Guideline Value for Union Salai

Union Salai guideline value

The current guideline value of Union Salai, located in Erukancherry village under the Madhavaram SRO, is Rs 1,900 per sq.ft, effective from 1 July 2024. This area is classified as Residential Class V Type - I.

How the guideline value of Union Salai has changed

The guideline value for Union Salai has undergone several revisions over the years. In 2012, the value was set at Rs 1,800 per sq.ft, which decreased to Rs 1,206 per sq.ft in 2017. Following this, the value increased significantly to Rs 1,800 per sq.ft in 2023, and then to Rs 1,900 per sq.ft in the 2024 revision, marking a 6% increase from the previous year.

From 2017 to 2023, the value increased by 49%. Overall, from 2012 to 2024, the guideline value has seen a modest increase of 6%. The register does not contain 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. The median value for these streets is Rs 2,500 per sq.ft, placing Union Salai's 2024 figure below this median.

• Vadiudaiamman Street: Rs 2,200 per sq.ft (2024)
• Vadivudaiamman Koil Street: Rs 2,500 per sq.ft (2024)
• T.V. Nagar 3rd Line Street: Rs 2,200 per sq.ft (2024)
• T.V. Nagar 1st Main Road 1st Street Extension: Rs 2,200 per sq.ft (2024)
• T.V. Nagar 1st Main Road 1st Street: Rs 2,200 per sq.ft (2024)
• T.V.K. Street 2nd Link Main Road (Thiruvalluvar Nagar): Rs 2,500 per sq.ft (2024)

Stamp duty and registration fee for property in Union Salai

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, bringing the total to 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 more detailed calculations.

Which Sub Registrar Office covers Union Salai?

The Sub Registrar Office covering Union Salai 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 when buying or selling property in Erukancherry. It serves as a benchmark for determining the minimum price at which a property can be registered. Buyers should be aware that the guideline value will influence the stamp duty and registration fees applicable during the transaction.

When a property is sold, the sale price or the guideline value—whichever is higher—will be used to calculate the applicable duties. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Union Salai?

The current guideline value of Union Salai 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 for Union Salai?

Union Salai is classified as Residential Class V Type - I, indicating its designation for residential use.

What are the stamp duty and registration fees for property transactions?

Stamp duty is charged at 7% and the registration fee at 2% of the guideline value or sale price, whichever is higher. For example, a 1,000 sq.ft plot at the current guideline value incurs a total of Rs 1,71,000 in fees.

Where is the Madhavaram Sub Registrar Office located?

The Madhavaram Sub Registrar Office is located at No.7, Roja Nagar, Madhavaram, Chennai-600060. This office handles property registrations for Union Salai.