Guideline Value for St. Luthern Mada Street

St. Luthern Mada Street guideline value

The current guideline value of St. Luthern Mada Street is Rs 1,900 per sq.ft, effective from 1 July 2024. This street is located in Erukancherry village under the Madhavaram SRO, and it falls under the Residential Class V Type - I land classification.

How the guideline value of St. Luthern Mada Street has changed

The guideline value for St. Luthern Mada Street has seen several revisions over the years. The 2012 revision set the value at Rs 1,800 per sq.ft, which then decreased to Rs 1,206 per sq.ft in the 2017 revision. Following this, the 2023 revision increased the value to Rs 1,800 per sq.ft, and the most recent 2024 revision raised it to Rs 1,900 per sq.ft, marking a 6% increase from the previous year.

From 2012 to 2017, the value decreased by 33%, but from 2017 to 2023, there was a significant increase of 49%. Overall, from 2012 to 2024, the guideline value has increased by 6%. 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. Luthern Mada Street's 2024 figure is below this median.

• St. Johnson 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)
• St. Andrews 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. Luthern Mada Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,900 per sq.ft, the total guideline value amounts to Rs 19,00,000. The stamp duty at 7% would be Rs 1,33,000, and the registration fee at 2% would be Rs 38,000, totaling Rs 1,71,000. It is important to note that the 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 further calculations.

Which Sub Registrar Office covers St. Luthern Mada Street?

The Sub Registrar Office that covers St. Luthern Mada 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 the registration process when buying or selling property in Erukancherry. It serves as a reference point for determining the stamp duty and registration fees applicable to the transaction.

When a property is registered, 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 St. Luthern Mada Street?

The current guideline value of St. Luthern Mada Street is Rs 1,900 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,800 per sq.ft in 2012 to Rs 1,206 per sq.ft in 2017, then to Rs 1,800 per sq.ft in 2023, and finally to Rs 1,900 per sq.ft in 2024.

What is the land classification of St. Luthern Mada Street?

St. Luthern Mada Street is classified as Residential Class V Type - I.

What is the registration office for St. Luthern Mada Street?

The registration office for St. Luthern Mada Street is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060.

How is the stamp duty calculated for properties in Erukancherry?

The stamp duty for properties in Erukancherry is calculated based on the guideline value or the sale price, whichever is higher. The current rate is 7% for stamp duty and 2% for the registration fee.