Guideline Value for Periyar Nagar (Ward-29)

Periyar Nagar (Ward-29) guideline value

The current guideline value of Periyar Nagar (Ward-29) is Rs 1,600 per sq.ft, effective from 1 July 2024. This area is located in Madhavaram village, under the Madhavaram SRO, and is classified as Residential Class II Type - I.

How the guideline value of Periyar Nagar (Ward-29) has changed

The guideline value for Periyar Nagar has seen several revisions over the years. The most recent revision in 2024 set the guideline value at Rs 1,600 per sq.ft, an increase of 7% from the 2023 revision, which was Rs 1,500 per sq.ft. Prior to that, in 2017, the guideline value was Rs 1,005 per sq.ft, reflecting a significant increase of 49% to the 2023 figure. The 2012 revision also recorded a value of Rs 1,500 per sq.ft, which was a decrease of 33% from the 2017 figure. Notably, the register has no figures for the years 2002, 2003, and 2007 for this street.

Overall, from the 2012 revision to the current 2024 figure, there has been a modest increase of 7%. The fluctuations in the guideline values illustrate the changes in property valuation over the years.

Guideline values in Madhavaram

In Madhavaram, there are 1,946 streets under the Madhavaram SRO with a 2024 guideline value ranging from Rs 1,300 to Rs 7,500 per sq.ft. The median value across these streets is Rs 1,600 per sq.ft, which aligns with the current guideline value of Periyar Nagar (Ward-29).

• Periyar Nagar (Ward-20): 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-29)

For a 1,000 sq.ft plot at the current guideline value of Rs 1,600 per sq.ft, the total guideline value would amount 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, bringing the total fees to Rs 1,44,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. You can use the stamp duty and registration fee calculator for more information.

Which Sub Registrar Office covers Periyar Nagar (Ward-29)?

The Sub Registrar Office that covers Periyar Nagar (Ward-29) is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for more details.

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

The guideline value is a critical factor when buying or selling property in Madhavaram. It serves as a benchmark for determining the minimum value of a property for registration purposes. Buyers and sellers must consider this value to ensure compliance with legal requirements during property transactions.

When registering a property, the guideline value will be used to calculate the applicable stamp duty and registration fees. This ensures that both parties are aware of the financial obligations associated with the transaction, based on the established guideline value.

Frequently asked questions

What is the current guideline value of Periyar Nagar (Ward-29)?

The current guideline value of Periyar Nagar (Ward-29) 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 2023 to Rs 1,600 per sq.ft in 2024, marking a 7% increase. It was Rs 1,005 per sq.ft in 2017 and Rs 1,500 per sq.ft in 2012, showing a 49% increase from 2017 to 2023 and a decrease of 33% from 2012 to 2017.

What is the land classification for Periyar Nagar (Ward-29)?

Periyar Nagar (Ward-29) is classified as Residential Class II Type - I, indicating its suitability for residential development.

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

For a property valued at Rs 16,00,000, the stamp duty would be Rs 1,12,000 and the registration fee would be Rs 32,000, totaling Rs 1,44,000. These fees are based on the guideline value or the sale price, whichever is higher.

Which office handles property registrations in Periyar Nagar (Ward-29)?

The Madhavaram Sub Registrar Office handles property registrations for Periyar Nagar (Ward-29). It is located at No.7, Roja Nagar, Madhavaram, Chennai-600060.