Guideline Value for Park Street

Park Street guideline value

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

How the guideline value of Park Street has changed

Over the years, the guideline value of Park Street has seen several revisions. The earliest recorded figure is from 2012, where the value was Rs 2,300 per sq.ft. This was followed by a decrease to Rs 1,541 per sq.ft in the 2017 revision. The 2023 revision saw a significant increase to Rs 2,300 per sq.ft, and the current 2024 revision has further increased it to Rs 2,500 per sq.ft.

In summary, the changes between the revisions are notable: from 2017 to 2023, there was a 49% increase, while from 2023 to 2024, there was a 9% increase. Overall, from 2012 to 2024, the guideline value has increased by 9%. The register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Erukancherry

In Erukancherry, there are 376 streets under the Madhavaram SRO with a 2024 guideline value range from Rs 1,900 to Rs 3,800 per sq.ft. The median value is Rs 2,500 per sq.ft, which is the same as the current guideline value for Park Street.

• Parthasarathy Reddy Street: Rs 2,500 per sq.ft (2024)
• Pappathi Ammal Koil Street: Rs 2,200 per sq.ft (2024)
• Pandurangan Street: Rs 2,200 per sq.ft (2024)
• 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)

Stamp duty and registration fee for property in Park 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, leading to a total of 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.

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

Which Sub Registrar Office covers Park Street?

The Madhavaram Sub Registrar Office covers Park Street, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for further assistance.

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 at which a property can be registered, ensuring that the transaction is in line with the prevailing market conditions.

When a property is sold, the guideline value is used to calculate the stamp duty and registration fees, which are mandatory costs associated with the transfer of property ownership. Buyers and sellers must be aware of these values to ensure compliance with local regulations.

Frequently asked questions

What is the current guideline value of Park Street?

The current guideline value of Park 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 back 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 Park Street?

Park Street is classified as Residential Class III Type - I under the land classification system.

What are the stamp duty and registration fees for a property on Park Street?

For a property valued at Rs 25,00,000, the stamp duty would be Rs 1,75,000 and the registration fee would be Rs 50,000, totaling Rs 2,25,000.

Which office handles registrations for Park Street?

The Madhavaram Sub Registrar Office handles registrations for Park Street, located at No.7, Roja Nagar, Madhavaram, Chennai-600060.