Guideline Value for ELCOT AVENUE 1ST STREET

Elcot Avenue 1st Street guideline value

The current guideline value of Elcot Avenue 1st Street is Rs 5,000 per sq.ft, effective from 1 July 2024. This street is located in the village of Sholinganallur - 1 under the Neelankarai SRO, classified as Residential Special Type - IV.

How the guideline value of Elcot Avenue 1st Street has changed

According to the guideline value register, there are no figures available for Elcot Avenue 1st Street for the years 2002, 2003, 2007, 2012, and 2017. The 2023 revision set the guideline value at Rs 4,500 per sq.ft, which was an increase from previous years. The latest 2024 revision raised this figure to Rs 5,000 per sq.ft, reflecting an increase of 11% from the 2023 value.

The 2024 guideline value of Rs 5,000 per sq.ft places Elcot Avenue 1st Street above the median value of Rs 2,200 per sq.ft for the 754 streets in Sholinganallur - 1 under the Neelankarai SRO. This indicates that this street has a higher valuation compared to many others in the area.

Guideline values in Sholinganallur - 1

The guideline values for properties in Sholinganallur - 1 range from Rs 1,000 to Rs 8,800 per sq.ft, with a median value of Rs 2,200 per sq.ft. Elcot Avenue 1st Street's 2024 value of Rs 5,000 per sq.ft is significantly above this median.

• Elcot Avenue Main Road: Rs 5,000 per sq.ft (2024)
• Elcot Avenue Main Street Extension: Rs 5,000 per sq.ft (2024)
• Ela Rajamanickam Street: Rs 2,200 per sq.ft (2024)
• Ellammal Thottam: Rs 1,700 per sq.ft (2024)
• Ekambaram Street: Rs 2,800 per sq.ft (2024)
• Ellen Sharma School Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Elcot Avenue 1st Street

For a 1,000 sq.ft plot at the current rate of Rs 5,000 per sq.ft, the guideline value would be Rs 50,00,000. The stamp duty at 7% would amount to Rs 3,50,000, and the registration fee at 2% would be Rs 1,00,000, bringing the total to Rs 4,50,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Elcot Avenue 1st Street?

The Elcot Avenue 1st Street falls under the Neelankarai Sub Registrar Office, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone. You can find your SRO for more information.

How the guideline value is used when you buy or sell in Sholinganallur - 1

The guideline value is a crucial factor during the registration process of property transactions in Sholinganallur - 1. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid, ensuring that both buyers and sellers are aware of the official valuation of the property.

When a property is bought or sold, the guideline value helps in establishing the legal framework for the transaction. It is essential for both parties to understand this value as it directly impacts the financial obligations associated with the property transfer.

Frequently asked questions

What is the current guideline value of Elcot Avenue 1st Street?

The current guideline value of Elcot Avenue 1st Street is Rs 5,000 per sq.ft, effective from 1 July 2024.

How much did the guideline value change from 2023 to 2024?

The guideline value increased from Rs 4,500 per sq.ft in 2023 to Rs 5,000 per sq.ft in 2024, which is an increase of 11%.

What is the median guideline value for streets in Sholinganallur - 1?

The median guideline value for streets in Sholinganallur - 1 is Rs 2,200 per sq.ft, with Elcot Avenue 1st Street's value being above this median.

Where can I find the Neelankarai Sub Registrar Office?

The Neelankarai Sub Registrar Office is located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone.

How is the stamp duty calculated for properties in Elcot Avenue 1st Street?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, a property valued at Rs 50,00,000 would incur a stamp duty of Rs 3,50,000 at 7%.