Guideline Value for Big Street

Big Street guideline value

The current guideline value of Big Street in Erukancherry village, under the Madhavaram SRO, is Rs 1,900 per sq.ft, effective from 1 July 2024. This street falls under the Residential Class V Type - I land classification.

How the guideline value of Big Street has changed

The guideline value for Big Street has seen several revisions over the years. In the 2012 revision, the value was set at Rs 1,800 per sq.ft. This figure then decreased by 33% to Rs 1,206 per sq.ft in the 2017 revision. Following this, the value increased significantly by 49% to Rs 1,800 per sq.ft in 2023, and then again rose by 6% to the current value of Rs 1,900 per sq.ft in the 2024 revision. The register has no figure for this street for the years 2002, 2003, and 2007.

Overall, from the 2012 revision to the 2024 revision, the guideline value has increased by 6%. The changes between revisions indicate a fluctuating pattern, with significant increases and decreases impacting the guideline value over the years.

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

• Bhavani Amman Koil Street: Rs 2,200 per sq.ft (2024)
• Bharathiyar Street (Nehru Nagar): Rs 3,000 per sq.ft (2024)
• Bharathiyar Street Extension: Rs 3,000 per sq.ft (2024)
• Bharathiyar Street: Rs 3,000 per sq.ft (2024)
• Bharathidasan Street (Erukkancherry): Rs 3,000 per sq.ft (2024)
• Bunk Street: Rs 1,900 per sq.ft (2024)

Stamp duty and registration fee for property in Big Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,900 per sq.ft, the total guideline value amounts to Rs 19,00,000. The stamp duty at 7% would be Rs 1,33,000, and the registration fee at 2% would be Rs 38,000, bringing the total to Rs 1,71,000. 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 Big Street?

The Sub Registrar Office that covers Big 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

When buying or selling property in Erukancherry, the guideline value plays a crucial role during the registration process. It serves as a benchmark for determining the stamp duty and registration fees that must be paid, ensuring compliance with local regulations.

The guideline value is used to assess the value of the property for taxation purposes. Buyers and sellers should be aware that the final costs may vary based on the property's sale price or the guideline value, whichever is higher.

Frequently asked questions

What is the current guideline value of Big Street?

The current guideline value of Big Street is Rs 1,900 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,800 per sq.ft in 2012 to Rs 1,206 per sq.ft in 2017, then increased to Rs 1,800 per sq.ft in 2023, and finally to Rs 1,900 per sq.ft in 2024.

What is the land classification of Big Street?

Big Street is classified under Residential Class V Type - I, indicating its designated use for residential purposes.

What are the stamp duty and registration fees for a property on Big Street?

For a property valued at Rs 19,00,000, the stamp duty would be Rs 1,33,000 and the registration fee would be Rs 38,000, totaling Rs 1,71,000.

Which office handles registrations for Big Street?

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