Guideline Value for Valmiki Street

Valmiki Street guideline value

The current guideline value of Valmiki Street in Erukancherry village, under the Madhavaram SRO, is Rs 2,500 per sq.ft, effective from 1 July 2024. This street falls under the Residential Class III Type - I land classification.

How the guideline value of Valmiki Street has changed

Over the years, the guideline value of Valmiki Street has undergone several revisions. 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. However, the value saw a significant increase in the 2023 revision to Rs 2,300 per sq.ft, and it further rose to Rs 2,500 per sq.ft in the 2024 revision, marking a 9% increase from the previous year.

From the 2017 revision to the 2023 revision, there was a notable increase of 49%. Overall, from 2012 to 2024, the guideline value has increased by 9%. 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. Valmiki Street's 2024 guideline value is equal to this median.

• Valluvar Street: Rs 2,500 per sq.ft (2024)
• Valluvar Cross Street: Rs 2,200 per sq.ft (2024)
• Vanchinathan Street: Rs 2,200 per sq.ft (2024)
• Varalakshmi 1st Cross Street: Rs 2,200 per sq.ft (2024)
• Vadivudaiamman Koil Street: Rs 2,500 per sq.ft (2024)
• Vadiudaiamman Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Valmiki Street

For a 1,000 sq.ft plot at the current rate, the guideline value is Rs 25,00,000. The stamp duty at 7% amounts to Rs 1,75,000, and the registration fee at 2% is Rs 50,000, together totaling Rs 2,25,000. Duty is charged on the guideline value or the sale price, whichever is higher. You can also use our stamp duty and registration fee calculator for more information.

Which Sub Registrar Office covers Valmiki Street?

The Sub Registrar Office covering Valmiki 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 property transactions in Erukancherry. It determines the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees.

When buying or selling property, the guideline value is compared to the sale price. The higher of the two values is used to calculate the stamp duty and registration fees, which are mandatory for the legal transfer of property ownership.

Frequently asked questions

What is the current guideline value of Valmiki Street?

The current guideline value of Valmiki Street 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 2012 to Rs 1,541 per sq.ft in 2017, then back to Rs 2,300 per sq.ft in 2023, and finally to Rs 2,500 per sq.ft in 2024.

What is the land classification for Valmiki Street?

Valmiki Street is classified as Residential Class III Type - I.

Where can I find the registration office for Valmiki Street?

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

How is the stamp duty calculated for property in Valmiki Street?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, on a 1,000 sq.ft plot at the current guideline value, the total stamp duty and registration fees would amount to Rs 2,25,000.