Guideline Value for Periyar Nagar 1st Main Road

Periyar Nagar 1st Main Road guideline value

The current guideline value of Periyar Nagar 1st Main Road is Rs 2,400 per sq.ft, effective from 1 July 2024. This street is located in Madambakkam village and falls under the Selaiyur SRO. The land classification for this area is Commercial Class I Type - II.

How the guideline value of Periyar Nagar 1st Main Road has changed

The guideline value for Periyar Nagar 1st Main Road has seen several revisions over the years. The 2012 revision set the value at Rs 2,200 per sq.ft, which was then reduced to Rs 1,474 per sq.ft in the 2017 revision, marking a decrease of 33%. However, from 2017 to 2023, there was a significant increase of 49%, raising the value to Rs 2,200 per sq.ft. The most recent revision in 2024 has further increased the guideline value to Rs 2,400 per sq.ft, reflecting a 9% rise from the previous year.

It is important to note that there are no figures available for the revisions in 2002, 2003, and 2007 for this street. Overall, from 2012 to 2024, the guideline value has increased by 9%, bringing it to the current rate of Rs 2,400 per sq.ft.

Guideline values in Madambakkam

In Madambakkam, there are 1,151 streets under the Selaiyur SRO, with guideline values ranging from Rs 1,100 to Rs 6,000 per sq.ft. The median guideline value for these streets is Rs 2,400 per sq.ft, which is the same as the current value for Periyar Nagar 1st Main Road.

• Periyar Nagar 1st Cross Street: Rs 2,400 per sq.ft (2024)
• Periyar Nagar 1st Street: Rs 2,400 per sq.ft (2024)
• Periyar Nagar 2nd Street: Rs 2,400 per sq.ft (2024)
• Periyar Nagar: Rs 2,400 per sq.ft (2024)
• Periyar Nagar 3rd Street: Rs 2,400 per sq.ft (2024)
• Periyar Nagar 4th Street: Rs 2,400 per sq.ft (2024)

Stamp duty and registration fee for property in Periyar Nagar 1st Main Road

For a 1,000 sq.ft plot at the current guideline value of Rs 2,400 per sq.ft, the total guideline value amounts to Rs 24,00,000. The stamp duty is charged at 7%, resulting in Rs 1,68,000, while the registration fee is 2%, amounting to Rs 48,000. Therefore, the total cost for stamp duty and registration fee together is Rs 2,16,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Periyar Nagar 1st Main Road?

The Sub Registrar Office that covers Periyar Nagar 1st Main Road is the Selaiyur Sub Registrar Office, located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073, in the Chengalpattu registration zone. You can find your SRO for additional details.

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

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

When buying or selling property, it is essential to consider the guideline value, as it impacts the overall cost of the transaction. Buyers should be aware that the stamp duty is calculated based on the higher of the guideline value or the sale price, which can influence financial planning and budgeting for property transactions.

Frequently asked questions

What is the current guideline value of Periyar Nagar 1st Main Road?

The current guideline value of Periyar Nagar 1st Main Road is Rs 2,400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,200 per sq.ft in 2023 to Rs 2,400 per sq.ft in 2024, reflecting a 9% increase. From 2017 to 2023, there was a 49% increase, while the value decreased from Rs 2,200 per sq.ft in 2012 to Rs 1,474 per sq.ft in 2017.

What are the stamp duty rates for property transactions?

The stamp duty for property transactions is charged at 7% of the guideline value or sale price, whichever is higher. Additionally, a registration fee of 2% is applicable.

Which office handles registrations for Periyar Nagar 1st Main Road?

The Selaiyur Sub Registrar Office handles registrations for Periyar Nagar 1st Main Road, located at No.36, Bharathmatha Salai, East Tambaram, Chennai - 600 073.

What is the median guideline value in Madambakkam?

The median guideline value in Madambakkam is Rs 2,400 per sq.ft, which is the same as the current guideline value for Periyar Nagar 1st Main Road.