Guideline Value for Rajavelu Street

Rajavelu Street guideline value

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

How the guideline value of Rajavelu Street has changed

Over the years, the guideline value of Rajavelu Street has seen several revisions. The 2012 revision recorded a value of Rs 1,800 per sq.ft, which then decreased to Rs 1,206 per sq.ft in the 2017 revision. Following this, the 2023 revision saw a significant increase to Rs 1,800 per sq.ft, and the most recent 2024 revision set the current guideline value at Rs 1,900 per sq.ft. Notably, there are no figures available for the years 2002, 2003, and 2007 in the register for this street.

In terms of percentage changes, the guideline value increased by 6% from 2023 to 2024. There was a substantial increase of 49% from 2017 to 2023. However, the value decreased by 33% from 2012 to 2017. 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. Rajavelu Street's 2024 figure is below this median.

• Rajeev Gandhi Nagar 1st Main Road: Rs 2,500 per sq.ft (2024)
• Rajeev Gandhi Nagar 1st Street: Rs 2,500 per sq.ft (2024)
• Rajeev Gandhi Nagar 2nd Main Road: Rs 2,500 per sq.ft (2024)
• Rajeev Gandhi Nagar 2nd Street: Rs 2,500 per sq.ft (2024)
• Rajeev Gandhi Nagar 3rd Main Road: Rs 2,500 per sq.ft (2024)
• Rajeev Gandhi Nagar 3rd Street: Rs 2,500 per sq.ft (2024)

Stamp duty and registration fee for property in Rajavelu Street

For a 1,000 sq.ft plot at the current guideline value, the total guideline value would be Rs 19,00,000. The stamp duty at 7% would amount to 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 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.

Which Sub Registrar Office covers Rajavelu Street?

The Sub Registrar Office that covers Rajavelu 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 plays a significant role during the registration of property transactions in Erukancherry. It is used to determine the stamp duty and registration fees that must be paid at the time of purchase or sale of a property.

When a buyer or seller engages in a property transaction, the guideline value serves as an official reference point. It ensures that the transaction is recorded accurately and that the appropriate fees are collected based on the established values.

Frequently asked questions

What is the current guideline value of Rajavelu Street?

The current guideline value of Rajavelu 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 finally to Rs 1,900 per sq.ft in 2024.

What is the land classification for Rajavelu Street?

Rajavelu Street is classified as Residential Class V Type - I, indicating its designation for residential use.

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 properties in Rajavelu Street?

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