Guideline Value for Periyar Nagar Extn II 5th Street

Periyar Nagar Extn II 5th Street guideline value

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

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

The guideline value for Periyar Nagar Extn II 5th Street has undergone significant changes over the years. The most recent revision was in 2024, where the value was set at Rs 3,850 per sq.ft. Prior to this, the 2017 revision recorded a guideline value of Rs 2,345 per sq.ft, marking an increase of 64% from 2017 to 2024. It is important to note that the register has no figures for this street in the years 2023, 2012, 2007, 2003, and 2002.

In summary, the 2024 revision reflects a substantial increase compared to the previous figure from 2017. The absence of figures for the intervening years indicates that the valuation process may not have been updated for this particular street during those times.

Guideline values in Madipakkam-1

In Madipakkam-1, there are 1,823 streets under the Velacheri SRO with a 2024 guideline value 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 the 2024 figure for Periyar Nagar Extn II 5th Street above this median.

• Periyar Nagar Extn II 4th Street: Rs 3,850 per sq.ft (2024)
• Periyar Nagar Extn II 6th Street: Rs 3,850 per sq.ft (2024)
• Periyar Nagar Extn II 3rd Street: Rs 3,850 per sq.ft (2024)
• Periyar Nagar Extn II 7th Street: Rs 3,850 per sq.ft (2024)
• Periyar Nagar Extn II 2nd Street: Rs 3,850 per sq.ft (2024)
• Periyar Nagar Extn III: Rs 3,850 per sq.ft (2024)

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

For a 1,000 sq.ft plot at the current rate, 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 the duty is charged on the guideline value or the sale price, whichever is higher. You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Periyar Nagar Extn II 5th Street?

The Sub Registrar Office that covers Periyar Nagar Extn II 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 Madipakkam-1

The guideline value is a crucial factor when buying or selling property in Madipakkam-1, as it determines the minimum value at which a property can be registered. This value is set by the Registration Department and is revised periodically to reflect changes in the market.

When registering a property, the buyer must pay stamp duty and registration fees based on the guideline value or the sale price, whichever is higher. This ensures that the transaction is officially recorded and that the appropriate taxes are collected by the government.

Frequently asked questions

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

The current guideline value of Periyar Nagar Extn II 5th Street is Rs 3,850 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

Since the 2017 revision, the guideline value has increased by 64%, from Rs 2,345 per sq.ft to Rs 3,850 per sq.ft in 2024.

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

Periyar Nagar Extn II 5th Street is classified as Residential Class I Type - I, which indicates its suitability for residential purposes.

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

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

How is stamp duty calculated for properties in this area?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 38,50,000, the stamp duty would be Rs 2,69,500 at a rate of 7%.