Guideline Value for Periyar Nagar 3rd Street

Periyar Nagar 3rd Street guideline value

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

How the guideline value of Periyar Nagar 3rd Street has changed

The guideline value for Periyar Nagar 3rd Street has seen significant changes over the years. The 2017 revision recorded a value of Rs 2,345 per sq.ft, which increased to Rs 3,500 per sq.ft in 2023, marking a 49% rise. The current 2024 revision further increased this value to Rs 3,850 per sq.ft, reflecting a 10% increase from the previous year.

Overall, from the 2017 revision to the 2024 revision, the guideline value has increased by 64%. It is important to note that there are no figures available for the revisions in 2002, 2003, 2007, and 2012 for this street.

Guideline values in Madipakkam-1

In Madipakkam-1, there are 1,823 streets under the Velacheri SRO, with guideline values ranging from Rs 1,650 to Rs 5,500 per sq.ft. The median guideline value for these streets is Rs 2,750 per sq.ft, placing Periyar Nagar 3rd Street's 2024 figure above this median.

• Periyar Nagar 4th Street: Rs 3,850 per sq.ft (2024)
• Periyar Nagar 2nd Street: Rs 3,850 per sq.ft (2024)
• Periyar Nagar 5th Street: Rs 3,850 per sq.ft (2024)
• Periyar Nagar-2/Jeeva Avenue 7th Street: Rs 3,850 per sq.ft (2024)
• Periyar Nagar 6th Street: Rs 3,850 per sq.ft (2024)
• Periyar Nagar 7th Street: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Periyar Nagar 3rd Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,850 per sq.ft, the total guideline value amounts to Rs 38,50,000. The stamp duty is charged at 7%, totaling Rs 2,69,500, while the registration fee is 2%, amounting to Rs 77,000. The total cost for stamp duty and registration fee together is Rs 3,46,500. Duty is charged on the guideline value or the sale price, whichever is higher. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Periyar Nagar 3rd Street?

The Sub Registrar Office that covers Periyar Nagar 3rd 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 Madipakkam-1

The guideline value is a critical factor during the registration of property transactions in Madipakkam-1. It serves as a benchmark for calculating stamp duty and registration fees, ensuring that these charges are based on a standardized value.

When buying or selling property, the guideline value helps in determining the minimum value at which a property can be registered. This value is crucial for both buyers and sellers to understand their financial obligations during the transaction process.

Frequently asked questions

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

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

How much has the guideline value changed since 2017?

Since 2017, the guideline value has increased from Rs 2,345 per sq.ft to Rs 3,850 per sq.ft in 2024, marking an overall increase of 64%.

What are the stamp duty rates for property in Periyar Nagar 3rd Street?

The stamp duty for property in Periyar Nagar 3rd Street is charged at 7% of the guideline value or sale price, whichever is higher.

Where is the Velacheri Sub Registrar Office located?

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

What is the median guideline value in Madipakkam-1?

The median guideline value in Madipakkam-1 is Rs 2,750 per sq.ft, which is below the current guideline value of Periyar Nagar 3rd Street.