Guideline Value for Saravanan Nagar 3rd Street

Saravanan Nagar 3rd Street guideline value

The current guideline value for Saravanan Nagar 3rd 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 is classified as Residential Class IV Type - I.

How the guideline value of Saravanan Nagar 3rd Street has changed

Looking at the revisions, the guideline value for Saravanan Nagar 3rd Street has seen several changes over the years. The 2012 revision set the value at Rs 2,000 per sq.ft, which was then reduced to Rs 1,340 per sq.ft in the 2017 revision. Following this, the value increased to Rs 2,000 per sq.ft in 2023, and finally, it reached Rs 2,200 per sq.ft in the 2024 revision, marking a 10% increase from the previous year.

From 2012 to 2017, there was a decrease of 33%, but from 2017 to 2023, the value increased significantly by 49%. Overall, from the 2012 revision to the 2024 revision, the guideline value has increased by 10%. The register has no figure 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 have 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. Saravanan Nagar 3rd Street's 2024 guideline value is below this median.

• Saravanan Nagar 2nd Street: Rs 2,200 per sq.ft (2024)
• Saravanan Nagar 1st 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 3rd 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, making the total cost for these fees Rs 1,98,000. It is important to note that the 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 3rd Street?

The Sub Registrar Office that covers Saravanan Nagar 3rd 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 crucial factor in the registration process when buying or selling property in Erukancherry. It determines the minimum value at which a property can be registered, ensuring that the transaction is documented accurately and fairly.

When a property is sold, the guideline value helps in calculating the stamp duty and registration fees, which are essential for the legal transfer of ownership. Buyers and sellers must be aware of the guideline value to ensure compliance with local regulations during the transaction.

Frequently asked questions

What is the current guideline value for Saravanan Nagar 3rd Street?

The current guideline value for Saravanan Nagar 3rd 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 is the land classification for Saravanan Nagar 3rd Street?

Saravanan Nagar 3rd Street is classified as Residential Class IV Type - I.

Where can I find the registration office for Saravanan Nagar 3rd Street?

The registration office for Saravanan Nagar 3rd Street is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060.

How is stamp duty calculated for properties in Saravanan Nagar 3rd 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 at 7% would be Rs 1,54,000.