Guideline Value for T.V.K. Nagar 1st Street (Vivekananda Nagar)

T.V.K. Nagar 1st Street (Vivekananda Nagar) guideline value

The current guideline value for T.V.K. Nagar 1st Street (Vivekananda Nagar) is Rs 2,500 per sq.ft, effective from 1 July 2024. This street is located in Erukancherry village and falls under the Madhavaram SRO. The land classification for this area is Residential Class III Type - I.

How the guideline value of T.V.K. Nagar 1st Street (Vivekananda Nagar) has changed

The guideline value for T.V.K. Nagar 1st Street has seen several revisions over the years. The 2012 revision set the value at Rs 2,300 per sq.ft, which then decreased to Rs 1,541 per sq.ft in the 2017 revision, marking a decline of 33%. However, from 2017 to 2023, the value increased significantly to Rs 2,300 per sq.ft, reflecting a rise of 49%. The most recent revision in 2024 has further increased the guideline value to Rs 2,500 per sq.ft, an increase of 9% from the previous year.

It is important to note that there are no figures available in the register for the years 2002, 2003, and 2007 for T.V.K. Nagar 1st Street. Overall, the guideline value has increased by 9% from 2012 to 2024, bringing it to the current rate.

Guideline values in Erukancherry

In Erukancherry village, 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. The median value for these streets is Rs 2,500 per sq.ft, which is equal to the current guideline value of T.V.K. Nagar 1st Street.

• T.V.K. Nagar 1st Link Road (Thiruvalluvar Nagar): Rs 2,500 per sq.ft (2024)
• T.V.K. Link Road (Krishnamoorthy Nagar): Rs 2,200 per sq.ft (2024)
• T.V.K. Link Road East: Rs 2,500 per sq.ft (2024)
• T.V.K. Link Road 1st Street (Krishnamoorthy Nagar): Rs 2,200 per sq.ft (2024)
• T.V.K. 3rd Link Road (Thiruvalluvar Nagar): Rs 2,500 per sq.ft (2024)
• T.V.K. 2nd Link Road 2nd Lane (Thiruvalluvar Nagar): Rs 2,500 per sq.ft (2024)

Stamp duty and registration fee for property in T.V.K. Nagar 1st Street (Vivekananda Nagar)

For a 1,000 sq.ft plot at the current guideline value of Rs 2,500 per sq.ft, the total guideline value would be Rs 25,00,000. The stamp duty at 7% would amount to Rs 1,75,000, and the registration fee at 2% would be Rs 50,000, making the total cost for these fees Rs 2,25,000. It is important to note that 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 T.V.K. Nagar 1st Street (Vivekananda Nagar)?

The T.V.K. Nagar 1st Street (Vivekananda Nagar) falls under 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 an essential factor in the registration process of property transactions in Erukancherry. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the state receives appropriate revenue from property transactions.

When buying or selling property, the guideline value helps in calculating the stamp duty and registration fees, which are based on this value or the sale price, whichever is higher. This ensures transparency and fairness in property dealings.

Frequently asked questions

What is the current guideline value for T.V.K. Nagar 1st Street?

The current guideline value for T.V.K. Nagar 1st Street (Vivekananda Nagar) 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 2023 to Rs 2,500 per sq.ft in 2024, an increase of 9%. It was Rs 1,541 per sq.ft in 2017, showing a significant increase of 49% to 2023.

What is the land classification for T.V.K. Nagar 1st Street?

The land classification for T.V.K. Nagar 1st Street (Vivekananda Nagar) is Residential Class III Type - I.

What are the stamp duty rates for property in T.V.K. Nagar 1st Street?

The stamp duty for property transactions in T.V.K. Nagar 1st Street is charged at 7% of the guideline value or sale price, whichever is higher.

Where is the Madhavaram Sub Registrar Office located?

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