Guideline Value for Visalakshi 1st Cross Street (M.R. Nagar)

Visalakshi 1st Cross Street (M.R. Nagar) guideline value

The current guideline value of Visalakshi 1st Cross Street (M.R. Nagar) is Rs 2,500 per sq.ft, effective from 1 July 2024. This street is located in Erukancherry village under the Madhavaram SRO, and it falls under the Residential Class III Type - I land classification.

How the guideline value of Visalakshi 1st Cross Street (M.R. Nagar) has changed

The guideline value for Visalakshi 1st Cross Street has seen several revisions over the years. In 2012, the guideline value was Rs 2,300 per sq.ft, which decreased to Rs 1,541 per sq.ft in 2017. Following this, the value increased significantly to Rs 2,300 per sq.ft in 2023, and then to Rs 2,500 per sq.ft in 2024. Notably, there are no figures for the years 2002, 2003, and 2007 in the register for this street.

From 2017 to 2023, there was a substantial increase of 49%, while the value rose by 9% from 2023 to 2024. Overall, when comparing the values from 2012 to 2024, there has been a 9% increase.

Guideline values in Erukancherry

In Erukancherry, there are a total of 376 streets under the Madhavaram SRO that have a guideline value for 2024, ranging from Rs 1,900 to Rs 3,800 per sq.ft. The median guideline value across these streets is Rs 2,500 per sq.ft, making the value of Visalakshi 1st Cross Street equal to this median.

• Visalakshi 1st Cross Street (Lakshmi amman Nagar): Rs 2,500 per sq.ft (2024)
• Visalakshi 2nd Cross Street (Lakshmi amman Nagar): Rs 2,500 per sq.ft (2024)
• Visalakshi 3rd Cross Street (Lakshmi amman Nagar): Rs 2,500 per sq.ft (2024)
• Visalakshi 4th Cross Street (Lakshmi amman Nagar): Rs 2,500 per sq.ft (2024)
• Visalakshi 5th Cross Street (Lakshmi amman Nagar): Rs 2,500 per sq.ft (2024)
• Visalakshi Street: Rs 2,700 per sq.ft (2024)

Stamp duty and registration fee for property in Visalakshi 1st Cross Street (M.R. Nagar)

For a 1,000 sq.ft plot at the current guideline value of Rs 2,500 per sq.ft, the total guideline value amounts to Rs 25,00,000. The stamp duty at 7% would be Rs 1,75,000, and the registration fee at 2% would be Rs 50,000, totaling Rs 2,25,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can calculate your fees using our stamp duty and registration fee calculator.

Which Sub Registrar Office covers Visalakshi 1st Cross Street (M.R. Nagar)?

The Sub Registrar Office that covers Visalakshi 1st Cross Street (M.R. Nagar) is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. To find your SRO, you can visit find your SRO.

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

The guideline value plays a crucial role when buying or selling property in Erukancherry. It serves as the basis for calculating the stamp duty and registration fees that need to be paid at the time of registration.

When a property is sold, the guideline value ensures that the transaction is recorded at a value that reflects the prevailing rates in the area, thereby maintaining transparency in property transactions.

Frequently asked questions

What is the current guideline value of Visalakshi 1st Cross Street (M.R. Nagar)?

The current guideline value of Visalakshi 1st Cross Street (M.R. Nagar) 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 increased to Rs 2,300 per sq.ft in 2023, and finally to Rs 2,500 per sq.ft in 2024.

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

For 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, which includes Rs 1,75,000 for stamp duty and Rs 50,000 for registration fees.

Which Sub Registrar Office should I visit for transactions in this area?

The Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060, covers Visalakshi 1st Cross Street (M.R. Nagar).

What is the land classification for Visalakshi 1st Cross Street (M.R. Nagar)?

Visalakshi 1st Cross Street (M.R. Nagar) falls under the Residential Class III Type - I land classification.