Guideline Value for Sivasanmugam Street

Sivasanmugam Street guideline value

The current guideline value of Sivasanmugam 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 Sivasanmugam Street has changed

In the 2012 revision, the guideline value was Rs 2,000 per sq.ft. This figure remained unchanged until the 2017 revision, where it dropped to Rs 1,340 per sq.ft, reflecting a decrease of 33%. The next revision in 2023 saw a significant increase to Rs 2,000 per sq.ft, followed by another increase to Rs 2,200 per sq.ft in 2024, marking a rise of 10% from the previous year. It's important to note that the register has no figures for the years 2002, 2003, and 2007 for this street.

From 2017 to 2023, the guideline value increased by 49%. Overall, from 2012 to 2024, there has been a 10% increase in the guideline value for Sivasanmugam Street.

Guideline values in Erukancherry

In Erukancherry, there are 376 streets under the Madhavaram SRO, with 2024 guideline values ranging from Rs 1,900 to Rs 3,800 per sq.ft. The median value for these streets is Rs 2,500 per sq.ft, placing Sivasanmugam Street's 2024 figure below that median.

• 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)
• Sivasankaran Street: Rs 2,200 per sq.ft (2024)
• Sivasankaran Lane: Rs 2,200 per sq.ft (2024)
• Solaiamman Street: Rs 2,500 per sq.ft (2024)

Stamp duty and registration fee for property in Sivasanmugam 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 fees 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 information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Sivasanmugam Street?

The Sub Registrar Office that covers Sivasanmugam Street 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 is a crucial factor in the registration process of property transactions in Erukancherry. When buying or selling property, the guideline value is used to determine the stamp duty and registration fees payable, ensuring that these costs are calculated based on a standardized valuation.

It is essential for buyers and sellers to be aware of the guideline value as it can significantly impact the overall cost of the transaction. Understanding the guideline value helps in making informed decisions during property dealings in the area.

Frequently asked questions

What is the current guideline value of Sivasanmugam Street?

The current guideline value of Sivasanmugam 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 seen several revisions, starting from Rs 2,000 per sq.ft in 2012, dropping to Rs 1,340 per sq.ft in 2017, and then increasing to Rs 2,000 per sq.ft in 2023, before reaching Rs 2,200 per sq.ft in 2024.

What is the land classification for Sivasanmugam Street?

Sivasanmugam Street is classified as Residential Class IV Type - I.

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.

Which office handles the registration for Sivasanmugam Street?

The Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060, handles the registration for Sivasanmugam Street.