Guideline Value for Periyar Nagar Extn II

Periyar Nagar Extn II guideline value

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

How the guideline value of Periyar Nagar Extn II has changed

The guideline value for Periyar Nagar Extn II has seen several revisions over the years. As per the register, the value was Rs 2,345 per sq.ft in 2017, which increased to Rs 3,500 per sq.ft in 2023. The most recent revision in 2024 set the value at Rs 3,850 per sq.ft, marking a 10% increase from the previous year's figure. Overall, from 2017 to 2024, the guideline value has increased by 64%.

There are no figures available for the years 2002, 2003, 2007, and 2012 for this street. The significant increase from 2017 to 2023 was 49%, reflecting a notable change in the guideline value over these years.

Guideline values in Madipakkam-1

In Madipakkam-1, there are 1,823 streets under the Velacheri SRO that carry a 2024 guideline value ranging from Rs 1,650 to Rs 5,500 per sq.ft. The median guideline value for this area is Rs 2,750 per sq.ft, placing Periyar Nagar Extn II's 2024 figure above the median.

• Periyar Nagar Extn I 4th Street: Rs 3,850 per sq.ft (2024)
• Periyar Nagar Extn II 1st Street: Rs 3,850 per sq.ft (2024)
• Periyar Nagar Extn I 3rd Street: Rs 3,850 per sq.ft (2024)
• Periyar Nagar Extn II 2nd Street: Rs 3,850 per sq.ft (2024)
• Periyar Nagar Extn I 2nd Street: Rs 3,850 per sq.ft (2024)
• Periyar Nagar Extn II 3rd Street: Rs 3,850 per sq.ft (2024)

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

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 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.

For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Periyar Nagar Extn II?

The Sub Registrar Office that covers Periyar Nagar Extn II 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 in the registration process for property transactions in Madipakkam-1. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives the appropriate stamp duty and registration fees.

When buying or selling property, the guideline value helps both parties understand the legal value of the property. It is essential for buyers to be aware of the guideline value to ensure they are paying a fair price and to avoid any potential disputes during the registration process.

Frequently asked questions

What is the current guideline value for Periyar Nagar Extn II?

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

How much has the guideline value changed over the years?

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 is the registration office for Periyar Nagar Extn II?

The registration office covering Periyar Nagar Extn II is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

How is the stamp duty calculated for property 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%.

Are there other streets with the same guideline value in Madipakkam-1?

Yes, several other streets in Madipakkam-1 also have a guideline value of Rs 3,850 per sq.ft for 2024, including Periyar Nagar Extn I 4th Street and Periyar Nagar Extn II 1st Street, among others.