Guideline Value for Visalakshi Street

Visalakshi Street guideline value

The current guideline value of Visalakshi Street in Erukancherry village, under the Madhavaram SRO, is Rs 2,700 per sq.ft, effective from 1 July 2024. The land classification for this street is Residential Class II Type - I.

How the guideline value of Visalakshi Street has changed

In the 2012 revision, the guideline value was Rs 2,500 per sq.ft. This figure decreased to Rs 1,675 per sq.ft in the 2017 revision, marking a decline of 33%. However, the guideline value saw a significant increase to Rs 2,500 per sq.ft in the 2023 revision, followed by another increase to Rs 2,700 per sq.ft in the 2024 revision, which is an 8% rise 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 8%. The register does not provide 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 guideline value for these streets is Rs 2,500 per sq.ft, placing Visalakshi Street's 2024 figure above that median.

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

Stamp duty and registration fee for property in Visalakshi Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,700 per sq.ft, the total guideline value amounts to Rs 27,00,000. The stamp duty at 7% would be Rs 1,89,000, and the registration fee at 2% would be Rs 54,000, bringing the total cost for these fees to Rs 2,43,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Visalakshi Street?

The Sub Registrar Office that covers Visalakshi 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 is a crucial factor in property transactions in Erukancherry. It serves as a benchmark for determining the minimum value at which a property can be registered. When buying or selling property, the guideline value helps ensure that the transaction is recorded accurately and fairly in the official registry.

During the registration process, the stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. This ensures that the government receives appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Visalakshi Street?

The current guideline value of Visalakshi Street is Rs 2,700 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,500 per sq.ft in 2012 to Rs 1,675 per sq.ft in 2017, then to Rs 2,500 per sq.ft in 2023, and finally to Rs 2,700 per sq.ft in 2024.

What are the other streets in Erukancherry with similar guideline values?

Other streets in Erukancherry under the Madhavaram SRO have a guideline value of Rs 2,500 per sq.ft in 2024, including Visalakshi 1st Cross Street, Visalakshi 2nd Cross Street, Visalakshi 3rd Cross Street, Visalakshi 4th Cross Street, and Visalakshi 5th Cross Street.

What is the stamp duty for properties on Visalakshi Street?

The stamp duty for properties on Visalakshi Street is calculated at 7% of the guideline value or sale price, whichever is higher. For example, a property valued at Rs 27,00,000 would incur a stamp duty of Rs 1,89,000.

Where can I find the Sub Registrar Office for Visalakshi Street?

The Madhavaram Sub Registrar Office covers Visalakshi Street and is located at No.7, Roja Nagar, Madhavaram, Chennai-600060.