Guideline Value for Periyar Nagar Extn III 7th Street

Periyar Nagar Extn III 7th Street guideline value

The current guideline value of Periyar Nagar Extn III 7th 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, and it falls under the Residential Class I Type - I land classification.

How the guideline value of Periyar Nagar Extn III 7th Street has changed

The guideline value for Periyar Nagar Extn III 7th Street has seen significant changes over the years. The most recent revision in 2024 set the value at Rs 3,850 per sq.ft, which is an increase from Rs 3,500 per sq.ft in 2023, marking a 10% rise. Prior to that, in 2017, the guideline value was Rs 2,345 per sq.ft, reflecting a substantial increase of 49% to the 2023 figure. Overall, from 2017 to 2024, the guideline value has increased by 64%.

It is important to note that there are no recorded figures for the years 2002, 2003, 2007, and 2012 for this street. This absence of data means that the changes in guideline value can only be assessed from the available revisions starting from 2017.

Guideline values in Madipakkam-1

In Madipakkam-1, the guideline values range from Rs 1,650 to Rs 5,500 per sq.ft as per the 2024 revision, with a median value of Rs 2,750 per sq.ft. The guideline value of Rs 3,850 per sq.ft for Periyar Nagar Extn III 7th Street is above this median, indicating a higher valuation compared to many other streets in the area.

• Periyar Nagar Extn III 6th Street: Rs 3,850 per sq.ft (2024)
• Periyar Nagar Extn III 8th Street: Rs 3,850 per sq.ft (2024)
• Periyar Nagar Extn III 5th Street: Rs 3,850 per sq.ft (2024)
• Periyar Nagar Extn III 9th Street: Rs 3,850 per sq.ft (2024)
• Periyar Nagar Extn III 4th Street: Rs 3,850 per sq.ft (2024)
• Periyar Nagar Extn III 3rd Street: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Periyar Nagar Extn III 7th 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, leading to a total of 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 Extn III 7th Street?

The Sub Registrar Office that covers Periyar Nagar Extn III 7th 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 Madipakkam-1

The guideline value plays a crucial role in the registration process when buying or selling property in Madipakkam-1. It serves as a benchmark for determining the stamp duty and registration fees, 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 applicable duties. This ensures that the registration process is transparent and consistent across all transactions in the area.

Frequently asked questions

What is the current guideline value of Periyar Nagar Extn III 7th Street?

The current guideline value of Periyar Nagar Extn III 7th Street is Rs 3,850 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

The guideline value has changed from Rs 2,345 per sq.ft in 2017 to Rs 3,850 per sq.ft in 2024, representing a total increase of 64% over the seven-year period.

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

For a property valued at Rs 38,50,000 in Periyar Nagar Extn III 7th Street, 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 the registration for Periyar Nagar Extn III 7th Street?

The Velacheri Sub Registrar Office handles the registration for properties in Periyar Nagar Extn III 7th Street, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

What is the land classification for Periyar Nagar Extn III 7th Street?

Periyar Nagar Extn III 7th Street is classified under Residential Class I Type - I, indicating its designation for residential use within the area.