Guideline Value for Pandurangan Street

Pandurangan Street guideline value

The current guideline value of Pandurangan Street in Erukancherry village, under the Madhavaram SRO, is Rs 2,200 per sq.ft, effective from 1 July 2024. This street falls under the Residential Class IV Type - I land classification.

How the guideline value of Pandurangan Street has changed

The guideline value for Pandurangan Street has undergone several revisions over the years. The earliest recorded revision is from 2012, where the value was Rs 2,000 per sq.ft. This figure remained until 2017, when it decreased to Rs 1,340 per sq.ft. Following that, in 2023, the guideline value increased to Rs 2,000 per sq.ft, and as of the latest revision in 2024, it stands at Rs 2,200 per sq.ft. Notably, there are no figures available for the years 2002, 2003, and 2007 in the register for this street.

Between the revisions, there have been significant changes. The increase from Rs 1,340 per sq.ft in 2017 to Rs 2,000 per sq.ft in 2023 represents a rise of 49%. The value then increased by 10% from 2023 to 2024. Overall, from 2012 to 2024, the guideline value has increased by 10%.

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 in this area is Rs 2,500 per sq.ft, placing Pandurangan Street's 2024 figure below this median.

• Pandurangan Lane: Rs 1,900 per sq.ft (2024)
• Pandit Nehru Street: Rs 1,900 per sq.ft (2024)
• Pandian Nagar: Rs 2,200 per sq.ft (2024)
• Pappathi Ammal Koil Street: Rs 2,200 per sq.ft (2024)
• Panchayat Street: Rs 2,200 per sq.ft (2024)
• Palvadi Street: Rs 1,900 per sq.ft (2024)

Stamp duty and registration fee for property in Pandurangan Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value amounts to 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 charges to Rs 1,98,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Pandurangan Street?

The Sub Registrar Office that covers Pandurangan Street is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for more details.

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

The guideline value is a crucial factor during the registration of property transactions in Erukancherry. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction reflects a fair value for tax purposes.

When buying or selling property, the guideline value influences the stamp duty and registration fees that must be paid. Buyers should be aware that these charges are calculated based on the guideline value or the sale price, whichever is higher.

Frequently asked questions

What is the current guideline value of Pandurangan Street?

The current guideline value of Pandurangan 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 changed from Rs 2,000 per sq.ft in 2012 to Rs 1,340 per sq.ft in 2017, then increased 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 for Pandurangan Street?

Pandurangan Street is classified as Residential Class IV Type - I, which indicates its suitability for residential purposes.

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

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

How is the stamp duty calculated for properties in Erukancherry?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 22,00,000, the stamp duty at 7% would be Rs 1,54,000.