Guideline Value for ELANGO STREET

Elango Street guideline value

The current guideline value of Elango Street, located in Pallikaranai village under the Chennai South Joint I SRO, is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is classified as Residential Class II Type - I.

How the guideline value of Elango Street has changed

Over the years, the guideline value of Elango Street has undergone several revisions. The 2012 revision set the value at Rs 2,000 per sq.ft, which then decreased to Rs 1,340 per sq.ft in the 2017 revision. Following this, the value increased significantly to Rs 2,000 per sq.ft in 2023 and further rose to Rs 2,200 per sq.ft in 2024, marking a 10% increase from the previous year. It is important to note that there are no figures available for the revisions in 2002, 2003, and 2007 for this street.

From 2012 to 2017, the guideline value decreased by 33%. However, from 2017 to 2023, it increased by 49%, and overall, from 2012 to 2024, it has increased by 10%. This shows a fluctuating trend in the guideline value over the years.

Guideline values in Pallikaranai

In Pallikaranai, there are 749 streets under the Chennai South Joint I SRO, with a 2024 guideline value range from Rs 1,110 to Rs 8,580 per sq.ft. The median value for these streets is Rs 1,650 per sq.ft, placing Elango Street's 2024 guideline value above this median.

• Erikarai Cross Street: Rs 1,320 per sq.ft (2024)
• Erikarai Salai: Rs 1,320 per sq.ft (2024)
• Esudian Street: Rs 1,320 per sq.ft (2024)
• Ex-Servicemen Colony: Rs 1,650 per sq.ft (2024)
• Ezhil Nagar: Rs 1,320 per sq.ft (2024)
• Dr. Ambethkar Street: Rs 1,320 per sq.ft (2024)

Stamp duty and registration fee for property in Elango Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value amounts to Rs 22,00,000. The stamp duty at 7% would be Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, bringing the total to Rs 1,98,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Elango Street?

The Sub Registrar Office covering Elango Street is the Chennai South Joint I Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035. You can find your SRO for more information.

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

When buying or selling property in Pallikaranai, the guideline value is a crucial factor that determines the stamp duty and registration fees. The value is set by the government and is used as a benchmark for property transactions, ensuring that the duties collected are based on a standardized value.

During the registration process, buyers and sellers must consider the guideline value to calculate the applicable stamp duty and registration fees accurately. This ensures compliance with local regulations and helps in the smooth transfer of property ownership.

Frequently asked questions

What is the current guideline value of Elango Street?

The current guideline value of Elango 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 2,000 per sq.ft in 2012 to Rs 1,340 per sq.ft in 2017, then increased to Rs 2,000 per sq.ft in 2023, and finally to Rs 2,200 per sq.ft in 2024.

What is the land classification of Elango Street?

Elango Street is classified as Residential Class II Type - I.

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

The Sub Registrar Office for Elango Street is the Chennai South Joint I Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035.

How is the stamp duty calculated for property in Elango Street?

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