Guideline Value for Periyar Nagar 5th Street

Periyar Nagar 5th Street guideline value

The current guideline value of Periyar Nagar 5th Street is Rs 3,850 per sq.ft, effective from 1 July 2024. It is located in Velachery village, under the Velacheri SRO, and falls under the Residential Class II Type - III land classification.

How the guideline value of Periyar Nagar 5th Street has changed

The guideline value for Periyar Nagar 5th Street has undergone several revisions over the years. In 2002, the guideline value was Rs 116 per sq.ft, which increased to Rs 130 per sq.ft in 2003, marking a change of +12%. The value saw a significant rise to Rs 1,500 per sq.ft in 2007, reflecting an increase of +1054%. This was followed by a jump to Rs 3,500 per sq.ft in 2012, which represented a change of +133%. However, from 2012 to 2017, the guideline value decreased to Rs 2,345 per sq.ft, a decline of -33%. The most recent revision in 2024 brought the value to Rs 3,850 per sq.ft, an increase of +64% from the 2017 figure. Notably, there is no figure available for the year 2023 in the register for this street.

Guideline values in Velachery

In Velachery, there are 2,691 streets under the Velacheri SRO that have a 2024 guideline value ranging from Rs 3,300 to Rs 13,200 per sq.ft, with a median of Rs 4,400 per sq.ft. The guideline value of Periyar Nagar 5th Street is below this median.

• Periyar Nagar 5th Cross Street: Rs 3,850 per sq.ft (2024)
• Periyar Nagar 6th Cross Street: Rs 3,850 per sq.ft (2024)
• Periyar Nagar 6th Street: Rs 3,850 per sq.ft (2024)
• Periyar Nagar 4th Street: Rs 3,850 per sq.ft (2024)
• Periyar Nagar 7th Cross Street: Rs 3,850 per sq.ft (2024)
• Periyar Nagar 4th Cross Street: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Periyar Nagar 5th Street

For a 1,000 sq.ft plot at the current rate of Rs 3,850 per sq.ft, the guideline value amounts to Rs 38,50,000. The stamp duty at 7% would be Rs 2,69,500, and the registration fee at 2% would be Rs 77,000, bringing the total to Rs 3,46,500. It is important to note that duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Periyar Nagar 5th Street?

The Sub Registrar Office that covers Periyar Nagar 5th 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 registering property transactions in Velachery. It serves as a benchmark for determining the minimum value of a property for the purpose of stamp duty and registration fees. Buyers and sellers must be aware of the guideline value to ensure compliance with legal requirements during property transactions.

When a property is bought or sold, the guideline value is used to calculate the stamp duty and registration fees, which are mandatory costs in the property transfer process. This ensures that the government receives the appropriate revenue from property transactions, based on the established guideline values.

Frequently asked questions

What is the current guideline value of Periyar Nagar 5th Street?

The current guideline value of Periyar Nagar 5th 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 several times, starting from Rs 116 per sq.ft in 2002 to Rs 3,850 per sq.ft in 2024, which is an overall increase of +3219% from 2002 to 2024.

What is the land classification for Periyar Nagar 5th Street?

Periyar Nagar 5th Street is classified under Residential Class II Type - III, indicating its designation for residential purposes.

What are the other streets in Velachery with the same guideline value?

Other streets in Velachery with the same guideline value of Rs 3,850 per sq.ft include Periyar Nagar 5th Cross Street, Periyar Nagar 6th Cross Street, Periyar Nagar 6th Street, Periyar Nagar 4th Street, Periyar Nagar 7th Cross Street, and Periyar Nagar 4th Cross Street.

Where is the Sub Registrar Office for Periyar Nagar 5th Street located?

The Sub Registrar Office for Periyar Nagar 5th Street is located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.