Guideline Value for Periyar Nagar 8th Cross Street

Periyar Nagar 8th Cross Street guideline value

The current guideline value of Periyar Nagar 8th Cross Street is Rs 3,850 per sq.ft, effective from 1 July 2024. This street is located in Velachery village and falls under the Velacheri SRO. The land classification for this area is Residential Class II Type - III.

How the guideline value of Periyar Nagar 8th Cross Street has changed

The guideline value for Periyar Nagar 8th Cross Street has experienced several revisions over the years. The earliest recorded revision was in 2007, where the guideline value was Rs 1,500 per sq.ft. This figure saw a significant increase to Rs 3,500 per sq.ft in the 2023 revision, marking a change of +133%. The most recent revision in 2024 set the guideline value at Rs 3,850 per sq.ft, reflecting a further increase of +10% from the previous year.

It is important to note that there are no recorded figures for the revisions in 2002, 2003, 2012, and 2017 for this street. Overall, from 2007 to 2024, the guideline value has increased by +157%.

Guideline values in Velachery

In Velachery, there are a total of 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. The median guideline value for these streets is Rs 4,400 per sq.ft, which indicates that the guideline value for Periyar Nagar 8th Cross Street is below this median.

• Periyar Nagar 8th Street: Rs 3,850 per sq.ft (2024)
• Periyar Nagar 7th Street: Rs 3,850 per sq.ft (2024)
• Periyar Nagar 9th Cross Street: Rs 3,850 per sq.ft (2024)
• Periyar Nagar 7th Cross Street: Rs 3,850 per sq.ft (2024)
• Periyar Nagar 9th Street: Rs 3,850 per sq.ft (2024)
• Periyar Nagar 6th Street: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Periyar Nagar 8th 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 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 fees together to 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.

You can use our stamp duty and registration fee calculator for further calculations.

Which Sub Registrar Office covers Periyar Nagar 8th Cross Street?

The Sub Registrar Office that covers Periyar Nagar 8th 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 information.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Velachery. It is used to determine the stamp duty and registration fees applicable to the transaction, ensuring that these costs are calculated based on a standardized value set by the government.

When a property is sold, the guideline value is compared with the sale price, and the higher of the two is used to calculate the stamp duty. This ensures that the government receives appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Periyar Nagar 8th Cross Street?

The current guideline value of Periyar Nagar 8th 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 increased from Rs 1,500 per sq.ft in 2007 to Rs 3,850 per sq.ft in 2024, reflecting a total increase of +157% over this period.

What are the stamp duty and registration fees for properties in this area?

For a property valued at Rs 38,50,000, the stamp duty would be Rs 2,69,500 and the registration fee would be Rs 77,000, totaling Rs 3,46,500.

Which office handles property registrations for Periyar Nagar 8th Cross Street?

The Velacheri Sub Registrar Office handles property registrations for Periyar Nagar 8th Cross Street, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

What is the land classification for Periyar Nagar 8th Cross Street?

The land classification for Periyar Nagar 8th Cross Street is Residential Class II Type - III, indicating its use for residential purposes.