Guideline Value for East Street

East Street guideline value

The current guideline value of East Street in Madipakkam-1 village, under the Velacheri SRO, is Rs 1,650 per sq.ft as per the 2024 revision effective from 1 July 2024. This area is classified as Residential Class II Type - II.

How the guideline value of East Street has changed

The guideline value for East Street has undergone several revisions over the years. The 2017 revision set the value at Rs 1,005 per sq.ft, which increased to Rs 1,500 per sq.ft in the 2023 revision, marking a significant rise of 49%. The latest revision in 2024 saw the value increase to Rs 1,650 per sq.ft, representing a 10% increase from the previous year.

Overall, from the 2017 revision to the 2024 revision, the guideline value has increased by 64%. It is important to note that there are no figures available for the years 2002, 2003, 2007, and 2012 for East Street in the register.

Guideline values in Madipakkam-1

In Madipakkam-1, there are 1,823 streets under the Velacheri SRO, with guideline values ranging from Rs 1,650 to Rs 5,500 per sq.ft. The median guideline value in this area is Rs 2,750 per sq.ft, placing East Street's 2024 figure below this median.

• Easwaran Koil 1st Cross Street: Rs 3,300 per sq.ft (2024)
• Easwaran Koil 2nd Cross Street: Rs 3,300 per sq.ft (2024)
• Easwaran koil 3rd Cross Street: Rs 3,300 per sq.ft (2024)
• Easwaran Koil Cross Street: Rs 3,300 per sq.ft (2024)
• Easwaran Koil Main Road: Rs 3,300 per sq.ft (2024)
• Easwaran Koil Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in East Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,650 per sq.ft, the total guideline value amounts to Rs 16,50,000. The stamp duty at 7% would be Rs 1,15,500, and the registration fee at 2% would be Rs 33,000, resulting in a total of Rs 1,48,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can use our stamp duty and registration fee calculator for more accurate calculations.

Which Sub Registrar Office covers East Street?

The Sub Registrar Office that covers East Street is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. You can find your SRO for more details.

How the guideline value is used when you buy or sell in Madipakkam-1

The guideline value is an important factor during the registration of property transactions in Madipakkam-1. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid when buying or selling property in the area.

When a property is registered, the guideline value is considered to ensure that the transaction is documented at a value that reflects the current market conditions, thereby ensuring compliance with local regulations.

Frequently asked questions

What is the current guideline value of East Street?

The current guideline value of East Street is Rs 1,650 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 1,005 per sq.ft in 2017 to Rs 1,650 per sq.ft in 2024, marking an overall increase of 64% across the revisions.

What is the land classification for East Street?

East Street is classified as Residential Class II Type - II, which influences the guideline value applicable to properties in this area.

Where can I find the Sub Registrar Office for East Street?

The Sub Registrar Office for East Street is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

How is stamp duty calculated for properties in East Street?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property with a guideline value of Rs 16,50,000, the stamp duty would be Rs 1,15,500 at a rate of 7%.