Guideline Value for E.S.I. Colony

E.S.I. Colony guideline value

The current guideline value of E.S.I. Colony, located in Kodambakkam village under the Ashok Nagar SRO, is Rs 4,100 per sq.ft, effective from 1 July 2024. This area is classified as Residential Class IV Type - I.

How the guideline value of E.S.I. Colony has changed

Over the years, the guideline value of E.S.I. Colony has seen several revisions. The earliest recorded figure is from 2007, where the value was Rs 620 per sq.ft. This increased significantly to Rs 3,750 per sq.ft in 2012, marking a rise of 505%. However, from 2012 to 2017, the value dropped to Rs 2,512 per sq.ft, a decrease of 33%. The value then rose to Rs 3,750 per sq.ft in 2023, and most recently to Rs 4,100 per sq.ft in 2024, reflecting a 9% increase.

From 2017 to 2023, the guideline value increased by 49%. Overall, from the 2007 revision to the current 2024 figure, there has been a substantial increase of 561%. It is important to note that the register has no figures for the years 2002 and 2003 for this street.

Guideline values in Kodambakkam

In Kodambakkam, there are 1,031 streets under the Ashok Nagar SRO that carry a 2024 guideline value ranging from Rs 2,200 to Rs 11,000 per sq.ft, with a median value of Rs 4,900 per sq.ft. The guideline value for E.S.I. Colony is below this median.

• Erikkaria Salai (Kambar Street, J.Pet): Rs 4,900 per sq.ft (2024)
• Erikkarai Street (NP): Rs 3,300 per sq.ft (2024)
• Erikkarai Road Block 61 (Lakeview Road): Rs 6,000 per sq.ft (2024)
• Elumalai Street Block 93(S.P): Rs 4,900 per sq.ft (2024)
• Elumalai Naicker Street (JPT): Rs 4,100 per sq.ft (2024)
• E.V.K. Sampath Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in E.S.I. Colony

For a 1,000 sq.ft plot at the current guideline value of Rs 4,100 per sq.ft, the total guideline value amounts to Rs 41,00,000. The stamp duty at 7% would be Rs 2,87,000, and the registration fee at 2% would be Rs 82,000, bringing the total cost for these fees to Rs 3,69,000. It is important to note that duty is charged on the higher of the guideline value or the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers E.S.I. Colony?

The E.S.I. Colony is covered by the Ashok Nagar Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037 (Near By Nolambur Eb Office). You can find your SRO for more information.

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

The guideline value plays a crucial role in property transactions in Kodambakkam. It is used to determine the stamp duty and registration fees that need to be paid during the registration of property. Buyers and sellers must consider the guideline value to ensure compliance with local regulations and to accurately assess their financial obligations.

When buying or selling property, the guideline value serves as a benchmark for the transaction price. It is important for both parties to be aware of this value to facilitate a smooth registration process and avoid any legal complications.

Frequently asked questions

What is the current guideline value of E.S.I. Colony?

The current guideline value of E.S.I. Colony is Rs 4,100 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 620 per sq.ft in 2007 to Rs 4,100 per sq.ft in 2024, reflecting a total increase of 561% over the years.

What is the land classification of E.S.I. Colony?

E.S.I. Colony is classified as Residential Class IV Type - I.

Where can I find the Ashok Nagar Sub Registrar Office?

The Ashok Nagar Sub Registrar Office is located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037.

How is stamp duty calculated in E.S.I. Colony?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, for a property valued at Rs 41,00,000, the stamp duty at 7% would be Rs 2,87,000.