Guideline Value for ELITE CITY

Elite City guideline value

The current guideline value of Elite City in Arasankalani village is Rs 2,350 per sq.ft, effective from 1 July 2024. This area falls under the Selaiyur SRO and is classified as Mixed Special Type - I.

How the guideline value of Elite City has changed

Looking at the revisions of the guideline value, the 2017 revision recorded a value of Rs 2,200 per sq.ft. This figure remained unchanged until the 2023 revision, which also listed Rs 2,200 per sq.ft. However, in the 2024 revision, the guideline value increased to Rs 2,350 per sq.ft, marking a 7% rise from the previous year. Overall, from 2017 to 2024, the guideline value has increased by 7%.

It is important to note that the register has no figures for the years 2002, 2003, 2007, and 2012 for this street. Therefore, we only have the figures from 2017, 2023, and the current 2024 revision to consider when assessing the changes in the guideline value.

Guideline values in Arasankalani

In Arasankalani, there are 85 streets under the Selaiyur SRO that carry a 2024 guideline value ranging from Rs 1,300 to Rs 4,750 per sq.ft. The median guideline value for these streets is Rs 2,100 per sq.ft, placing Elite City’s 2024 figure above this median.

• Elite Acres: Rs 2,700 per sq.ft (2024)
• Durgaiamman Koil Street: Rs 1,300 per sq.ft (2024)
• Felixa Ragio: Rs 3,000 per sq.ft (2024)
• Dinesh Nagar: Rs 1,650 per sq.ft (2024)
• Ganesh Nagar: Rs 3,300 per sq.ft (2024)
• Ganthi Nagar: Rs 1,900 per sq.ft (2024)

Stamp duty and registration fee for property in Elite City

For a 1,000 sq.ft plot at the current guideline value of Rs 2,350 per sq.ft, the total guideline value would be Rs 23,50,000. The stamp duty at 7% would amount to Rs 1,64,500, while the registration fee at 2% would be Rs 47,000. Therefore, the total cost for stamp duty and registration would be Rs 2,11,500. It is important to note that the 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 Elite City?

The Sub Registrar Office that covers Elite City is the Selaiyur Sub Registrar Office, located at No.36, Bharathmatha Salai (opposite to Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073, in the Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a critical factor when registering property transactions in Arasankalani. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees.

When buying or selling property, the guideline value is used to calculate the stamp duty and registration fees. Buyers should be aware that these charges are applied based on the guideline value or the sale price, whichever is higher, ensuring transparency and compliance with legal requirements.

Frequently asked questions

What is the current guideline value of Elite City?

The current guideline value of Elite City is Rs 2,350 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,200 per sq.ft in 2017 to Rs 2,350 per sq.ft in 2024, reflecting a 7% increase. The value remained unchanged at Rs 2,200 per sq.ft from 2017 to 2023.

What are the other streets in Arasankalani and their guideline values?

Other streets in Arasankalani have varying guideline values ranging from Rs 1,300 to Rs 3,300 per sq.ft. For example, Elite Acres is valued at Rs 2,700 per sq.ft, while Durgaiamman Koil Street is at Rs 1,300 per sq.ft.

What is the stamp duty rate in Elite City?

The stamp duty rate for property transactions in Elite City is 7% of the guideline value or the sale price, whichever is higher.

Where can I find the Sub Registrar Office for Elite City?

The Sub Registrar Office for Elite City is located at No.36, Bharathmatha Salai, Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073. You can find more details online.