Guideline Value for Emerald Street

Emerald Street guideline value

The current guideline value of Emerald Street, located in Madipakkam-1 village under the Velacheri SRO, is Rs 2,200 per sq.ft. This value is effective from 1 July 2024. The land classification for this area is Residential Class II Type - I.

How the guideline value of Emerald Street has changed

The guideline value of Emerald Street has seen several revisions over the years. The most recent revision in 2024 set the value at Rs 2,200 per sq.ft, an increase from Rs 2,000 per sq.ft in 2023, marking a 10% rise. Prior to that, in 2017, the value was Rs 1,340 per sq.ft, which means there was a significant increase of 49% from 2017 to 2023. Overall, from 2017 to 2024, the guideline value has increased by 64%.

It is important to note that the register has no figures for Emerald Street for the years 2002, 2003, 2007, and 2012. This lack of data indicates that the guideline value for these years was not established for this particular street.

Guideline values in Madipakkam-1

In Madipakkam-1, there are 1,823 streets under the Velacheri SRO that carry a 2024 guideline value 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, which means that Emerald Street's current value of Rs 2,200 per sq.ft is below the median.

• Enfield Avenue: Rs 3,850 per sq.ft (2024)
• Enfield Avenue 1st Cross Street: Rs 3,850 per sq.ft (2024)
• Enfield Avenue 1st Street: Rs 3,850 per sq.ft (2024)
• Enfield Avenue 2nd Cross Street: Rs 3,850 per sq.ft (2024)
• Enfield Avenue 2nd Street: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Emerald Street

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

Which Sub Registrar Office covers Emerald Street?

The Sub Registrar Office that covers Emerald 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 information.

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

The guideline value is a critical factor in the registration process when buying or selling property in Madipakkam-1. It serves as a benchmark for determining the stamp duty and registration fees applicable to the transaction.

When registering a property, the buyer must pay stamp duty based on the higher of the guideline value or the sale price. This ensures that the government receives the appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Emerald Street?

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

How much has the guideline value changed since 2017?

Since 2017, the guideline value of Emerald Street has increased by 64%, from Rs 1,340 per sq.ft to Rs 2,200 per sq.ft in 2024.

What are the guideline values for other streets in Madipakkam-1?

Other streets in Madipakkam-1 have varying guideline values, with rates ranging from Rs 1,650 to Rs 5,500 per sq.ft. The median value for the area is Rs 2,750 per sq.ft.

What are the stamp duty and registration fees for a property in Emerald Street?

For a property valued at Rs 22,00,000, the stamp duty would be Rs 1,54,000 and the registration fee would be Rs 44,000, totaling Rs 1,98,000.

Which Sub Registrar Office is responsible for Emerald Street?

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