Guideline Value for St. Andrews Street

St. Andrews Street guideline value

The current guideline value of St. Andrews 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 St. Andrews Street has changed

The guideline value for St. Andrews Street has undergone several revisions over the years. The earliest available figure is from 2012, where the value was Rs 2,000 per sq.ft. This was followed by a decrease to Rs 1,340 per sq.ft in 2017. The value then increased significantly to Rs 2,000 per sq.ft in 2023, before reaching the current value of Rs 2,200 per sq.ft in 2024, marking a 10% increase from the previous year.

Between the revisions, the changes were notable. From 2012 to 2017, there was a decrease of 33%. However, from 2017 to 2023, the guideline value saw a substantial increase of 49%. Overall, from 2012 to 2024, the guideline value has increased by 10%. The register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Erukancherry

In Erukancherry, there are 376 streets under the Madhavaram SRO that carry 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. St. Andrews Street's 2024 figure of Rs 2,200 per sq.ft is below this median.

• St. Johnson Street: Rs 1,900 per sq.ft (2024)
• St. Luthern Mada Street: Rs 1,900 per sq.ft (2024)
• St. Pauls Street: Rs 1,900 per sq.ft (2024)
• St. Peters Street: Rs 2,200 per sq.ft (2024)
• Subramanium Street: Rs 2,200 per sq.ft (2024)
• Srinivasa Perumal Kovil Street: Rs 1,900 per sq.ft (2024)

Stamp duty and registration fee for property in St. Andrews Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value would be Rs 22,00,000. The stamp duty at 7% would amount to Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, totaling Rs 1,98,000. It is important to note that duty is charged on the higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for more information.

Which Sub Registrar Office covers St. Andrews Street?

The Sub Registrar Office that covers St. Andrews 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 when buying or selling property in Erukancherry. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is documented accurately.

When a property is sold, the guideline value is used to calculate the stamp duty and registration fees, which are necessary for the legal transfer of property ownership. Buyers should be aware that these costs are based on the guideline value or the sale price, whichever is higher.

Frequently asked questions

What is the current guideline value of St. Andrews Street?

The current guideline value of St. Andrews Street is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

Since 2012, the guideline value has changed from Rs 2,000 to Rs 1,340 in 2017, then increased to Rs 2,000 in 2023, and finally to Rs 2,200 in 2024.

What is the land classification for St. Andrews Street?

St. Andrews Street is classified as Residential Class IV Type - I.

What are the stamp duty and registration fees for properties on St. Andrews 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 St. Andrews Street?

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