Guideline Value for Periyar Nagar 3rd Cross Street

Periyar Nagar 3rd Cross Street guideline value

The current guideline value of Periyar Nagar 3rd Cross 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 3rd Cross Street has changed

The guideline value for Periyar Nagar 3rd Cross Street has undergone several revisions over the years. The earliest available figure is from the 2007 revision, which was Rs 1,500 per sq.ft. This value increased significantly to Rs 3,500 per sq.ft in 2012, marking a rise of 133%. However, in the 2017 revision, the value decreased to Rs 2,345 per sq.ft, a reduction of 33%. The 2023 revision saw a substantial increase to Rs 3,500 per sq.ft, followed by a further increase to Rs 3,850 per sq.ft in the 2024 revision, representing a 10% rise.

Overall, from the 2007 revision to the 2024 revision, the guideline value has increased by 157%. The register does not have figures for the years 2002 and 2003 for this street.

Guideline values in Velachery

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

• Periyar Nagar 2nd 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 2nd Main Road: Rs 3,850 per sq.ft (2024)
• Periyar Nagar 4th Street: Rs 3,850 per sq.ft (2024)
• Periyar Nagar 2nd Cross Street: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Periyar Nagar 3rd Cross 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, charged at 7%, would amount to Rs 2,69,500, and the registration fee at 2% would be Rs 77,000. Together, the total fees would be Rs 3,46,500. 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 3rd Cross Street?

The Sub Registrar Office that covers Periyar Nagar 3rd Cross 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 details.

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

The guideline value is a critical factor in the registration process for property transactions in Velachery. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring transparency in property dealings.

When buying or selling property, the guideline value helps in calculating the stamp duty and registration fees, which are essential costs associated with property transactions. It is important for buyers and sellers to be aware of the current guideline value to ensure compliance with legal requirements during the registration process.

Frequently asked questions

What is the current guideline value of Periyar Nagar 3rd Cross Street?

The current guideline value of Periyar Nagar 3rd Cross 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 from Rs 1,500 per sq.ft in 2007 to Rs 3,850 per sq.ft in 2024, with several revisions in between. The most significant increase was from Rs 2,345 per sq.ft in 2017 to Rs 3,500 per sq.ft in 2023.

What is the stamp duty for property in Periyar Nagar 3rd Cross Street?

The stamp duty for property in Periyar Nagar 3rd Cross Street is charged at 7% of the guideline value or the sale price, whichever is higher. For a 1,000 sq.ft plot, the stamp duty would be Rs 2,69,500.

Which Sub Registrar Office should I go to for transactions in Periyar Nagar 3rd Cross Street?

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

What is the land classification for Periyar Nagar 3rd Cross Street?

Periyar Nagar 3rd Cross Street is classified as Residential Class II Type - III, indicating its designated use for residential purposes.