions in Korattur. It serves as a benchmark for determining the minimum value at which a property can be registered. When a buyer purchases a property, the registration office uses this value to calculate the applicable stamp duty and registration fees.

Additionally, the guideline value ensures transparency in property transactions, helping to prevent undervaluation. Buyers and sellers must be aware of the current guideline value to ensure compliance with the regulations set by the registration authorities.

Frequently asked questions

What is the current guideline value of Perumal Nagar?

The current guideline value of Perumal Nagar is Rs 1,600 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 126 per sq.ft in 2002 to Rs 1,600 per sq.ft in 2024, with various fluctuations in between.

What is the land classification for Perumal Nagar?

Perumal Nagar falls under the Residential Class III Type - III land classification.

Where can I find the Sub Registrar Office for Perumal Nagar?

The Sub Registrar Office for Perumal Nagar is the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037.

How is stamp duty calculated in Perumal Nagar?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, for a property valued at Rs 16,00,000, the stamp duty would be Rs 1,12,000 at a rate of 7%.