Guideline Value for Periyar Nagar 2nd Street

Periyar Nagar 2nd Street guideline value

The current guideline value of Periyar Nagar 2nd Street is Rs 3,850 per sq.ft, effective from 1 July 2024. This street is located in Velachery village, under the Velacheri SRO, and is classified as Residential Class II Type - III.

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. In 2002, the guideline value was Rs 116 per sq.ft, which increased significantly to Rs 130 per sq.ft in 2003. Following this, there was a substantial rise to Rs 1,500 per sq.ft in 2007, and then a further increase to Rs 3,500 per sq.ft in 2012. However, the value saw a decrease to Rs 2,345 per sq.ft in 2017. The value then rose again to Rs 3,500 per sq.ft in 2023, and most recently, it has been set at Rs 3,850 per sq.ft in the 2024 revision.

Overall, from 2002 to 2024, the guideline value has increased by 3,219%. The changes between the revisions include a 12% increase from 2002 to 2003, a 1,054% increase from 2003 to 2007, a 133% increase from 2007 to 2012, a 33% decrease from 2012 to 2017, a 49% increase from 2017 to 2023, and a 10% increase from 2023 to 2024.

Guideline values in Velachery

In Velachery, there are 2,691 streets under the Velacheri SRO that carry a guideline value for 2024, ranging from Rs 3,300 to Rs 13,200 per sq.ft. The median guideline value for these streets is Rs 4,400 per sq.ft, indicating that Periyar Nagar 2nd Street's 2024 figure is below this median.

• Periyar Nagar 2nd Main Road: Rs 3,850 per sq.ft (2024)
• Periyar Nagar 3rd Cross Street: Rs 3,850 per sq.ft (2024)
• Periyar Nagar 2nd Cross Street: Rs 3,850 per sq.ft (2024)
• Periyar Nagar 3rd Street: Rs 3,850 per sq.ft (2024)
• Periyar Nagar 4th Cross Street: Rs 3,850 per sq.ft (2024)
• Periyar Nagar 1st Street: Rs 3,850 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 3,850 per sq.ft, the total guideline value would be Rs 38,50,000. The stamp duty at 7% would amount to Rs 2,69,500, and the registration fee at 2% would be Rs 77,000, bringing the total charges to Rs 3,46,500. It is important to note that duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Periyar Nagar 2nd Street?

The Sub Registrar Office that covers Periyar Nagar 2nd Street is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. You can find your SRO for more information.

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

The guideline value is a crucial factor when buying or selling property in Velachery. It is used to determine the stamp duty and registration fees payable at the time of registration. Buyers should be aware that the guideline value may differ from the actual sale price, and the higher amount will be used for calculating the duties.

When registering a property, it is essential to refer to the latest guideline value to ensure compliance with legal requirements. This helps in avoiding any discrepancies during the registration process.

Frequently asked questions

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

The current guideline value of Periyar Nagar 2nd Street is Rs 3,850 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 116 per sq.ft in 2002 to Rs 3,850 per sq.ft in 2024, reflecting an overall increase of 3,219% over the years.

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

Periyar Nagar 2nd Street is classified as Residential Class II Type - III.

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

The Velacheri Sub Registrar Office is located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

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. For example, for a property valued at Rs 38,50,000, the total charges would include stamp duty and registration fees based on this amount.