Guideline Value for Periyar Nagar (Ward-20)

Periyar Nagar (Ward-20) guideline value

The current guideline value of Periyar Nagar (Ward-20) is Rs 1,600 per sq.ft, effective from 1 July 2024. This area is located in Madhavaram village under the Madhavaram SRO, classified as Residential Class II Type - I.

How the guideline value of Periyar Nagar (Ward-20) has changed

In the 2012 revision, the guideline value was set at Rs 1,500 per sq.ft. This figure remained until the 2017 revision, which saw a significant decrease to Rs 1,005 per sq.ft. Following this, the value increased to Rs 1,500 per sq.ft in the 2023 revision, and further rose to Rs 1,600 per sq.ft in the 2024 revision, marking a 7% increase from the previous year.

From the 2017 revision to the 2023 revision, there was a notable increase of 49%. Overall, from 2012 to 2024, the guideline value has increased by 7%. The register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Madhavaram

In Madhavaram village, there are 1,946 streets under the Madhavaram SRO, with the 2024 guideline values ranging from Rs 1,300 to Rs 7,500 per sq.ft. The median value is Rs 1,600 per sq.ft, which is equal to the current guideline value of Periyar Nagar (Ward-20).

• Periyar Nagar (Ward-29): Rs 1,600 per sq.ft (2024)
• Periyasalai 1st Cross St (Ward-22): Rs 1,600 per sq.ft (2024)
• Periyasalai 2nd Cross St (Ward-22): Rs 1,600 per sq.ft (2024)
• Periya Salai 3rd Cross St (Ward-22): Rs 1,600 per sq.ft (2024)
• Periya Salai 4th Cross St (Ward-22): Rs 1,600 per sq.ft (2024)
• Periya Salai (Ponniamman Medu): Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Periyar Nagar (Ward-20)

For a 1,000 sq.ft plot at the current rate, the guideline value is 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, together totaling Rs 1,44,000. Duty is charged on the guideline value or the sale price, whichever is higher. You can also use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Periyar Nagar (Ward-20)?

The Sub Registrar Office that covers Periyar Nagar (Ward-20) 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 critical factor in the registration process when buying or selling property in Madhavaram. It serves as a benchmark for calculating stamp duty and registration fees, ensuring that the transaction is recorded accurately according to the prevailing rates.

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

Frequently asked questions

What is the current guideline value of Periyar Nagar (Ward-20)?

The current guideline value of Periyar Nagar (Ward-20) 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 1,500 per sq.ft in 2012 to Rs 1,005 per sq.ft in 2017, then increased to Rs 1,500 per sq.ft in 2023, and finally to Rs 1,600 per sq.ft in 2024.

What is the land classification of Periyar Nagar?

Periyar Nagar is classified as Residential Class II Type - I, which indicates its suitability for residential development.

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 in Periyar Nagar?

Stamp duty in Periyar Nagar is calculated based on the higher of the guideline value or the sale price of the property. The current rate is 7% for stamp duty and 2% for registration fees.