Guideline Value for Sivasankaran Street

Sivasankaran Street guideline value

The current guideline value of Sivasankaran 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 Sivasankaran Street has changed

The guideline value for Sivasankaran Street has undergone several revisions. 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 significantly to Rs 2,000 per sq.ft in 2023, and then to the current Rs 2,200 per sq.ft in the 2024 revision, marking a 10% increase from the previous year.

From the 2012 revision to the 2024 revision, the overall change in value is +10%. Notably, there are no figures available for the years 2002, 2003, and 2007 in the register 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. The guideline value for Sivasankaran Street is below this median.

• Sivasankaran Lane: 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)
• Solaiamman Street: Rs 2,500 per sq.ft (2024)

Stamp duty and registration fee for property in Sivasankaran 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, bringing the total cost for these fees to 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 our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Sivasankaran Street?

The Sub Registrar Office that covers Sivasankaran 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 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 to ensure compliance with registration regulations.

During the registration process, the stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. This ensures that the government receives appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Sivasankaran Street?

The current guideline value of Sivasankaran 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 of Sivasankaran Street?

Sivasankaran Street is classified as Residential Class IV Type - I, indicating its use for residential purposes.

What are the stamp duty and registration fees for properties on this street?

For a property valued at Rs 22,00,000, the stamp duty would be Rs 1,54,000, and the registration fee would be Rs 44,000, totaling Rs 1,98,000 in fees.

Which office handles registrations for Sivasankaran Street?

The Madhavaram Sub Registrar Office handles registrations for Sivasankaran Street, located at No.7, Roja Nagar, Madhavaram, Chennai-600060.