Guideline Value for Ambedkar 2nd Cross Street (Kennedy Nagar)

Ambedkar 2nd Cross Street (Kennedy Nagar) guideline value

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

How the guideline value of Ambedkar 2nd Cross Street (Kennedy Nagar) has changed

The guideline value for Ambedkar 2nd Cross Street has undergone several revisions over the years. In 2012, the value was set at Rs 2,300 per sq.ft, which decreased to Rs 1,541 per sq.ft in 2017. Following this, the value increased to Rs 2,300 per sq.ft in 2023, and finally rose to Rs 2,500 per sq.ft in the 2024 revision. The register has no figures for the years 2002, 2003, and 2007.

From 2012 to 2017, there was a decrease of 33%. However, the value saw a significant increase of 49% from 2017 to 2023. The overall change from 2012 to 2024 reflects a 9% increase, bringing the current guideline value in line with the median value for the area.

Guideline values in Erukancherry

In Erukancherry village, there are 376 streets under the Madhavaram SRO that carry a 2024 guideline value ranging from Rs 1,900 to Rs 3,800 per sq.ft. The median value for these streets is Rs 2,500 per sq.ft, which is equal to the current guideline value of Ambedkar 2nd Cross Street.

• Ambedkar 1st 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 1st 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 2nd Cross 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 amounts to Rs 25,00,000. The stamp duty at 7% would be Rs 1,75,000, and the registration fee at 2% would be Rs 50,000, totaling 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 further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Ambedkar 2nd Cross Street (Kennedy Nagar)?

The Sub Registrar Office that covers Ambedkar 2nd Cross 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 is an essential factor in property transactions in Erukancherry. It determines the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue from property transactions.

When buying or selling property, the guideline value helps both buyers and sellers understand the legal valuation of the property. It is crucial for calculating stamp duty and registration fees, which are necessary for the legal transfer of property ownership.

Frequently asked questions

What is the current guideline value of Ambedkar 2nd Cross Street?

The current guideline value of Ambedkar 2nd Cross 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 seen various changes, from Rs 2,300 per sq.ft in 2012 to Rs 1,541 per sq.ft in 2017, then increasing to Rs 2,300 per sq.ft in 2023, and finally reaching Rs 2,500 per sq.ft in 2024.

What is the land classification of Ambedkar 2nd Cross Street?

Ambedkar 2nd Cross Street (Kennedy Nagar) is classified under Residential Class III Type - I.

What is the stamp duty rate for properties in this area?

The stamp duty rate for properties in Ambedkar 2nd Cross Street is 7% of the guideline value or the sale price, whichever is higher.

Where is the Madhavaram Sub Registrar Office located?

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