Guideline Value for Periyar Nagar

Periyar Nagar guideline value

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

How the guideline value of Periyar Nagar has changed

The guideline value for Periyar Nagar has undergone several revisions over the years. The register has no figure for this street for the years 2002, 2003, 2007, 2012, and 2017. In 2023, the guideline value was Rs 3,500 per sq.ft, which was then revised to Rs 3,850 per sq.ft in 2024, marking an increase of 10%.

Prior to the 2023 revision, there are no figures available for the specified years. The 2024 revision reflects the current market conditions and positions Periyar Nagar above the median guideline value of Rs 2,750 per sq.ft for the 1,823 streets in Madipakkam-1 under the Velacheri SRO.

Guideline values in Madipakkam-1

In Madipakkam-1, the guideline values range from Rs 1,650 to Rs 5,500 per sq.ft, with a median value of Rs 2,750 per sq.ft. The guideline value for Periyar Nagar is above this median. Below are the guideline values for other streets in Madipakkam-1:

• Periyar Nagar 10th Street: Rs 3,850 per sq.ft (2024)
• Periyar Naga 2nd Extension 5th Cross Street: Rs 3,850 per sq.ft (2024)
• Periyar Nagar 1st Cross Street: Rs 3,850 per sq.ft (2024)
• Periyar Nagar 1st Street: Rs 3,850 per sq.ft (2024)
• Periyar Nagar-2/Jeeva Avenue 7th Street: Rs 3,850 per sq.ft (2024)
• Periyar Nagar 2nd Street: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Periyar Nagar

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 further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Periyar Nagar?

The Sub Registrar Office that covers Periyar Nagar 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 plays a crucial role when buying or selling property in Madipakkam-1. It serves as a benchmark for determining the minimum value of a property for registration purposes. Buyers and sellers must consider this value to ensure compliance with legal requirements during the transaction.

When registering a property, the guideline value is used to calculate the applicable stamp duty and registration fees. This ensures that the transaction is conducted at a fair value as recognized by the local authorities.

Frequently asked questions

What is the current guideline value of Periyar Nagar?

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

How has the guideline value changed over the years?

The guideline value for Periyar Nagar has changed from Rs 3,500 per sq.ft in 2023 to Rs 3,850 per sq.ft in 2024, representing a 10% increase. There are no figures available for the years 2002, 2003, 2007, 2012, and 2017.

What is the land classification of Periyar Nagar?

Periyar Nagar falls under the Residential Class I Type - I land classification, indicating its suitability for residential development.

What is the range of guideline values in Madipakkam-1?

The guideline values in Madipakkam-1 range from Rs 1,650 to Rs 5,500 per sq.ft, with a median value of Rs 2,750 per sq.ft.

Where can I find the Sub Registrar Office for Periyar Nagar?

The Velacheri Sub Registrar Office covers Periyar Nagar and is located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.