Guideline Value for Chenngaiyar Maistry Street

Chenngaiyar Maistry Street guideline value

The current guideline value of Chenngaiyar Maistry 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 falls under the Residential Class IV Type - I land classification.

How the guideline value of Chenngaiyar Maistry Street has changed

The guideline value for Chenngaiyar Maistry Street has undergone several revisions over the years. The 2012 revision set the value at Rs 2,000 per sq.ft, which was then reduced to Rs 1,340 per sq.ft in 2017. Following this, the value increased to Rs 2,000 per sq.ft in 2023, and currently stands at Rs 2,200 per sq.ft as of the 2024 revision.

From 2012 to 2017, the value decreased by 33%. However, from 2017 to 2023, there was a significant increase of 49%. The latest increase from 2023 to 2024 is 10%. Overall, comparing the 2012 and 2024 revisions, the guideline value has increased by 10%. The register does not provide figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Erukancherry

In Erukancherry village, there are 376 streets under the Madhavaram SRO with a 2024 guideline value ranging from Rs 1,900 to Rs 3,800 per sq.ft. The median value is Rs 2,500 per sq.ft, indicating that the guideline value of Chenngaiyar Maistry Street is below this median.

• Chenngaiya Mastry 1st Lane: Rs 2,200 per sq.ft (2024)
• Chinna Thambiran Street: Rs 2,200 per sq.ft (2024)
• Choudry Street / Kandasamy Street: Rs 2,200 per sq.ft (2024)
• Bunk Street: Rs 1,900 per sq.ft (2024)
• Big Street: Rs 1,900 per sq.ft (2024)
• Bhavani Amman Koil Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Chenngaiyar Maistry 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, making the total cost for these fees 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.

You can also use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Chenngaiyar Maistry Street?

The Chenngaiyar Maistry Street is covered by the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. To find your SRO, you can visit find your SRO.

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

The guideline value plays a crucial role during the registration process when buying or selling property. It is used to determine the applicable stamp duty and registration fees, which are essential components of the transaction.

When a property is sold, the guideline value ensures that the transaction is recorded accurately, reflecting the official value set by the authorities. This helps maintain transparency and standardization in property transactions within the region.

Frequently asked questions

What is the current guideline value of Chenngaiyar Maistry Street?

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

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,000 per sq.ft in 2012 to Rs 1,340 per sq.ft in 2017, then increased to Rs 2,000 per sq.ft in 2023, and is currently Rs 2,200 per sq.ft as of 2024.

What is the stamp duty on property in Chenngaiyar Maistry Street?

The stamp duty on property in Chenngaiyar Maistry Street is 7% of the guideline value or 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.

What is the median guideline value in Erukancherry?

The median guideline value in Erukancherry is Rs 2,500 per sq.ft, while the current guideline value for Chenngaiyar Maistry Street is below this median at Rs 2,200 per sq.ft.