Guideline Value for Nakeeran Street

Nakeeran Street guideline value

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

How the guideline value of Nakeeran Street has changed

The guideline value for Nakeeran Street has undergone several revisions over the years. In 2012, the guideline value was Rs 2,300 per sq.ft, which decreased to Rs 1,541 per sq.ft in 2017. The value then increased significantly to Rs 2,300 per sq.ft in 2023, and most recently, it rose to Rs 2,500 per sq.ft in 2024, marking a 9% increase from the previous year. The register has no figures for the years 2002, 2003, and 2007.

From 2017 to 2023, there was a notable increase of 49%. Overall, from 2012 to 2024, the guideline value has increased by 9% despite the drop observed between 2012 and 2017.

Guideline values in Erukancherry

In Erukancherry village, 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. Nakeeran Street's 2024 figure aligns with this median.

• Muthu Mariamman Koil Street: Rs 3,000 per sq.ft (2024)
• Nayanar Street: Rs 2,500 per sq.ft (2024)
• Murugesa Mudaliar Street: Rs 1,900 per sq.ft (2024)
• Munusamy Reddy Colony: Rs 2,200 per sq.ft (2024)
• M.R. Nagar 6th Cross Street: Rs 2,500 per sq.ft (2024)
• M.R. Nagar 5th Cross Street: Rs 2,500 per sq.ft (2024)

Stamp duty and registration fee for property in Nakeeran 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 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 more details on fees applicable to your property.

Which Sub Registrar Office covers Nakeeran Street?

Nakeeran Street falls under the Madhavaram Sub Registrar Office located at No.7, Roja Nagar, Madhavaram, Chennai-600060. For more information, you can find your SRO.

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

The guideline value is a crucial factor during property transactions in Erukancherry, as it determines the minimum value at which a property can be registered. Buyers and sellers must consider this value to ensure compliance with local regulations and to avoid penalties during the registration process.

When registering a property, the guideline value is used to calculate the stamp duty and registration fees. These fees are based on the guideline value or the sale price, whichever is higher, ensuring that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Nakeeran Street?

The current guideline value of Nakeeran 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 is the land classification of Nakeeran Street?

Nakeeran Street is classified as Residential Class III 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 the stamp duty calculated for properties on Nakeeran Street?

The stamp duty for properties on Nakeeran Street is calculated at 7% of the guideline value or the sale price, whichever is higher. Additionally, a registration fee of 2% is also applicable.