Guideline Value for ELUMALAI STREET

Elumalai Street guideline value

The current guideline value of Elumalai Street is Rs 3,100 per sq.ft, effective from 1 July 2024. This street is located in Ramapuram village, under the Chennai South Joint II SRO, with a land classification of Residential Class II Type - I.

How the guideline value of Elumalai Street has changed

The guideline value for Elumalai Street has seen several revisions over the years. The earliest recorded figure is from 2007, where the guideline value was Rs 900 per sq.ft. It increased significantly to Rs 2,800 per sq.ft in 2012, marking a rise of 211%. However, in 2017, it dropped to Rs 1,876 per sq.ft, reflecting a decrease of 33%. The value then rose again to Rs 2,800 per sq.ft in 2023, and finally to Rs 3,100 per sq.ft in 2024, which is an increase of 11% from the previous year.

Overall, from 2007 to 2024, the guideline value has increased by 244%. It is important to note that there are no figures available for the years 2002 and 2003 in the register for this street.

Guideline values in Ramapuram

In Ramapuram, there are 394 streets under the Chennai South Joint II SRO that carry a 2024 guideline value, ranging from Rs 1,950 to Rs 6,600 per sq.ft. The median value for these streets is Rs 3,100 per sq.ft, which matches the 2024 guideline value for Elumalai Street.

• Ellammal Nagar: Rs 3,100 per sq.ft (2024)
• Eswaran Koil Street: Rs 2,750 per sq.ft (2024)
• Eswaran Nagar: Rs 3,100 per sq.ft (2024)
• Eswaran Nagar 1st Main Street: Rs 3,100 per sq.ft (2024)
• Eswaran Nagar 1st Street: Rs 3,100 per sq.ft (2024)
• Eswaran Nagar 2nd Street: Rs 3,100 per sq.ft (2024)

Stamp duty and registration fee for property in Elumalai Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,100 per sq.ft, the total guideline value amounts to Rs 31,00,000. The stamp duty is charged at 7%, which totals Rs 2,17,000, and the registration fee is 2%, amounting to Rs 62,000. Together, the total cost for stamp duty and registration fee is Rs 2,79,000. 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 Elumalai Street?

The Sub Registrar Office that covers Elumalai Street is the Chennai South Joint II Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035. You can find your SRO for more information.

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

The guideline value plays a crucial role in property transactions in Ramapuram. It is used as a benchmark for determining the registration fees and stamp duty that need to be paid during the buying or selling process. Buyers and sellers must be aware of the current guideline value to ensure compliance with legal requirements.

When a property is registered, the guideline value is compared with the sale price. The higher of the two values is used to calculate the applicable duties and fees. This ensures that the government receives the appropriate revenue based on the value of the property being transferred.

Frequently asked questions

What is the current guideline value of Elumalai Street?

The current guideline value of Elumalai Street is Rs 3,100 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 900 per sq.ft in 2007 to Rs 3,100 per sq.ft in 2024, marking an overall increase of 244% over the years.

What are the stamp duty and registration fees for properties on Elumalai Street?

For a property valued at Rs 31,00,000, the stamp duty is Rs 2,17,000 and the registration fee is Rs 62,000, totaling Rs 2,79,000.

Which Sub Registrar Office covers this area?

The Chennai South Joint II Sub Registrar Office covers Elumalai Street, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035.

What is the land classification for Elumalai Street?

Elumalai Street is classified as Residential Class II Type - I, which is relevant for understanding the types of properties allowed in the area.