Guideline Value for Periyar nagar (Gray Nagar pallam)

Periyar nagar (Gray Nagar pallam) guideline value

The current guideline value of Periyar nagar (Gray Nagar pallam) is Rs 2,700 per sq.ft, effective from 1 July 2024. This area is located in Vepery village and falls under the Periamet SRO, classified as Residential Class IV Type - I.

How the guideline value of Periyar nagar (Gray Nagar pallam) has changed

The guideline value for Periyar nagar has seen several revisions over the years. In 2007, the value was set at Rs 600 per sq.ft, which increased significantly to Rs 2,500 per sq.ft in 2012. However, it dropped to Rs 1,675 per sq.ft in 2017, before rising again to Rs 2,500 per sq.ft in 2023, and finally reaching Rs 2,700 per sq.ft in the 2024 revision.

From 2017 to 2023, there was a notable increase of 49%, followed by an 8% rise from 2023 to 2024. The overall change from 2007 to 2024 reflects a substantial increase of 350%. The register has no figures for the years 2002 and 2003 for this street.

Guideline values in Vepery

In Vepery village, there are 290 streets under the Periamet SRO that carry a 2024 guideline value ranging from Rs 2,200 to Rs 22,000 per sq.ft, with a median value of Rs 4,800 per sq.ft. The guideline value for Periyar nagar (Gray Nagar pallam) is below this median.

• Periyanna Maistry street: Rs 9,900 per sq.ft (2024)
• Periyathambi street: Rs 6,000 per sq.ft (2024)
• Pattunool Chandur Street: Rs 8,800 per sq.ft (2024)
• Parvathi Kakkan Colony (Mudaliar Thottam): Rs 4,400 per sq.ft (2024)
• Parthasarathy Pillai Street: Rs 4,800 per sq.ft (2024)
• Parthasarathy Naidu Street: Rs 4,800 per sq.ft (2024)

Stamp duty and registration fee for property in Periyar nagar (Gray Nagar pallam)

For a 1,000 sq.ft plot at the current guideline value of Rs 2,700 per sq.ft, the total guideline value would be Rs 27,00,000. The stamp duty at 7% would amount to Rs 1,89,000, and the registration fee at 2% would be Rs 54,000, totaling Rs 2,43,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Periyar nagar (Gray Nagar pallam)?

The Sub Registrar Office that covers Periyar nagar (Gray Nagar pallam) is the Periamet Sub Registrar Office, located at 1103, Poonamallee High Road, Chennai-600 003. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Vepery. It determines the minimum value at which a property can be registered, ensuring that the government receives the appropriate stamp duty and registration fees based on this value.

When a property is sold, the seller and buyer must consider the guideline value, as it can affect the overall transaction costs. Buyers should be aware that the guideline value may differ from the actual sale price, but the higher amount will be used for calculating duties and fees.

Frequently asked questions

What is the current guideline value of Periyar nagar?

The current guideline value of Periyar nagar (Gray Nagar pallam) is Rs 2,700 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 600 per sq.ft in 2007 to Rs 2,700 per sq.ft in 2024, reflecting an overall increase of 350% over the years.

What is the median guideline value in Vepery?

The median guideline value in Vepery village is Rs 4,800 per sq.ft, with Periyar nagar's current value being below this median.

What are the stamp duty and registration fees for property in Periyar nagar?

The stamp duty for property in Periyar nagar is 7%, and the registration fee is 2%. For a 1,000 sq.ft plot, the total fees would amount to Rs 2,43,000 based on the current guideline value.

Which office handles property registration for Periyar nagar?

The Periamet Sub Registrar Office handles property registration for Periyar nagar (Gray Nagar pallam), located at 1103, Poonamallee High Road, Chennai-600 003.