Guideline Value for Periyar Nagar 1st Street

Periyar Nagar 1st Street guideline value

The current guideline value of Periyar Nagar 1st Street is Rs 2,700 per sq.ft, effective from 1 July 2024. This street is located in Kodungaiyur village, under the Madhavaram SRO, and is classified as Residential Class I Type - I.

How the guideline value of Periyar Nagar 1st Street has changed

In the 2012 revision, the guideline value was set at Rs 2,500 per sq.ft. This figure decreased to Rs 1,675 per sq.ft in the 2017 revision, marking a decline of 33%. However, from 2017 to 2023, the value increased significantly by 49%, reaching Rs 2,500 per sq.ft. The most recent revision in 2024 saw a further increase to Rs 2,700 per sq.ft, representing an 8% rise from the previous year.

The register has no figures for the years 2002, 2003, and 2007 for this street. Overall, from 2012 to 2024, the guideline value has increased by 8%.

Guideline values in Kodungaiyur

In Kodungaiyur, there are 1,318 streets under the Madhavaram SRO that carry a 2024 guideline value, ranging from Rs 1,900 to Rs 4,000 per sq.ft. The median guideline value is Rs 2,700 per sq.ft, which is equal to the current value of Periyar Nagar 1st Street.

• Periyar Nagar 2nd Street: Rs 2,700 per sq.ft (2024)
• Periyar Nagar: Rs 2,700 per sq.ft (2024)
• Periyar Salai in Annai Sathya Nagar: Rs 2,700 per sq.ft (2024)
• Perumal Koil Street (Near Main Road): Rs 2,700 per sq.ft (2024)
• Parthasarathy Reddiar Street: Rs 2,700 per sq.ft (2024)
• Perumal Street: Rs 2,700 per sq.ft (2024)

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

For a 1,000 sq.ft plot at the current rate of Rs 2,700 per sq.ft, the guideline value amounts to Rs 27,00,000. The stamp duty at 7% would be Rs 1,89,000, and the registration fee at 2% would be Rs 54,000, totaling Rs 2,43,000. It is important to note that 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 1st Street?

The Sub Registrar Office that covers Periyar Nagar 1st Street 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 Kodungaiyur

The guideline value is a crucial factor in the registration process when buying or selling property in Kodungaiyur. It serves as a benchmark for determining the stamp duty and registration fees payable at the time of registration.

When you register a property, the guideline value is compared against the sale price, and the higher of the two is used to calculate the applicable duties and fees. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

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

The current guideline value of Periyar Nagar 1st Street is Rs 2,700 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen various changes, from Rs 2,500 per sq.ft in 2012 to Rs 1,675 per sq.ft in 2017, before rising to Rs 2,500 per sq.ft in 2023, and finally reaching Rs 2,700 per sq.ft in 2024.

What is the land classification for Periyar Nagar 1st Street?

Periyar Nagar 1st Street is classified as Residential Class I Type - I under the Madhavaram SRO.

Which office handles property registrations for this street?

The Madhavaram Sub Registrar Office handles property registrations for Periyar Nagar 1st Street, located at No.7, Roja Nagar, Madhavaram, Chennai-600060.

What factors determine the stamp duty and registration fees?

The stamp duty and registration fees are determined based on the guideline value or the sale price of the property, whichever is higher, ensuring that the correct amount is collected during the registration process.