Guideline Value for Saravanan Nagar 2nd Street

Saravanan Nagar 2nd Street guideline value

The current guideline value of Saravanan Nagar 2nd 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 falls under the Residential Class IV Type - I land classification.

How the guideline value of Saravanan Nagar 2nd Street has changed

The guideline value for Saravanan Nagar 2nd Street has undergone several revisions over the years. In 2012, the value was set at Rs 2,000 per sq.ft, which then decreased to Rs 1,340 per sq.ft in 2017. Following this, the value increased significantly to Rs 2,000 per sq.ft in 2023, and currently stands at Rs 2,200 per sq.ft as of the 2024 revision, marking a 10% increase from the previous year.

From 2017 to 2023, the guideline value increased by 49%. Overall, comparing the values from 2012 to 2024, there has been a 10% increase. 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 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 for Saravanan Nagar 2nd Street is below this median.

• Saravanan Nagar 1st 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 2nd Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value would be Rs 22,00,000. The stamp duty at 7% would amount to Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, bringing the total fees to Rs 1,98,000. 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 further calculations.

Which Sub Registrar Office covers Saravanan Nagar 2nd Street?

The Saravanan Nagar 2nd Street is covered by the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. To find your SRO, you can visit find your SRO.

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 is used to calculate the stamp duty and registration fees that buyers must pay when purchasing property.

When you buy or sell property, the guideline value is considered to ensure that the transaction is recorded accurately, reflecting the value of the property as recognized by the registration authorities. This helps maintain transparency and fairness in property dealings.

Frequently asked questions

What is the current guideline value of Saravanan Nagar 2nd Street?

The current guideline value of Saravanan Nagar 2nd 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 currently to Rs 2,200 per sq.ft in 2024.

What is the land classification of Saravanan Nagar 2nd Street?

Saravanan Nagar 2nd Street is classified under Residential Class IV Type - I.

Which office handles registrations for properties in Saravanan Nagar 2nd Street?

The Madhavaram Sub Registrar Office handles registrations for properties in Saravanan Nagar 2nd Street, located at No.7, Roja Nagar, Madhavaram, Chennai-600060.

How is stamp duty calculated for properties in Saravanan Nagar 2nd Street?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 22,00,000, the stamp duty would be Rs 1,54,000 at 7%.