Guideline Value for Saravanan Nagar 1st Street

Saravanan Nagar 1st Street guideline value

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

How the guideline value of Saravanan Nagar 1st Street has changed

The guideline value for Saravanan Nagar 1st Street has seen several revisions over the years. The 2012 revision set the value at Rs 2,000 per sq.ft, which decreased to Rs 1,340 per sq.ft in the 2017 revision. This was a decline of 33%. However, from 2017 to 2023, the value increased significantly to Rs 2,000 per sq.ft, reflecting a rise of 49%. The most recent revision in 2024 brought the guideline value to Rs 2,200 per sq.ft, marking a 10% increase from the previous year.

It is important to note that there are no figures available for the years 2002, 2003, and 2007 for this street. 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, with a median value of Rs 2,500 per sq.ft. The guideline value of Saravanan Nagar 1st Street is below this median.

• Saravanan Nagar 2nd Street: Rs 2,200 per sq.ft (2024)
• Saravanan Nagar 3rd Street: Rs 2,200 per sq.ft (2024)
• Saravanan Street (Lakshmi amman Nagar): Rs 1,900 per sq.ft (2024)
• Saravana Street (Thiruvalluvar Nagar): Rs 2,200 per sq.ft (2024)
• Sarojini Ammal Street: Rs 2,500 per sq.ft (2024)
• Sathiyavani Muthu Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Saravanan Nagar 1st 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 cost to Rs 1,98,000. It is essential to note that the stamp duty is charged on the higher of the guideline value or the sale price.

For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Saravanan Nagar 1st Street?

The Sub Registrar Office that covers Saravanan Nagar 1st 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 is a critical factor when registering property transactions in Erukancherry. It serves as a benchmark for determining the stamp duty and registration fees applicable to the property being bought or sold.

When you buy or sell a property, the guideline value ensures that the transaction is recorded at a fair value, which helps in maintaining transparency and accountability in property dealings.

Frequently asked questions

What is the current guideline value of Saravanan Nagar 1st Street?

The current guideline value of Saravanan Nagar 1st 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 to Rs 2,000 per sq.ft in 2023, and finally to Rs 2,200 per sq.ft in 2024.

What are the other streets in Erukancherry with similar guideline values?

Other streets in Erukancherry with similar guideline values include Saravanan Nagar 2nd Street and Saravanan Nagar 3rd Street, both at Rs 2,200 per sq.ft in 2024.

What fees are associated with buying property in Saravanan Nagar 1st Street?

When buying property in Saravanan Nagar 1st Street, you will incur a stamp duty of 7% and a registration fee of 2% based on the guideline value or sale price, whichever is higher.

Where can I find my Sub Registrar Office?

You can find your Sub Registrar Office by visiting the Madhavaram Sub Registrar Office located at No.7, Roja Nagar, Madhavaram, Chennai-600060, or by using the online tool to find your SRO.