Guideline Value for Saravanan Street (Lakshmi amman Nagar)

Saravanan Street (Lakshmi amman Nagar) guideline value

The current guideline value of Saravanan Street (Lakshmi amman Nagar) is Rs 1,900 per sq.ft, effective from 1 July 2024. This street is located in Erukancherry village under the Madhavaram SRO, classified as Residential Class V Type - I.

How the guideline value of Saravanan Street (Lakshmi amman Nagar) has changed

The guideline value for Saravanan Street has undergone several revisions over the years. The earliest recorded figure is from 2012, which was Rs 1,800 per sq.ft. This value remained the same in the 2012 revision, but in 2017, it dropped to Rs 1,206 per sq.ft, reflecting a decrease of 33%. The value then increased significantly to Rs 1,800 per sq.ft in the 2023 revision, followed by a further increase to Rs 1,900 per sq.ft in the 2024 revision, marking a 6% rise.

From 2017 to 2023, the guideline value increased by 49%, culminating in the current rate of Rs 1,900 per sq.ft. It is important to note that there are no figures available for the revisions in 2002, 2003, and 2007 for this street.

Guideline values in Erukancherry

In Erukancherry village, 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. Saravanan Street's 2024 figure of Rs 1,900 per sq.ft is below this median.

• Saravanan Nagar 3rd Street: Rs 2,200 per sq.ft (2024)
• Saravanan Nagar 2nd Street: Rs 2,200 per sq.ft (2024)
• Saravanan Nagar 1st Street: Rs 2,200 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 Street (Lakshmi amman Nagar)

For a 1,000 sq.ft plot at the current guideline value of Rs 1,900 per sq.ft, the total guideline value would be Rs 19,00,000. The stamp duty at 7% would be 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 the duty is charged on the higher of the guideline value or the sale price.

For more information on calculating fees, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Saravanan Street (Lakshmi amman Nagar)?

The Sub Registrar Office that covers Saravanan Street (Lakshmi amman Nagar) is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for more details.

How the guideline value is used when you buy or sell in Erukancherry

The guideline value plays a crucial role in the registration process of property transactions in Erukancherry. It serves as a benchmark for calculating stamp duty and registration fees, ensuring that these costs are based on the official valuation set by the Registration Department.

When buying or selling property, it is essential to consider the guideline value, as it can influence the overall costs involved in the transaction. Buyers should be aware that the stamp duty is charged on the higher of the guideline value or the sale price, which can impact their financial planning.

Frequently asked questions

What is the current guideline value of Saravanan Street?

The current guideline value of Saravanan Street (Lakshmi amman Nagar) 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 are the other streets in Erukancherry with their guideline values?

Other streets in Erukancherry include Saravanan Nagar 1st, 2nd, and 3rd Streets, Saravana Street (Thiruvalluvar Nagar), and Sarojini Ammal Street, with values ranging from Rs 2,200 to Rs 2,500 per sq.ft in 2024.

Where can I find the Sub Registrar Office for Saravanan Street?

The Madhavaram Sub Registrar Office covers Saravanan Street (Lakshmi amman Nagar) and is located at No.7, Roja Nagar, Madhavaram, Chennai-600060.

How is stamp duty calculated for properties in Saravanan Street?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, a property valued at Rs 19,00,000 would incur a stamp duty of Rs 1,33,000 at 7%.