Guideline Value for Ambedkar 3rd Cross Street (Kennedy Nagar)

Ambedkar 3rd Cross Street (Kennedy Nagar) guideline value

The current guideline value of Ambedkar 3rd 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 is classified as Residential Class III Type - I.

How the guideline value of Ambedkar 3rd Cross Street (Kennedy Nagar) has changed

The guideline value for Ambedkar 3rd Cross Street (Kennedy Nagar) has undergone several revisions over the years. Starting with the 2012 revision, the guideline value was set at Rs 2,300 per sq.ft. This figure then decreased to Rs 1,541 per sq.ft in the 2017 revision, marking a decline of 33%. In the following 2023 revision, the value increased to Rs 2,300 per sq.ft, and then further rose to Rs 2,500 per sq.ft in the 2024 revision, reflecting a 9% increase from the previous year.

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 seen an increase of 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 the median value being Rs 2,500 per sq.ft. Ambedkar 3rd Cross Street's 2024 figure aligns with this median.

• Ambedkar 2nd 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 3rd 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 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, bringing the total fees to 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 3rd Cross Street (Kennedy Nagar)?

The Sub Registrar Office that covers Ambedkar 3rd 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 plays a crucial role in the registration process when buying or selling property in Erukancherry. It is used to determine the stamp duty and registration fees applicable to the transaction, ensuring that both parties are aware of the financial obligations involved.

When a property is sold, the guideline value is assessed to ensure that the transaction is registered at a fair value, which helps in maintaining transparency in property dealings. Buyers and sellers must 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 3rd Cross Street (Kennedy Nagar)?

The current guideline value of Ambedkar 3rd 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 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 to Rs 2,500 per sq.ft in 2024.

What is the land classification of Ambedkar 3rd Cross Street (Kennedy Nagar)?

Ambedkar 3rd Cross Street (Kennedy Nagar) is classified as Residential Class III Type - I.

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

The stamp duty is 7% of the guideline value, and the registration fee is 2%. For example, for a 1,000 sq.ft plot, the total fees would amount to Rs 2,25,000.

Which office handles the registration for this street?

The Madhavaram Sub Registrar Office handles the registration for Ambedkar 3rd Cross Street (Kennedy Nagar), located at No.7, Roja Nagar, Madhavaram, Chennai-600060.