Guideline Value for ELLAIAMMAN NAGAR 2ND STREET

Ellaiamman Nagar 2nd Street guideline value

The current guideline value of Ellaiamman Nagar 2nd Street is Rs 1,600 per sq.ft, effective from 1 July 2024. This street is located in Korattur village, under the Villivakkam SRO, and is classified as Residential Class III Type - III.

How the guideline value of Ellaiamman Nagar 2nd Street has changed

Over the years, the guideline value for Ellaiamman Nagar 2nd Street has seen several revisions. The earliest recorded figure is from 2002, where the value was Rs 131 per sq.ft. This increased significantly to Rs 600 per sq.ft in 2007, marking a 358% rise. The value then saw a substantial increase to Rs 1,500 per sq.ft in 2012, representing a 150% growth. However, it decreased to Rs 1,005 per sq.ft in 2017, a decline of 33%. The value continued to rise, reaching Rs 1,500 per sq.ft in 2023, and finally, it is now Rs 1,600 per sq.ft as of the 2024 revision, which is a 7% increase from the previous year.

The register does not have a figure for the year 2003. Overall, from 2002 to 2024, the guideline value has increased by 1121%.

Guideline values in Korattur

In Korattur, there are 617 streets under the Villivakkam SRO that carry a 2024 guideline value ranging from Rs 1,100 to Rs 8,200 per sq.ft, with a median value of Rs 2,500 per sq.ft. The guideline value of Rs 1,600 per sq.ft for Ellaiamman Nagar 2nd Street is below this median.

• ELLAAIAMMAN NAGAR 1st STREET: Rs 1,600 per sq.ft (2024)
• Ellaiamman Nagar 3rd Cross Street: Rs 1,600 per sq.ft (2024)
• Ellaiamman Nagar 3rd Street: Rs 1,600 per sq.ft (2024)
• Ellaiamman Nagar 4th Street: Rs 1,600 per sq.ft (2024)
• Ellaiamman Nagar 5th Street: Rs 1,600 per sq.ft (2024)
• Ellaiamman Nagar 6th Street: Rs 1,600 per sq.ft (2024)

Stamp duty and registration fee for property in Ellaiamman Nagar 2nd Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,600 per sq.ft, the total guideline value amounts to Rs 16,00,000. The stamp duty, charged at 7%, would be Rs 1,12,000, and the registration fee at 2% would be Rs 32,000, bringing the total to Rs 1,44,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Ellaiamman Nagar 2nd Street?

The Sub Registrar Office that covers Ellaiamman Nagar 2nd Street is the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office. You can find your SRO for more information.

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

The guideline value plays a crucial role during the registration of property transactions in Korattur. It serves as a benchmark for determining the minimum value at which properties can be registered, ensuring transparency in property dealings.

When buying or selling property, the guideline value is used to calculate the applicable stamp duty and registration fees. This ensures that both the buyer and seller are aware of the costs involved in the transaction based on the established guideline value.

Frequently asked questions

What is the current guideline value of Ellaiamman Nagar 2nd Street?

The current guideline value of Ellaiamman Nagar 2nd Street is Rs 1,600 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 131 per sq.ft in 2002 to Rs 1,600 per sq.ft in 2024, reflecting an overall increase of 1121% over this period.

What is the registration office for Ellaiamman Nagar 2nd Street?

The registration office for Ellaiamman Nagar 2nd Street is the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037.

How is stamp duty calculated for properties in Ellaiamman Nagar 2nd Street?

Stamp duty for properties in Ellaiamman Nagar 2nd Street is calculated at 7% of the guideline value or sale price, whichever is higher. For example, for a property valued at Rs 16,00,000, the stamp duty would be Rs 1,12,000.

What is the land classification for Ellaiamman Nagar 2nd Street?

Ellaiamman Nagar 2nd Street is classified as Residential Class III Type - III, which determines the applicable guideline value for properties in this area.