Guideline Value for Sivashankara Mudaliar Nagar / Street

Sivashankara Mudaliar Nagar / Street guideline value

The current guideline value of Sivashankara Mudaliar Nagar / Street is Rs 2,500 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 III Type - I.

How the guideline value of Sivashankara Mudaliar Nagar / Street has changed

The guideline value for Sivashankara Mudaliar Nagar / Street has undergone several revisions over the years. In 2012, the guideline value was set at Rs 2,300 per sq.ft. This figure decreased to Rs 1,541 per sq.ft in 2017, marking a decline of 33%. However, the value significantly increased to Rs 2,300 per sq.ft in 2023, followed by a rise to Rs 2,500 per sq.ft in 2024, reflecting a 9% increase from the previous year.

From 2017 to 2023, there was a notable increase of 49%. Overall, from 2012 to 2024, the guideline value has increased by 9%. It is important to note that the register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Erukancherry

In Erukancherry village, 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. The median value for these streets is Rs 2,500 per sq.ft, which is equal to the current guideline value of Sivashankara Mudaliar Nagar / Street.

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

For a 1,000 sq.ft plot at the current guideline value of Rs 2,500 per sq.ft, the total guideline value amounts to Rs 25,00,000. The stamp duty at 7% would be Rs 1,75,000, and the registration fee at 2% would be Rs 50,000, bringing the total fees to Rs 2,25,000. It is important to note that 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 more precise calculations.

Which Sub Registrar Office covers Sivashankara Mudaliar Nagar / Street?

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

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

When buying or selling property in Erukancherry, the guideline value plays a crucial role in determining the stamp duty and registration fees. The guideline value is a reference point used by the government to assess the value of the property for tax purposes.

At the time of registration, the buyer must pay the stamp duty based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Sivashankara Mudaliar Nagar / Street?

The current guideline value of Sivashankara Mudaliar Nagar / Street is Rs 2,500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,300 per sq.ft in 2012 to Rs 1,541 per sq.ft in 2017, then increased to Rs 2,300 per sq.ft in 2023, and finally to Rs 2,500 per sq.ft in 2024.

What is the land classification for this street?

Sivashankara Mudaliar Nagar / Street is classified as Residential Class III Type - I.

Which office handles registrations for this area?

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

How is the stamp duty calculated for properties in this area?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 25,00,000, the stamp duty would be Rs 1,75,000 at a rate of 7%.