Guideline Value for Srinivasan Street

Srinivasan Street guideline value

The current guideline value of Srinivasan 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 Srinivasan Street has changed

The guideline value for Srinivasan Street has undergone several revisions over the years. In 2012, the value was set at Rs 2,000 per sq.ft, which then decreased to Rs 1,340 per sq.ft in 2017. Following this, the value increased significantly to Rs 2,000 per sq.ft in 2023, and finally, it reached Rs 2,200 per sq.ft in the 2024 revision, marking a 10% increase from the previous year.

Between the 2017 and 2023 revisions, the value saw a substantial increase of 49%. 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, with guideline values ranging from Rs 1,900 to Rs 3,800 per sq.ft as of 2024. The median value for these streets is Rs 2,500 per sq.ft, placing Srinivasan Street's 2024 figure below this median.

• Srinivasan Street (Krishnamoorthy Nagar): 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

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, calculated at 7%, would be Rs 1,54,000, while 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.

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

Which Sub Registrar Office covers Srinivasan Street?

The Sub Registrar Office that covers Srinivasan 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 crucial factor in property transactions as it determines the minimum value at which a property can be registered. When buying or selling a property in Erukancherry, this value is used to calculate the stamp duty and registration fees that need to be paid at the time of registration.

It is essential for buyers and sellers to be aware of the current guideline value to ensure compliance with legal requirements and to avoid any potential disputes during the registration process.

Frequently asked questions

What is the current guideline value of Srinivasan Street?

The current guideline value of Srinivasan 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 increased to Rs 2,000 per sq.ft in 2023, and finally to Rs 2,200 per sq.ft in 2024.

What are the stamp duty and registration fees for properties on Srinivasan 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 registrations for Srinivasan Street?

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

What is the land classification for Srinivasan Street?

Srinivasan Street is classified as Residential Class IV Type - I according to the land classification regulations.