Guideline Value for Mahatma Gandhi 2nd Street

Mahatma Gandhi 2nd Street guideline value

The current guideline value of Mahatma Gandhi 2nd 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 is classified as Residential Class IV Type - I.

How the guideline value of Mahatma Gandhi 2nd Street has changed

In the 2012 revision, the guideline value was Rs 2,000 per sq.ft. This figure changed to Rs 1,340 per sq.ft in the 2017 revision, marking a decrease of 33%. Subsequently, the value increased significantly to Rs 2,000 per sq.ft in the 2023 revision, and then to Rs 2,200 per sq.ft in the 2024 revision, reflecting a 10% increase from the previous year. The overall change from 2012 to 2024 shows a modest increase of 10%.

The register has no figures for Mahatma Gandhi 2nd Street for 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, and a median value of Rs 2,500 per sq.ft. The guideline value of Mahatma Gandhi 2nd Street is below this median.

• Mahatma Gandhi 3rd Street: Rs 2,200 per sq.ft (2024)
• Mahatma Gandhi 1st Street: Rs 2,200 per sq.ft (2024)
• Maleeshwari Nagar: Rs 2,200 per sq.ft (2024)
• Manavalagar Street / Manavalan Street: Rs 2,200 per sq.ft (2024)
• Madhavaram High Road: Rs 3,800 per sq.ft (2024)
• Maraimalai Adigalar Street (Teacher Colony): Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Mahatma Gandhi 2nd Street

For a 1,000 sq.ft plot at the current rate of Rs 2,200 per sq.ft, the guideline value totals 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, bringing the total fees to Rs 1,98,000. Please 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 Mahatma Gandhi 2nd Street?

The Sub Registrar Office that covers Mahatma Gandhi 2nd Street is 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 is a crucial factor in property transactions, as it determines the minimum value at which a property can be registered. When buying or selling property in Erukancherry, the guideline value is used to calculate the stamp duty and registration fees, ensuring that the transaction is in compliance with local regulations.

It is important for buyers and sellers to be aware of the guideline value, as it can significantly affect the overall costs associated with property transactions. Understanding the guideline value helps in making informed decisions during the buying or selling process.

Frequently asked questions

What is the current guideline value of Mahatma Gandhi 2nd Street?

The current guideline value of Mahatma Gandhi 2nd 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 seen several changes, from Rs 2,000 per sq.ft in 2012 to Rs 1,340 per sq.ft in 2017, then back to Rs 2,000 per sq.ft in 2023, and finally to Rs 2,200 per sq.ft in 2024.

What is the land classification of Mahatma Gandhi 2nd Street?

Mahatma Gandhi 2nd Street is classified as Residential Class IV Type - I.

What are the stamp duty and registration fees for properties in this area?

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 office handles the registration for Mahatma Gandhi 2nd Street?

The Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060, handles the registration for Mahatma Gandhi 2nd Street.