Guideline Value for ELCOT AVENUE MAIN STREET EXTENSION

Elcot Avenue Main Street Extension guideline value

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

How the guideline value of Elcot Avenue Main Street Extension has changed

The guideline value for Elcot Avenue Main Street Extension has undergone several revisions over the years. The register does not have figures for the years 2002, 2003, 2007, 2012, and 2017. In 2023, the guideline value was Rs 4,500 per sq.ft, and in 2024, it was revised to Rs 5,000 per sq.ft, marking an increase of 11% from the previous year.

With the 2024 revision, the guideline value reflects a significant update. The current rate of Rs 5,000 per sq.ft is above the median guideline value of Rs 2,200 per sq.ft for the 754 streets in Sholinganallur - 1 under the Neelankarai SRO.

Guideline values in Sholinganallur - 1

In Sholinganallur - 1, the guideline values for various streets range from Rs 1,000 to Rs 8,800 per sq.ft as of 2024. Elcot Avenue Main Street Extension's guideline value is Rs 5,000 per sq.ft, which is above the median value for the village.

• Elcot Avenue Main Road: Rs 5,000 per sq.ft (2024)
• Elcot Avenue 1st Street: 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 Main Street Extension

For a 1,000 sq.ft plot at the current guideline value of Rs 5,000 per sq.ft, the total 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, making the total charges Rs 4,50,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can also use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Elcot Avenue Main Street Extension?

The Elcot Avenue Main Street Extension falls under the Neelankarai Sub Registrar Office, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone. To find your SRO, you can visit find your SRO.

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

The guideline value is a crucial factor in property transactions in Sholinganallur - 1. It serves as the basis for calculating stamp duty and registration fees during the registration process. Buyers and sellers must be aware of the current guideline value to ensure compliance with local regulations.

When a property is bought or sold, the guideline value is used to determine the applicable fees, which are charged on the higher of the guideline value or the sale price. This ensures that the transaction is registered accurately and legally.

Frequently asked questions

What is the current guideline value of Elcot Avenue Main Street Extension?

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

How has the guideline value changed over the years?

The guideline value has changed from Rs 4,500 per sq.ft in 2023 to Rs 5,000 per sq.ft in 2024, reflecting an increase of 11%. The register does not have figures for the years 2002, 2003, 2007, 2012, and 2017.

What is the land classification of Elcot Avenue Main Street Extension?

Elcot Avenue Main Street Extension is classified as Residential Special Type - IV.

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 stamp duty calculated for properties in Elcot Avenue Main Street Extension?

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%.