Guideline Value for Srinivasan Street (Krishnamoorthy Nagar)

Srinivasan Street (Krishnamoorthy Nagar) guideline value

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

How the guideline value of Srinivasan Street (Krishnamoorthy Nagar) has changed

The guideline value for Srinivasan Street has undergone several revisions over the years. In 2012, the guideline value was Rs 2,000 per sq.ft. This figure decreased to Rs 1,340 per sq.ft in 2017. Following this, the value increased to Rs 2,000 per sq.ft in 2023, and the latest revision in 2024 set the value at Rs 2,200 per sq.ft. It is important to note that there are no figures available for the years 2002, 2003, and 2007 in the register for this street.

From 2012 to 2017, there was a decrease of 33%. However, from 2017 to 2023, the value saw a significant increase of 49%. The transition from 2023 to 2024 reflects a 10% increase. Overall, comparing the 2012 and 2024 revisions, there has been a 10% increase in the guideline value.

Guideline values in Erukancherry

Erukancherry village has a total of 376 streets under the Madhavaram SRO, with guideline values ranging from Rs 1,900 to Rs 3,800 per sq.ft. The median value in the village is Rs 2,500 per sq.ft, making the current guideline value of Rs 2,200 per sq.ft for Srinivasan Street below the median.

• Srinivasan Street: Rs 2,200 per sq.ft (2024)
• Srinivasa Perumal Kovil 1st Lane: Rs 1,900 per sq.ft (2024)
• Srinivasa Perumal Kovil 2nd Lane: Rs 1,900 per sq.ft (2024)
• Srinivasa Perumal Kovil 3rd Lane: Rs 1,900 per sq.ft (2024)
• Srinivasa Perumal Kovil Street: Rs 1,900 per sq.ft (2024)
• St. Andrews Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Srinivasan Street (Krishnamoorthy Nagar)

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 or the sale price.

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

Which Sub Registrar Office covers Srinivasan Street (Krishnamoorthy Nagar)?

The Sub Registrar Office that covers Srinivasan Street (Krishnamoorthy Nagar) 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 property transactions, as it determines the minimum value at which a property can be registered. Buyers and sellers must consider the guideline value when negotiating sale prices, as the registration process will use this value to calculate applicable fees.

When a property is sold, the registration office uses the guideline value to assess stamp duty and registration fees. This ensures that the transaction is recorded accurately and that the appropriate taxes are collected based on the guideline value or the sale price, whichever is higher.

Frequently asked questions

What is the current guideline value of Srinivasan Street (Krishnamoorthy Nagar)?

The current guideline value of Srinivasan Street (Krishnamoorthy Nagar) 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 increased 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 Srinivasan Street?

Srinivasan Street falls under the Residential Class IV Type - I land classification.

What are the stamp duty and registration fees for a property in Srinivasan Street?

For a property with a guideline value of 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.

Where is the Madhavaram Sub Registrar Office located?

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