Guideline Value for Vivekanandha 1st Street

Vivekanandha 1st Street guideline value

The current guideline value of Vivekanandha 1st Street is Rs 3,000 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 I Type - I.

How the guideline value of Vivekanandha 1st Street has changed

The guideline value for Vivekanandha 1st Street has seen several revisions over the years. In 2012, the guideline value was Rs 2,800 per sq.ft, which then decreased to Rs 1,876 per sq.ft in 2017, marking a decline of 33%. However, from 2017 to 2023, the value increased significantly to Rs 2,800 per sq.ft, reflecting a rise of 49%. The most recent revision in 2024 has set the value at Rs 3,000 per sq.ft, an increase of 7% from the previous year.

It is important to note that there are no figures available for the years 2002, 2003, and 2007 in the register for this street. Overall, from 2012 to 2024, the guideline value has increased by 7%.

Guideline values in Erukancherry

In Erukancherry village, 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, positioning Vivekanandha 1st Street above this median.

• Vivekananda Nagar Extension: Rs 3,000 per sq.ft (2024)
• Vivekananda Nagar 1st Link Street: Rs 3,000 per sq.ft (2024)
• V.O.C. Lane: Rs 2,500 per sq.ft (2024)
• Visalakshi Street: Rs 2,700 per sq.ft (2024)
• 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)

Stamp duty and registration fee for property in Vivekanandha 1st Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,000 per sq.ft, the total guideline value amounts to Rs 30,00,000. The stamp duty at 7% would be Rs 2,10,000, and the registration fee at 2% would be Rs 60,000, bringing the total to Rs 2,70,000. Please note that the duty is charged on the higher of the guideline value or the sale price.

For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Vivekanandha 1st Street?

The Vivekanandha 1st Street falls under 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 during property registration in Erukancherry. It is used to determine the stamp duty and registration fees that a buyer must pay when acquiring property. This value is essential for both buyers and sellers to understand the financial implications of a property transaction.

When a property is sold, 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 Vivekanandha 1st Street?

The current guideline value of Vivekanandha 1st Street is Rs 3,000 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,800 per sq.ft in 2012 to Rs 1,876 per sq.ft in 2017, then increased to Rs 2,800 per sq.ft in 2023, and finally to Rs 3,000 per sq.ft in 2024.

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

Other streets in Erukancherry with similar guideline values include Vivekananda Nagar Extension and Vivekananda Nagar 1st Link Street, both at Rs 3,000 per sq.ft in 2024.

What is the stamp duty for property on Vivekanandha 1st Street?

The stamp duty for a property on Vivekanandha 1st Street is calculated at 7% of the guideline value. For a 1,000 sq.ft plot, this would amount to Rs 2,10,000.

Which office handles property registrations in this area?

The Madhavaram Sub Registrar Office handles property registrations for Vivekanandha 1st Street, located at No.7, Roja Nagar, Madhavaram, Chennai-600060.