Guideline Value for Kamaraj Street

Kamaraj Street guideline value

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

How the guideline value of Kamaraj Street has changed

The guideline value for Kamaraj Street has undergone several revisions over the years. The 2012 revision set the value at Rs 2,300 per sq.ft, which then decreased to Rs 1,541 per sq.ft in the 2017 revision. Following this, the value increased significantly to Rs 2,300 per sq.ft in the 2023 revision, and most recently, it rose to Rs 2,500 per sq.ft in the 2024 revision, reflecting a 9% increase from the previous year.

From 2017 to 2023, the guideline value increased by 49%. Overall, from the 2012 revision to the 2024 revision, there has been a 9% increase. The register has no figures for Kamaraj Street in the years 2002, 2003, and 2007.

Guideline values in Erukancherry

In Erukancherry, there are 376 streets under the Madhavaram SRO, with guideline values ranging from Rs 1,900 to Rs 3,800 per sq.ft. The median guideline value in this area is Rs 2,500 per sq.ft, which matches the current value of Kamaraj Street.

• Kamatchi 1st Street: Rs 1,900 per sq.ft (2024)
• Kamatchi 2nd Street: Rs 1,900 per sq.ft (2024)
• Kamatchi 3rd Street: Rs 1,900 per sq.ft (2024)
• Kamatchi 4th Street: Rs 1,900 per sq.ft (2024)
• Kamaraj Nagar Cross Street: Rs 2,500 per sq.ft (2024)
• Kamatchi Street: Rs 1,900 per sq.ft (2024)

Stamp duty and registration fee for property in Kamaraj Street

For a 1,000 sq.ft plot at the current rate of Rs 2,500 per sq.ft, the 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, totaling 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 more detailed calculations.

Which Sub Registrar Office covers Kamaraj Street?

The Kamaraj Street falls under the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for more information.

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

The guideline value plays a crucial role during the registration of property transactions in Erukancherry. It serves as a benchmark for determining the minimum value at which properties can be registered, ensuring that the government receives appropriate revenue from stamp duties.

When buying or selling property, the guideline value is considered to ascertain the applicable stamp duty and registration fees. This process helps maintain transparency and standardization in property transactions.

Frequently asked questions

What is the current guideline value of Kamaraj Street?

The current guideline value of Kamaraj 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 increased to Rs 2,300 per sq.ft in 2023, and finally to Rs 2,500 per sq.ft in 2024.

What is the land classification for Kamaraj Street?

Kamaraj Street is classified as Residential Class III Type - I under the Madhavaram SRO.

Where can I find the registration office for Kamaraj Street?

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

How is stamp duty calculated for properties in Kamaraj Street?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, a property with a guideline value of Rs 25,00,000 would incur a stamp duty of Rs 1,75,000 at a rate of 7%.