Guideline Value for Amman Koil Street

Amman Koil Street guideline value

The current guideline value of Amman Koil Street is Rs 2,200 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 IV Type - I.

How the guideline value of Amman Koil Street has changed

In the 2012 revision, the guideline value was Rs 2,000 per sq.ft. This figure remained unchanged until the 2017 revision, where it decreased to Rs 1,340 per sq.ft, marking a decline of 33%. The guideline value then increased significantly to Rs 2,000 per sq.ft in the 2023 revision, followed by a further increase to Rs 2,200 per sq.ft in the 2024 revision, representing a 10% rise.

From the 2017 revision to the 2023 revision, there was a notable increase of 49%. Overall, from 2012 to 2024, the guideline value has seen a modest increase of 10%. The register has no figures for the years 2002, 2003, and 2007 for this street.

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. The median value for these streets is Rs 2,500 per sq.ft, placing Amman Koil Street's 2024 figure below that median.

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

Stamp duty and registration fee for property in Amman Koil Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value amounts to Rs 22,00,000. The stamp duty at 7% would be Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, bringing the total fees to Rs 1,98,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Amman Koil Street?

The Sub Registrar Office that covers Amman Koil Street is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for more details.

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

The guideline value is a crucial factor in determining the stamp duty and registration fees when buying or selling property in Erukancherry. It serves as a benchmark for the minimum value at which properties can be registered, ensuring that the government receives appropriate revenue from property transactions.

When a property is sold, the buyer must pay the stamp duty based on the higher value between the guideline value and the actual sale price. This ensures that the registration process is transparent and that the government maintains a fair valuation system for properties in the region.

Frequently asked questions

What is the current guideline value of Amman Koil Street?

The current guideline value of Amman Koil Street is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

Since 2012, the guideline value has changed from Rs 2,000 to Rs 1,340 in 2017, then back to Rs 2,000 in 2023, and finally to Rs 2,200 in 2024. This reflects a 10% increase from 2023 to 2024 and a 49% increase from 2017 to 2023.

What is the land classification of Amman Koil Street?

Amman Koil Street is classified as Residential Class IV Type - I under the Madhavaram SRO.

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

The stamp duty is calculated at 7% of the guideline value, while the registration fee is 2%. For a 1,000 sq.ft plot at Rs 2,200 per sq.ft, the total fees would amount to Rs 1,98,000.

Which office handles property registrations for Amman Koil Street?

The Madhavaram Sub Registrar Office handles property registrations for Amman Koil Street, located at No.7, Roja Nagar, Madhavaram, Chennai-600060.