Guideline Value for N.S.K. Street

N.S.K. Street guideline value

The current guideline value of N.S.K. Street in Erukancherry village, under the Madhavaram SRO, is Rs 1,900 per sq.ft, effective from 1 July 2024. This street is classified as Residential Class V Type - I.

How the guideline value of N.S.K. Street has changed

The guideline value for N.S.K. Street has seen several revisions over the years. In 2012, the value was Rs 1,800 per sq.ft, which then decreased to Rs 1,206 per sq.ft in 2017. Following this, the value increased significantly to Rs 1,800 per sq.ft in 2023, and further rose to the current value of Rs 1,900 per sq.ft in 2024, marking a 6% increase from the previous year. The register has no figures for the years 2002, 2003, and 2007.

From 2012 to 2017, there was a decline of 33%, but from 2017 to 2023, the value surged by 49%. Overall, from 2012 to 2024, the guideline value has increased by 6%.

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, with a median value of Rs 2,500 per sq.ft. N.S.K. Street's 2024 figure is below this median.

• N.S.K. Street (Krishnamoorthy Nagar): Rs 1,900 per sq.ft (2024)
• N.S.Krishnan Street (Soozhulpunal Karai): Rs 2,200 per sq.ft (2024)
• Om Shakthi Vinayagar Koil Street: Rs 2,500 per sq.ft (2024)
• New Lakshmi Amman Nagar: Rs 2,500 per sq.ft (2024)
• Palani Street: Rs 2,200 per sq.ft (2024)
• Nethaji Street: Rs 2,500 per sq.ft (2024)

Stamp duty and registration fee for property in N.S.K. Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,900 per sq.ft, the total guideline value amounts to Rs 19,00,000. The stamp duty at 7% would be Rs 1,33,000, and the registration fee at 2% would be Rs 38,000, bringing the total to Rs 1,71,000. 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 N.S.K. Street?

The Sub Registrar Office that covers N.S.K. 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 the registration process when buying or selling property in Erukancherry. It determines the minimum value on which stamp duty and registration fees are calculated, ensuring that the transaction is recorded accurately in the official records.

When a property is sold, the guideline value serves as a benchmark to assess the transaction's legitimacy and helps in preventing undervaluation. Buyers and sellers should be aware of the current guideline value to ensure compliance with local regulations during the registration process.

Frequently asked questions

What is the current guideline value of N.S.K. Street?

The current guideline value of N.S.K. Street is Rs 1,900 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,800 per sq.ft in 2012 to Rs 1,206 per sq.ft in 2017, then increased to Rs 1,800 per sq.ft in 2023, and is now Rs 1,900 per sq.ft in 2024.

What is the classification of N.S.K. Street?

N.S.K. Street is classified as Residential Class V Type - I.

Where can I find the Madhavaram Sub Registrar Office?

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

How is stamp duty calculated for property in N.S.K. Street?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, for a 1,000 sq.ft plot at the current guideline value, the total stamp duty would be Rs 1,33,000.