Guideline Value for Vasugi Nagar 7th Street

Vasugi Nagar 7th Street guideline value

The current guideline value of Vasugi Nagar 7th Street is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is located in Erukancherry village, under the Madhavaram SRO, and is classified as Residential Class IV Type - I.

How the guideline value of Vasugi Nagar 7th Street has changed

The guideline value for Vasugi Nagar 7th Street has seen several revisions over the years. The most recent revision in 2024 set the value at Rs 2,200 per sq.ft, an increase from Rs 2,000 per sq.ft in 2023, which represents a 10% rise. Prior to that, the 2017 revision recorded a value of Rs 1,340 per sq.ft, marking a significant increase of 49% to the 2023 figure. The 2012 revision had set the value at Rs 1,800 per sq.ft, indicating a decrease of 26% to the 2017 figure. Overall, from 2012 to 2024, the guideline value has increased by 22%.

It is important to note that there are no figures available for the revisions in 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. The guideline value for Vasugi Nagar 7th Street is below this median.

• Vasugi Nagar 6th Street: Rs 2,200 per sq.ft (2024)
• Vasugi Nagar 5th Street: Rs 2,200 per sq.ft (2024)
• Vasugi Nagar 4th Street: Rs 2,200 per sq.ft (2024)
• Vasugi Nagar 3rd Street: Rs 2,200 per sq.ft (2024)
• Vasugi Nagar 2nd Street: Rs 2,200 per sq.ft (2024)
• Vasugi Nagar 2nd Main Road: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Vasugi Nagar 7th 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 for these fees 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 the stamp duty and registration fee calculator for further calculations.

Which Sub Registrar Office covers Vasugi Nagar 7th Street?

The Sub Registrar Office that covers Vasugi Nagar 7th Street 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 plays a crucial role 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 government receives appropriate revenue from property transactions.

When buying or selling property, the guideline value is used to calculate the stamp duty and registration fees, which are mandatory payments during the registration process. Buyers and sellers should be aware of these values to avoid any discrepancies during the transaction.

Frequently asked questions

What is the current guideline value of Vasugi Nagar 7th Street?

The current guideline value of Vasugi Nagar 7th 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 2,200 per sq.ft in 2024, reflecting an overall increase of 22% over this period.

What is the registration office for Vasugi Nagar 7th Street?

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

How is stamp duty calculated for properties in Vasugi Nagar 7th Street?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, for a property valued at Rs 22,00,000, the stamp duty would be Rs 1,54,000 at a rate of 7%.

Are there other streets with the same guideline value in Erukancherry?

Yes, there are several other streets in Erukancherry with the same guideline value of Rs 2,200 per sq.ft for the year 2024, including Vasugi Nagar 6th Street, Vasugi Nagar 5th Street, and others.