Guideline Value for Vasugi Nagar 2nd Street

Vasugi Nagar 2nd Street guideline value

The current guideline value of Vasugi Nagar 2nd Street is Rs 2,200 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 IV Type - I.

How the guideline value of Vasugi Nagar 2nd Street has changed

The guideline value for Vasugi Nagar 2nd Street has seen several revisions over the years. In 2012, the value was Rs 1,800 per sq.ft, which decreased to Rs 1,340 per sq.ft in 2017. This marked a decline of 26%. However, from 2017 to 2023, the value increased significantly to Rs 2,000 per sq.ft, reflecting a rise of 49%. The most recent revision in 2024 set the guideline value at Rs 2,200 per sq.ft, a 10% increase from the previous year.

There are no figures available for the revisions in 2002, 2003, and 2007 for this street. Overall, from 2012 to 2024, the guideline value has increased by 22%.

Guideline values in Erukancherry

In Erukancherry, there are 376 streets under the Madhavaram SRO that have 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. The guideline value for Vasugi Nagar 2nd Street is below this median.

• Vasugi Nagar 2nd Main Road: Rs 2,200 per sq.ft (2024)
• Vasugi Nagar 3rd Street: Rs 2,200 per sq.ft (2024)
• Vasugi Nagar 1st Street: Rs 2,200 per sq.ft (2024)
• Vasugi Nagar 1st Main Road: Rs 2,200 per sq.ft (2024)
• Vasugi Nagar 4th Street: Rs 2,200 per sq.ft (2024)
• Vasugi Nagar 5th Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Vasugi Nagar 2nd Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value would be Rs 22,00,000. The stamp duty at 7% would amount to Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, making the total cost Rs 1,98,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Vasugi Nagar 2nd Street?

The Madhavaram Sub Registrar Office covers Vasugi Nagar 2nd Street. The office is located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for additional 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 for property transactions in Erukancherry. It serves as a benchmark for determining 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, both parties must consider the guideline value, as it influences the overall transaction costs. Buyers should be aware that the stamp duty will be calculated based on the higher of the guideline value or the sale price, which can affect their total expenditure.

Frequently asked questions

What is the current guideline value of Vasugi Nagar 2nd Street?

The current guideline value of Vasugi Nagar 2nd 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 1,800 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 is the land classification for Vasugi Nagar 2nd Street?

The land classification for Vasugi Nagar 2nd Street is Residential Class IV Type - I.

What are the stamp duty and registration fees for a property in this area?

The stamp duty is 7% of the guideline value, and the registration fee is 2%. For a 1,000 sq.ft plot, the total guideline value would be Rs 22,00,000, resulting in a stamp duty of Rs 1,54,000 and a registration fee of Rs 44,000.

Which office handles registrations for Vasugi Nagar 2nd Street?

The Madhavaram Sub Registrar Office handles registrations for Vasugi Nagar 2nd Street, located at No.7, Roja Nagar, Madhavaram, Chennai-600060.