Guideline Value for Vanchinathan Street

Vanchinathan Street guideline value

The current guideline value of Vanchinathan Street in Erukancherry village is Rs 2,200 per sq.ft, effective from 1 July 2024. This street falls under the Madhavaram SRO and is classified as Residential Class IV Type - I.

How the guideline value of Vanchinathan Street has changed

The guideline value for Vanchinathan Street has seen several revisions over the years. The 2012 revision set the value at Rs 2,000 per sq.ft, which was then reduced to Rs 1,340 per sq.ft in the 2017 revision. Following this, the 2023 revision increased the value to Rs 2,000 per sq.ft, and the most recent 2024 revision has further increased it to Rs 2,200 per sq.ft, marking a 10% increase from the previous year.

In summary, from the 2017 revision to the 2023 revision, there was a significant increase of 49%. The overall change from the 2012 revision to the 2024 revision is a 10% increase. 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 with 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 Vanchinathan Street's 2024 guideline value below that median.

• Valmiki Street: Rs 2,500 per sq.ft (2024)
• Valluvar Street: Rs 2,500 per sq.ft (2024)
• Valluvar Cross Street: Rs 2,200 per sq.ft (2024)
• Varalakshmi 1st Cross Street: Rs 2,200 per sq.ft (2024)
• Vasugi Nagar 1st Main Road: Rs 2,200 per sq.ft (2024)
• Vasugi Nagar 1st Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Vanchinathan Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value amounts to Rs 22,00,000. The stamp duty at 7% would be Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, bringing the total cost for these fees to Rs 1,98,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

You can use our stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Vanchinathan Street?

The Sub Registrar Office that covers Vanchinathan Street is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for further assistance.

How the guideline value is used when you buy or sell in Erukancherry

The guideline value plays a crucial role in property transactions in Erukancherry. It is used to determine the stamp duty and registration fees that must be paid when buying or selling property in the area. Buyers and sellers must be aware of the guideline value to ensure compliance with local regulations.

When registering a property, the guideline value is compared with the sale price, and the higher of the two is used to calculate the applicable duties and fees. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Vanchinathan Street?

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

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,000 per sq.ft in 2012 to Rs 1,340 per sq.ft in 2017, then to Rs 2,000 per sq.ft in 2023, and finally to Rs 2,200 per sq.ft in 2024.

What are the stamp duty and registration fees for properties in Vanchinathan 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 property registrations for Vanchinathan Street?

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

What is the land classification for Vanchinathan Street?

Vanchinathan Street is classified as Residential Class IV Type - I according to the local land classification guidelines.