Guideline Value for Ambedkar 2nd Street (Kennedy Nagar)

Ambedkar 2nd Street (Kennedy Nagar) guideline value

The current guideline value of Ambedkar 2nd 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 is classified as Residential Class III Type - I.

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

The guideline value for Ambedkar 2nd Street (Kennedy Nagar) has undergone several revisions over the years. The 2012 revision set the value at Rs 2,300 per sq.ft, which was a decrease of 33% from the 2017 revision, where the value was Rs 1,541 per sq.ft. The guideline value then increased to Rs 2,300 per sq.ft in 2023, showing a significant increase of 49% from the 2017 figure. The most recent revision in 2024 raised the guideline value to Rs 2,500 per sq.ft, marking a 9% increase from the previous year.

It is important to note that there are no figures available for the revisions in 2002, 2003, and 2007 for this street. Overall, from 2012 to 2024, the guideline value has increased by 9%.

Guideline values in Erukancherry

In Erukancherry, 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, with a median value of Rs 2,500 per sq.ft. The guideline value for Ambedkar 2nd Street (Kennedy Nagar) aligns perfectly with this median.

• Ambedkar 3rd Cross Street (Kennedy Nagar): Rs 2,500 per sq.ft (2024)
• Ambedkar 2nd Cross Street (Kennedy Nagar): Rs 2,500 per sq.ft (2024)
• Ambedkar 1st 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 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, bringing the total cost for these fees to Rs 2,25,000. It is essential 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 detailed calculations.

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

The Sub Registrar Office that covers Ambedkar 2nd 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

When buying or selling property in Erukancherry, the guideline value is a crucial factor as it determines the stamp duty and registration fees applicable during the transaction. The guideline value is set by the government and is used to assess the value of the property for tax purposes.

It is important for buyers and sellers to be aware of the current guideline value, as it can significantly affect the overall cost of the transaction. Ensuring that the property is registered at the correct guideline value helps in maintaining transparency and legality in property dealings.

Frequently asked questions

What is the current guideline value of Ambedkar 2nd Street (Kennedy Nagar)?

The current guideline value of Ambedkar 2nd 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 several changes, with the most recent increase from Rs 2,300 per sq.ft in 2023 to Rs 2,500 per sq.ft in 2024. Overall, from 2012 to 2024, the value increased by 9%.

What is the land classification for Ambedkar 2nd Street (Kennedy Nagar)?

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

Where can I find the Madhavaram Sub Registrar Office?

The Madhavaram Sub Registrar Office is located at No.7, Roja Nagar, Madhavaram, Chennai-600060. This office handles registrations for properties in the area.

How is stamp duty calculated for properties in Erukancherry?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, a property valued at Rs 25,00,000 would incur a stamp duty of Rs 1,75,000 at 7%.