Guideline Value for Periyar Nagar 2nd Street

Periyar Nagar 2nd Street guideline value

The current guideline value of Periyar Nagar 2nd Street is Rs 2,160 per sq.ft, effective from 1 July 2024. This street is located in Nemilicherry village under the Pallavaram SRO, classified as Residential Class II Type - I.

How the guideline value of Periyar Nagar 2nd Street has changed

Over the years, the guideline value for Periyar Nagar 2nd Street has seen several revisions. The 2007 revision set the value at Rs 250 per sq.ft, which increased significantly to Rs 2,000 per sq.ft in 2012, marking a remarkable increase of 700%. However, in 2017, the value dropped to Rs 1,340 per sq.ft, a decrease of 33%. The value then rose to Rs 2,000 per sq.ft in 2023, and the most recent revision in 2024 brought it to Rs 2,160 per sq.ft, reflecting an 8% increase from the previous year.

It is important to note that the register has no figures for the years 2002 and 2003 for this street. Overall, from the 2007 revision to the current 2024 revision, the guideline value has increased by 764%.

Guideline values in Nemilicherry

Nemilicherry village has a total of 172 streets under the Pallavaram SRO, with guideline values ranging from Rs 1,100 to Rs 3,300 per sq.ft. The median value for these streets is Rs 2,160 per sq.ft, which is equal to the guideline value of Periyar Nagar 2nd Street for 2024.

• Periyar Nagar 1st Street: Rs 2,160 per sq.ft (2024)
• Periyar Nagar 3rd Street: Rs 2,160 per sq.ft (2024)
• Periyamman street: Rs 2,420 per sq.ft (2024)
• Periya Street: Rs 2,420 per sq.ft (2024)
• Perumal Koil 1st Street: Rs 2,160 per sq.ft (2024)
• Perumal Koil 2nd Street: Rs 2,160 per sq.ft (2024)

Stamp duty and registration fee for property in Periyar Nagar 2nd Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,160 per sq.ft, the total guideline value would be Rs 21,60,000. The stamp duty at 7% would amount to Rs 1,51,200, and the registration fee at 2% would be Rs 43,200. Therefore, the total cost for stamp duty and registration fees would be Rs 1,94,400. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Periyar Nagar 2nd Street?

The Sub Registrar Office that covers Periyar Nagar 2nd Street is the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, in the Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value plays a crucial role during the registration of property transactions in Nemilicherry. It serves as a benchmark for determining the minimum value at which properties can be registered, ensuring that the government receives appropriate revenue from stamp duties and registration fees.

When buying or selling property, the guideline value is compared to the actual sale price. The higher value is used to calculate the applicable stamp duty and registration fees, ensuring compliance with local regulations and fair taxation.

Frequently asked questions

What is the current guideline value for Periyar Nagar 2nd Street?

The current guideline value for Periyar Nagar 2nd Street is Rs 2,160 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

The guideline value has changed significantly, increasing from Rs 250 per sq.ft in 2007 to Rs 2,160 per sq.ft in 2024, which is an overall increase of 764%.

What is the registration office for Periyar Nagar 2nd Street?

The registration office for Periyar Nagar 2nd Street is the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044.

How are stamp duty and registration fees calculated?

Stamp duty and registration fees are calculated based on the higher of the guideline value or the sale price of the property. For example, a property valued at Rs 21,60,000 would incur a stamp duty of Rs 1,51,200 and a registration fee of Rs 43,200.

What is the land classification for Periyar Nagar 2nd Street?

Periyar Nagar 2nd Street is classified as Residential Class II Type - I, indicating its suitability for residential development.