Guideline Value for Ambedkar 1st Street (Kennedy Nagar)

Ambedkar 1st Street (Kennedy Nagar) guideline value

The current guideline value of Ambedkar 1st Street (Kennedy Nagar) is Rs 2,500 per sq.ft, effective from 1 July 2024. This street is located in Erukancherry village and falls under the Madhavaram SRO. The land classification for this area is Residential Class III Type - I.

How the guideline value of Ambedkar 1st Street (Kennedy Nagar) has changed

The guideline value for Ambedkar 1st Street (Kennedy Nagar) has undergone several revisions over the years. The 2012 revision set the value at Rs 2,300 per sq.ft, which then decreased to Rs 1,541 per sq.ft in the 2017 revision. Following this, the value increased significantly to Rs 2,300 per sq.ft in 2023, and the latest revision in 2024 has set it at Rs 2,500 per sq.ft.

From 2017 to 2023, there was a substantial increase of 49%, and a 9% rise from 2023 to 2024. Overall, comparing the 2012 revision to the 2024 revision, the guideline value has increased by 9%. The register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Erukancherry

In Erukancherry village, there are 376 streets under the Madhavaram SRO with a 2024 guideline value ranging from Rs 1,900 to Rs 3,800 per sq.ft. The median guideline value for these streets is Rs 2,500 per sq.ft, which is equal to the 2024 figure for Ambedkar 1st Street (Kennedy Nagar).

• Ambedkar 2nd Cross Street (Kennedy Nagar): Rs 2,500 per sq.ft (2024)
• Ambedkar 1st Cross Street (Kennedy Nagar): Rs 2,500 per sq.ft (2024)
• Ambedkar 2nd Street (Kennedy Nagar): Rs 2,500 per sq.ft (2024)
• Ambedkar 3rd Cross Street (Kennedy Nagar): Rs 2,500 per sq.ft (2024)
• Ambedkar Street: Rs 2,200 per sq.ft (2024)
• Ambedkar Street (Erukkancherry): Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Ambedkar 1st Street (Kennedy Nagar)

For a 1,000 sq.ft plot at the current guideline value of Rs 2,500 per sq.ft, the total guideline value would be Rs 25,00,000. The stamp duty at 7% would amount to Rs 1,75,000, while the registration fee at 2% would be Rs 50,000. Together, the total cost for these fees would be Rs 2,25,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Ambedkar 1st Street (Kennedy Nagar)?

The Sub Registrar Office covering Ambedkar 1st Street (Kennedy Nagar) is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for more information.

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

The guideline value plays a crucial role during the registration process when buying or selling property in Erukancherry. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid at the time of property transactions.

When a property is registered, the guideline value is considered to ensure that the appropriate taxes are collected. Buyers and sellers should be aware of the current guideline value to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Ambedkar 1st Street (Kennedy Nagar)?

The current guideline value of Ambedkar 1st Street (Kennedy Nagar) is Rs 2,500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,300 per sq.ft in 2012 to Rs 1,541 per sq.ft in 2017, then increased to Rs 2,300 per sq.ft in 2023, and finally set at Rs 2,500 per sq.ft in 2024.

What is the land classification for Ambedkar 1st Street (Kennedy Nagar)?

The land classification for Ambedkar 1st Street (Kennedy Nagar) is Residential Class III Type - I.

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

For a property valued at Rs 25,00,000, the stamp duty would be Rs 1,75,000 and the registration fee would be Rs 50,000, totaling Rs 2,25,000.

Where is the Madhavaram Sub Registrar Office located?

The Madhavaram Sub Registrar Office is located at No.7, Roja Nagar, Madhavaram, Chennai-600060.