Guideline Value for Rettamalai Srinivasan Street

Rettamalai Srinivasan Street guideline value

The current guideline value of Rettamalai Srinivasan Street is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is located in Erukancherry village under the Madhavaram SRO, classified as Residential Class IV Type - I.

How the guideline value of Rettamalai Srinivasan Street has changed

The guideline value for Rettamalai Srinivasan 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 was followed by a decrease to Rs 1,340 per sq.ft in 2017. However, in the next revision in 2023, the value increased significantly to Rs 2,000 per sq.ft, and the most recent revision in 2024 has set the value at Rs 2,200 per sq.ft, marking a 10% increase from the previous year.

To summarize the changes: from 2012 to 2017, there was a decrease of 33%. From 2017 to 2023, the value rose by 49%. Overall, from 2012 to 2024, the guideline value has increased by 10%. The register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Erukancherry

In Erukancherry village, there are 376 streets under the Madhavaram SRO, with 2024 guideline values ranging from Rs 1,900 to Rs 3,800 per sq.ft. The median guideline value for these streets is Rs 2,500 per sq.ft, placing Rettamalai Srinivasan Street's 2024 value below this median.

• Reddy Street: Rs 2,200 per sq.ft (2024)
• R.D. Arasu Street: Rs 2,200 per sq.ft (2024)
• Salaima Nagar: Rs 2,200 per sq.ft (2024)
• Ramakrishna Thiru-vi-ka Link Road: Rs 2,200 per sq.ft (2024)
• Sanathy Street: Rs 2,200 per sq.ft (2024)
• Sanjay Gandhi Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Rettamalai Srinivasan Street

For a 1,000 sq.ft plot at the current rate of Rs 2,200 per sq.ft, the 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, making the total Rs 1,98,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Rettamalai Srinivasan Street?

The Rettamalai Srinivasan Street falls under the jurisdiction of 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 in property transactions in Erukancherry. It serves as a benchmark for determining the minimum value at which properties can be registered. Buyers and sellers must consider this value to ensure compliance with registration requirements.

When a property is sold, the guideline value is used to calculate the applicable stamp duty and registration fees. This ensures that the transaction is documented accurately, reflecting the official valuation set by the Registration Department.

Frequently asked questions

What is the current guideline value of Rettamalai Srinivasan Street?

The current guideline value of Rettamalai Srinivasan 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 back 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 Rettamalai Srinivasan Street?

Rettamalai Srinivasan Street is classified as Residential Class IV 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 in Rettamalai Srinivasan Street?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, a 1,000 sq.ft plot at Rs 2,200 per sq.ft would incur a stamp duty of Rs 1,54,000.