Guideline Value for Glaxo Street

Glaxo Street guideline value

The current guideline value of Glaxo Street in Erukancherry village under the Madhavaram SRO is Rs 2,500 per sq.ft, effective from 1 July 2024. This street is classified as Residential Class III Type - I.

How the guideline value of Glaxo Street has changed

The guideline value for Glaxo Street has seen several revisions over the years. In 2012, the value was set at Rs 2,300 per sq.ft, which then decreased to Rs 1,541 per sq.ft in 2017. Following this, the value increased significantly to Rs 2,300 per sq.ft in 2023, and finally rose to Rs 2,500 per sq.ft in the 2024 revision. There are no figures available for the years 2002, 2003, and 2007 in the register for this street.

From 2012 to 2017, the guideline value decreased by 33%. However, from 2017 to 2023, it increased by 49%. The overall change from 2012 to 2024 shows a modest increase of 9%.

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, which is equal to the current value of Glaxo Street.

• G.N.T. Road: Rs 3,300 per sq.ft (2024)
• Gandhi Nagar 2nd Street: Rs 2,500 per sq.ft (2024)
• Gandhi Nagar 1st street: Rs 2,500 per sq.ft (2024)
• Ganapathy Street (Krishnamoorthy Nagar): Rs 2,500 per sq.ft (2024)
• Ganapathy Nagar / Street: Rs 2,200 per sq.ft (2024)
• E.V.R. Salai: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Glaxo Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,500 per sq.ft, the total guideline value would be Rs 25,00,000. The stamp duty at 7% would amount to Rs 1,75,000, and the registration fee at 2% would be Rs 50,000, bringing the total fees to Rs 2,25,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can use the stamp duty and registration fee calculator for further calculations.

Which Sub Registrar Office covers Glaxo Street?

The Sub Registrar Office that covers Glaxo Street is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. To find your specific SRO, you can visit find your SRO.

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

The guideline value is a crucial factor in property transactions in Erukancherry. It serves as a benchmark for determining the minimum price at which a property can be registered. Buyers and sellers must consider this value when negotiating sale prices to ensure compliance with local regulations.

When a property is registered, the stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. This ensures that the government receives appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Glaxo Street?

The current guideline value of Glaxo Street is Rs 2,500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,300 per sq.ft in 2012 to Rs 1,541 per sq.ft in 2017, then to Rs 2,300 per sq.ft in 2023, and finally to Rs 2,500 per sq.ft in 2024.

What are the other streets in Erukancherry with similar guideline values?

Other streets in Erukancherry with a guideline value of Rs 2,500 per sq.ft include Gandhi Nagar 1st Street, Gandhi Nagar 2nd Street, and Ganapathy Street (Krishnamoorthy Nagar).

What is the registration fee for properties in Glaxo Street?

The registration fee for properties in Glaxo Street is calculated at 2% of the guideline value. For a property valued at Rs 25,00,000, the registration fee would be Rs 50,000.

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

The Sub Registrar Office for Glaxo Street is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060.