Guideline Value for Pugalendhi Street (Vivekananda Nagar)

Pugalendhi Street (Vivekananda Nagar) guideline value

The current guideline value of Pugalendhi Street (Vivekananda Nagar) is Rs 2,500 per sq.ft, effective from 1 July 2024. This street is located in Erukancherry village and falls under the Madhavaram SRO. The land classification for this area is Residential Class III Type - I.

How the guideline value of Pugalendhi Street (Vivekananda Nagar) has changed

The guideline value for Pugalendhi Street has undergone several revisions over the years. In the 2012 revision, the value was set at 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 an increase to Rs 2,300 per sq.ft, and the most recent revision in 2024 raised it further to Rs 2,500 per sq.ft. Notably, there are no figures available for the years 2002, 2003, and 2007 for this street.

From 2012 to 2017, the guideline value decreased by 33%. However, from 2017 to 2023, there was a significant increase of 49%. The overall change from 2012 to 2024 reflects a modest increase of 9%.

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 equal to the current guideline value of Pugalendhi Street (Vivekananda Nagar).

• Pugalendhi Street (Krishnamoorthy Nagar): Rs 2,500 per sq.ft (2024)
• Pugalendi Street: Rs 2,500 per sq.ft (2024)
• Punitha Androse Street: Rs 2,500 per sq.ft (2024)
• Poondi Madha Street: Rs 2,500 per sq.ft (2024)
• P. Jeevanandam Street: Rs 2,500 per sq.ft (2024)
• Rajavelu Street: Rs 1,900 per sq.ft (2024)

Stamp duty and registration fee for property in Pugalendhi Street (Vivekananda Nagar)

For a 1,000 sq.ft plot at the current guideline value of Rs 2,500 per sq.ft, the total guideline value amounts to Rs 25,00,000. The stamp duty at 7% would be Rs 1,75,000, and the registration fee at 2% would be Rs 50,000, making a total of Rs 2,25,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Pugalendhi Street (Vivekananda Nagar)?

The Sub Registrar Office that covers Pugalendhi Street (Vivekananda Nagar) 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 plays a crucial role during the registration of property transactions in Erukancherry. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid, ensuring that both buyers and sellers adhere to the legal requirements set forth by the government.

When buying or selling property, the guideline value is assessed to calculate the applicable fees. This value helps maintain transparency in property transactions and ensures that the government receives the appropriate taxes based on the property's worth.

Frequently asked questions

What is the current guideline value of Pugalendhi Street (Vivekananda Nagar)?

The current guideline value of Pugalendhi Street (Vivekananda Nagar) 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 increased to Rs 2,300 per sq.ft in 2023, and finally to Rs 2,500 per sq.ft in 2024. There are no figures available for the years 2002, 2003, and 2007.

What is the land classification for Pugalendhi Street?

Pugalendhi Street is classified as Residential Class III Type - I, indicating its suitability for residential development.

What are the stamp duty rates for property transactions in this area?

The stamp duty rate for property transactions in Pugalendhi Street is 7%, while the registration fee is 2%. These fees are calculated based on the guideline value or the sale price, whichever is higher.

Where can I find the Madhavaram Sub Registrar Office?

The Madhavaram Sub Registrar Office is located at No.7, Roja Nagar, Madhavaram, Chennai-600060. This office handles the registration of properties in the area.