Guideline Value for Periyar Avenue

Periyar Avenue guideline value

The current guideline value of Periyar Avenue is Rs 1,600 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 II Type - I.

How the guideline value of Periyar Avenue has changed

The guideline value for Periyar Avenue has undergone several revisions over the years. The earliest recorded revision is from 2017, where the value was Rs 1,005 per sq.ft. This increased to Rs 1,500 per sq.ft in 2023, marking a significant rise of 49%. The most recent revision in 2024 saw the guideline value further increase to Rs 1,600 per sq.ft, reflecting a 7% increase from the previous year. There are no figures available for the revisions in 2002, 2003, 2007, and 2012 for this street.

Overall, from the 2017 revision to the 2024 revision, the guideline value has increased by 59%. The current value aligns with the median guideline value of Rs 1,600 per sq.ft for streets in Madhavaram as of 2024.

Guideline values in Madhavaram

In Madhavaram, there are 1,946 streets under the Madhavaram SRO that have a guideline value for 2024, ranging from Rs 1,300 to Rs 7,500 per sq.ft. Periyar Avenue's guideline value of Rs 1,600 per sq.ft is equal to the median value for the area. Below are the guideline values for other streets in Madhavaram:

• Periyar Nagar: Rs 1,600 per sq.ft (2024)
• Periasamy st ( Ward No.10 ): Rs 1,300 per sq.ft (2024)
• Peria Salai 4th Street (Ward 22): Rs 1,300 per sq.ft (2024)
• Peria Salai 3rd Street (Ware 22): Rs 1,300 per sq.ft (2024)
• Peria Salai 2nd Street (Ward 22): Rs 1,300 per sq.ft (2024)
• Peria Salai 1st Street (Ward 22): Rs 1,300 per sq.ft (2024)

Stamp duty and registration fee for property in Periyar Avenue

For a 1,000 sq.ft plot at the current rate of Rs 1,600 per sq.ft, the guideline value amounts to Rs 16,00,000. The stamp duty at 7% would be Rs 1,12,000, and the registration fee at 2% would be Rs 32,000, totaling 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 Periyar Avenue?

The Sub Registrar Office covering Periyar Avenue is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for more information.

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

The guideline value is a crucial factor in property transactions in Madhavaram. It determines the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue from property transactions. Buyers and sellers must consider this value when negotiating sale prices, as the registration fees and stamp duties are calculated based on the guideline value or the sale price, whichever is higher.

When a property is sold, the buyer must pay the stamp duty and registration fees based on the guideline value. This ensures that the transaction is recorded in a transparent manner, reflecting the official value of the property as per the government’s records.

Frequently asked questions

What is the current guideline value of Periyar Avenue?

The current guideline value of Periyar Avenue 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 from Rs 1,005 per sq.ft in 2017 to Rs 1,600 per sq.ft in 2024, reflecting an overall increase of 59% over this period.

What is the land classification for Periyar Avenue?

Periyar Avenue is classified as Residential Class II Type - I.

What are the stamp duty and registration fees for property transactions?

Stamp duty is charged at 7% of the guideline value, while the registration fee is charged at 2%. These fees are calculated based on the higher of the guideline value or the sale price.

Where is the Sub Registrar Office for Periyar Avenue located?

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