Guideline Value for Periyar Nagar 2nd Street

Periyar Nagar 2nd Street guideline value

The current guideline value of Periyar Nagar 2nd Street is Rs 2,400 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 2nd Street has changed

The guideline value for Periyar Nagar 2nd Street has undergone several revisions over the years. The earliest available figure is from 2012, which was Rs 2,200 per sq.ft. This was followed by a decrease to Rs 1,474 per sq.ft in 2017. In 2023, the value increased to Rs 2,200 per sq.ft, and the latest revision in 2024 set the value at Rs 2,400 per sq.ft, marking a 9% increase from the previous year.

Between 2017 and 2023, there was a significant increase of 49%. The overall change from the 2012 figure to the current 2024 value reflects a modest increase of 9%. It is important to note that the register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Madambakkam

In Madambakkam, there are 1,151 streets under the Selaiyur SRO that have a guideline value for 2024, ranging from Rs 1,100 to Rs 6,000 per sq.ft. The median value for these streets is Rs 2,400 per sq.ft, which matches the guideline value of Periyar Nagar 2nd Street.

• Periyar Nagar 1st Street: Rs 2,400 per sq.ft (2024)
• Periyar Nagar 3rd Street: Rs 2,400 per sq.ft (2024)
• Periyar Nagar 1st Main Road: Rs 2,400 per sq.ft (2024)
• Periyar Nagar 4th Street: Rs 2,400 per sq.ft (2024)
• Periyar Nagar 1st Cross Street: Rs 2,400 per sq.ft (2024)
• Periyar Nagar Kulandaigal Kappagam Street: Rs 2,400 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 2,400 per sq.ft, the total guideline value amounts to Rs 24,00,000. The stamp duty at 7% would be Rs 1,68,000, and the registration fee at 2% would be Rs 48,000, bringing the total fees together to 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.

You can also use the stamp duty and registration fee calculator for more precise calculations based on your specific property details.

Which Sub Registrar Office covers Periyar Nagar 2nd Street?

The Sub Registrar Office covering Periyar Nagar 2nd Street 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 more information.

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

The guideline value is crucial when buying or selling property in Madambakkam, as it determines the minimum value at which a property can be registered. This value is used to calculate the stamp duty and registration fees that buyers must pay during the transaction process.

When a property is sold, the guideline value serves as a benchmark to ensure that the transaction is recorded accurately in the official register. It helps in maintaining transparency and consistency in property transactions within the region.

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 2,400 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 2012 to Rs 1,474 per sq.ft in 2017, then back to Rs 2,200 per sq.ft in 2023, and finally to Rs 2,400 per sq.ft in 2024.

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

The land classification for Periyar Nagar 2nd Street is Commercial Class I Type - II.

Where can I find the Sub Registrar Office for this area?

The Sub Registrar Office for Periyar Nagar 2nd Street is the Selaiyur Sub Registrar Office, located at No.36, Bharathmatha Salai, East Tambaram, Selaiyur, Chennai - 600 073.

How is the stamp duty calculated for properties in this area?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a 1,000 sq.ft property at Rs 2,400 per sq.ft, the stamp duty would be Rs 1,68,000.