Guideline Value for ELUMALAI GARDEN

Elumalai Garden guideline value

The current guideline value of Elumalai Garden, located in Karapakkam village under the Neelankarai SRO, is Rs 1,000 per sq.ft, effective from 1 July 2024. This area falls under the Residential Class IV Type - I land classification.

How the guideline value of Elumalai Garden has changed

The guideline value for Elumalai Garden has seen several revisions over the years. The earliest recorded figure is from 2012, which was Rs 800 per sq.ft. This increased to Rs 536 per sq.ft in 2017, marking a decrease of 33%. However, from 2017 to 2023, the value rose significantly to Rs 1,000 per sq.ft, reflecting an increase of 87%. The current revision in 2024 maintains this value at Rs 1,000 per sq.ft, indicating no change from the previous year.

It is important to note that there are no recorded figures for the years 2002, 2003, and 2007 for this street. Overall, from 2012 to 2024, the guideline value has increased by 25%.

Guideline values in Karapakkam

In Karapakkam, there are 185 streets under the Neelankarai SRO that carry a 2024 guideline value ranging from Rs 1,000 to Rs 10,700 per sq.ft. The median value for these streets is Rs 1,700 per sq.ft, positioning Elumalai Garden's 2024 figure below that median.

• Easwaran Street (Near Omr): Rs 4,680 per sq.ft (2024)
• Easwaran Street: Rs 4,680 per sq.ft (2024)
• Gajarajan Street: Rs 2,200 per sq.ft (2024)
• Gajarajan Street Extension: Rs 2,200 per sq.ft (2024)
• D.H.K.Ath K.Kumar Garden: Rs 2,200 per sq.ft (2024)
• Dharmaraja Koil Street: Rs 1,100 per sq.ft (2024)

Stamp duty and registration fee for property in Elumalai Garden

For a 1,000 sq.ft plot at the current rate of Rs 1,000 per sq.ft, the guideline value amounts to Rs 10,00,000. The stamp duty at 7% would be Rs 70,000, and the registration fee at 2% would be Rs 20,000, totaling Rs 90,000. 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 Elumalai Garden?

The Sub Registrar Office that covers Elumalai Garden is 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 Karapakkam

The guideline value is a crucial factor during property registration in Karapakkam. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid when a property is bought or sold. Buyers and sellers must be aware of the guideline value to ensure compliance with legal requirements during the transaction.

When registering a property, the guideline value is compared to the sale price. The higher of the two figures is used to calculate the applicable stamp duty and registration fees. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Elumalai Garden?

The current guideline value of Elumalai Garden is Rs 1,000 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

Since 2012, the guideline value has changed from Rs 800 per sq.ft to Rs 1,000 per sq.ft in 2024, reflecting an overall increase of 25% over this period.

What are the other streets in Karapakkam with their guideline values?

Other streets in Karapakkam include Easwaran Street (Near Omr) and Easwaran Street at Rs 4,680 per sq.ft, Gajarajan Street and Gajarajan Street Extension at Rs 2,200 per sq.ft, D.H.K.Ath K.Kumar Garden at Rs 2,200 per sq.ft, and Dharmaraja Koil Street at Rs 1,100 per sq.ft.

What is the stamp duty rate for properties in Elumalai Garden?

The stamp duty rate for properties in Elumalai Garden is 7% of the guideline value or the sale price, whichever is higher.

Where is the Sub Registrar Office for Elumalai Garden located?

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