Guideline Value for Sivagami 1st Cross Street

Sivagami 1st Cross Street guideline value

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

How the guideline value of Sivagami 1st Cross Street has changed

Over the years, the guideline value of Sivagami 1st Cross Street has seen several revisions. The 2012 revision set the value at Rs 2,000 per sq.ft, which was later reduced to Rs 1,340 per sq.ft in the 2017 revision. Following this, the value increased significantly to Rs 2,000 per sq.ft in the 2023 revision, and currently stands at Rs 2,200 per sq.ft as per the 2024 revision. It is important to note that there are no figures available for the revisions in 2002, 2003, and 2007.

From the 2012 revision to the 2017 revision, the value decreased by 33%. However, from 2017 to 2023, it increased by 49%. Overall, the guideline value has increased by 10% from 2012 to 2024.

Guideline values in Erukancherry

In Erukancherry, there are 376 streets under the Madhavaram SRO, with 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, making the current value of Rs 2,200 per sq.ft for Sivagami 1st Cross Street below the median.

• Sivagami 1st Street: Rs 2,200 per sq.ft (2024)
• Sivagami 2nd Cross Street (Lakshmiamman Nagar): Rs 2,200 per sq.ft (2024)
• Sivagami 2nd Street: Rs 2,200 per sq.ft (2024)
• Singara Mudaliar Nagar / Street: Rs 2,500 per sq.ft (2024)
• Singara Garden 4th Street: Rs 1,900 per sq.ft (2024)
• Singara Garden 3rd Street: Rs 1,900 per sq.ft (2024)

Stamp duty and registration fee for property in Sivagami 1st Cross 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, while the registration fee at 2% would be Rs 44,000, bringing the total cost to Rs 1,98,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Sivagami 1st Cross Street?

The Sub Registrar Office that covers Sivagami 1st Cross 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 during property transactions in Erukancherry. It serves as the basis for calculating stamp duty and registration fees, ensuring that these costs are aligned with the official valuation of the property.

When buying or selling property, the guideline value helps in determining the minimum price at which the property can be registered. This ensures transparency and fairness in property transactions, as it reflects the official value set by the authorities.

Frequently asked questions

What is the current guideline value of Sivagami 1st Cross Street?

The current guideline value of Sivagami 1st Cross 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 stands at Rs 2,200 per sq.ft as of 2024.

What is the land classification for Sivagami 1st Cross Street?

The land classification for Sivagami 1st Cross Street is Residential Class IV Type - I.

Where can I find the Sub Registrar Office for Sivagami 1st Cross Street?

The Madhavaram Sub Registrar Office covers Sivagami 1st Cross Street and is located at No.7, Roja Nagar, Madhavaram, Chennai-600060.

How is the stamp duty calculated for property in Sivagami 1st Cross Street?

The stamp duty is calculated based on the higher of the guideline value or the sale price. For example, for a 1,000 sq.ft plot at the current guideline value, the stamp duty would amount to Rs 1,54,000.