Guideline Value for Peria Salai 3rd Street (Ware 22)

Peria Salai 3rd Street (Ware 22) guideline value

The current guideline value of Peria Salai 3rd Street (Ware 22) is Rs 1,300 per sq.ft, effective from 1 July 2024. This street is located in Madhavaram village, under the Madhavaram SRO, and is classified as Residential Class III Type - I.

How the guideline value of Peria Salai 3rd Street (Ware 22) has changed

The guideline value for Peria Salai 3rd Street has undergone several revisions over the years. The earliest available figure is from 2012, where the guideline value was Rs 1,200 per sq.ft. This was followed by a decrease to Rs 804 per sq.ft in 2017. The value then increased significantly to Rs 1,200 per sq.ft in 2023, and finally to Rs 1,300 per sq.ft in the 2024 revision, marking an increase of 8% from the previous year.

From 2017 to 2023, the value rose by 49%. Overall, from the 2012 figure to the current 2024 figure, there has been a net increase of 8%. The guideline value register does not contain figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Madhavaram

In Madhavaram, there are 1,946 streets under the Madhavaram SRO carrying a 2024 guideline value ranging from Rs 1,300 to Rs 7,500 per sq.ft, with a median value of Rs 1,600 per sq.ft. The guideline value for Peria Salai 3rd Street is below this median.

• Peria Salai 2nd Street (Ward 22): Rs 1,300 per sq.ft (2024)
• Peria Salai 4th Street (Ward 22): Rs 1,300 per sq.ft (2024)
• Peria Salai 1st Street (Ward 22): Rs 1,300 per sq.ft (2024)
• Periasamy st (Ward No.10): Rs 1,300 per sq.ft (2024)
• Periyar Avenue: Rs 1,600 per sq.ft (2024)
• Periyar Nagar: Rs 1,600 per sq.ft (2024)

Stamp duty and registration fee for property in Peria Salai 3rd Street (Ware 22)

For a 1,000 sq.ft plot at the current guideline value of Rs 1,300 per sq.ft, the total guideline value would be Rs 13,00,000. The stamp duty at 7% would amount to Rs 91,000, and the registration fee at 2% would be Rs 26,000, bringing the total to Rs 1,17,000. It is important to note that duty is charged on the higher of the guideline value and the sale price.

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

Which Sub Registrar Office covers Peria Salai 3rd Street (Ware 22)?

The Sub Registrar Office that covers Peria Salai 3rd Street (Ware 22) is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. To find your SRO, you can visit find your SRO.

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

The guideline value is a crucial factor during the registration process when buying or selling property in Madhavaram. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees.

When a property is sold, the guideline value is compared to the sale price, and the higher of the two is used to calculate the applicable stamp duty and registration fees. This ensures that the transaction is recorded accurately and that both the buyer and seller are aware of their financial obligations.

Frequently asked questions

What is the current guideline value of Peria Salai 3rd Street (Ware 22)?

The current guideline value of Peria Salai 3rd Street (Ware 22) is Rs 1,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,200 per sq.ft in 2012 to Rs 804 per sq.ft in 2017, then to Rs 1,200 per sq.ft in 2023, and finally to Rs 1,300 per sq.ft in 2024.

What is the land classification for Peria Salai 3rd Street (Ware 22)?

Peria Salai 3rd Street (Ware 22) is classified as Residential Class III Type - I.

Where can I find the Madhavaram Sub Registrar Office?

The Madhavaram Sub Registrar Office is located at No.7, Roja Nagar, Madhavaram, Chennai-600060.

How is stamp duty calculated for properties in Madhavaram?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, a property valued at Rs 13,00,000 would incur a stamp duty of Rs 91,000 at a rate of 7%.