Guideline Value for Sivaraj Street

Sivaraj Street guideline value

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

How the guideline value of Sivaraj Street has changed

In the 2012 revision, the guideline value was Rs 2,000 per sq.ft. This figure was then revised to Rs 1,340 per sq.ft in 2017, indicating a decrease of 33%. Following this, the value increased significantly to Rs 2,000 per sq.ft in 2023, marking a 49% rise. The current guideline value for 2024 is Rs 2,200 per sq.ft, reflecting a 10% increase from the previous year.

The register has no figures for the years 2002, 2003, and 2007 for Sivaraj Street. Overall, comparing the figures from 2012 to 2024 shows a 10% increase, highlighting the fluctuations in the guideline value over the years.

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. The guideline value for Sivaraj Street is below this median, indicating a relatively lower valuation compared to other streets in the area.

• Sivasankaran Lane: Rs 2,200 per sq.ft (2024)
• Sivasankaran Street: Rs 2,200 per sq.ft (2024)
• Sivasanmugam Street: Rs 2,200 per sq.ft (2024)
• Sivashankara Mudaliar Nagar / Street: Rs 2,500 per sq.ft (2024)
• Sivashankaran Street: Rs 2,500 per sq.ft (2024)
• Sivashankaran Street (Kennedy Nagar): Rs 2,500 per sq.ft (2024)

Stamp duty and registration fee for property in Sivaraj 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, totaling 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.

You can use the stamp duty and registration fee calculator for accurate calculations.

Which Sub Registrar Office covers Sivaraj Street?

The Sub Registrar Office that covers Sivaraj Street is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. For more details, you can find your SRO.

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

The guideline value is a crucial factor in property transactions, as it determines the minimum value at which a property can be registered. Buyers and sellers must consider this value when negotiating sale prices, as it affects the stamp duty and registration fees applicable during the transaction.

When a property is sold, the registration office uses the guideline value to calculate the necessary fees. Therefore, it is essential for both parties to be aware of the current guideline value to ensure compliance with local regulations and to avoid any potential disputes during the registration process.

Frequently asked questions

What is the current guideline value of Sivaraj Street?

The current guideline value of Sivaraj 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 varied significantly, from Rs 2,000 per sq.ft in 2012 to Rs 1,340 per sq.ft in 2017, before rising to Rs 2,000 per sq.ft in 2023, and finally reaching Rs 2,200 per sq.ft in 2024.

What is the land classification for Sivaraj Street?

Sivaraj Street is classified as Residential Class IV Type - I, which indicates its designation for residential purposes within the local planning framework.

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

The Sub Registrar Office for Sivaraj Street is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060.

How is the stamp duty calculated for properties in Sivaraj Street?

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