Guideline Value for ERI COLONY

Eri Colony guideline value

The current guideline value of Eri Colony, located in Karunguzhi village, is Rs 401 per sq.ft, effective from 1 July 2024. This area falls under the Madurandakam SRO and is classified as Mixed Type - I land.

How the guideline value of Eri Colony has changed

The guideline value of Eri Colony has undergone several revisions over the years. The earliest recorded figure is from 2007, which was Rs 40 per sq.ft. This increased significantly to Rs 400 per sq.ft in 2012, marking a rise of 900%. However, in 2017, the value decreased to Rs 268 per sq.ft, reflecting a drop of 33%. The value then rose to Rs 400 per sq.ft in 2023, and finally, it reached Rs 401 per sq.ft in 2024, showing no change from the previous year.

From 2017 to 2023, the guideline value increased by 49%. Overall, from 2007 to 2024, the guideline value has increased by 903%. 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 Karunguzhi

In Karunguzhi, there are 37 streets under the Madurandakam SRO that carry a 2024 guideline value, ranging from Rs 401 to Rs 1,000 per sq.ft. The median value is Rs 401 per sq.ft, which is the same as the guideline value for Eri Colony.

• East Pillayar Koil Street: Rs 401 per sq.ft (2024)
• Dharmaraja Koil Street: Rs 401 per sq.ft (2024)
• Gnananbigai Pettai: Rs 501 per sq.ft (2024)
• Gnangrishwaranpettai: Rs 600 per sq.ft (2024)
• Brammanar Street: Rs 401 per sq.ft (2024)
• Hills Colony: Rs 401 per sq.ft (2024)

Stamp duty and registration fee for property in Eri Colony

For a 1,000 sq.ft plot at the current rate of Rs 401 per sq.ft, the guideline value amounts to Rs 4,01,000. The stamp duty at 7% would be Rs 28,070, and the registration fee at 2% would be Rs 8,020, totaling Rs 36,090. 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 information.

Which Sub Registrar Office covers Eri Colony?

The Sub Registrar Office that covers Eri Colony is the Madurandakam Sub Registrar Office, located at No.53, Old Taluk Office Road, Maduranthakam-603306, Chengalpattu registration zone. You can find your SRO for more details.

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

The guideline value is a crucial factor when buying or selling property in Karunguzhi. It serves as the baseline for determining the stamp duty and registration fees applicable during the registration process. Buyers and sellers must consider this value to ensure compliance with local regulations.

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

Frequently asked questions

What is the current guideline value of Eri Colony?

The current guideline value of Eri Colony is Rs 401 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 40 per sq.ft in 2007 to Rs 401 per sq.ft in 2024, marking an overall increase of 903% over the years.

What are the other streets in Karunguzhi with similar guideline values?

Other streets in Karunguzhi with a guideline value of Rs 401 per sq.ft include East Pillayar Koil Street, Dharmaraja Koil Street, Brammanar Street, and Hills Colony.

How is stamp duty calculated for properties in Eri Colony?

Stamp duty for properties in Eri Colony is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, for a 1,000 sq.ft plot, the total stamp duty would be Rs 28,070.

Where can I find the Sub Registrar Office for Eri Colony?

The Sub Registrar Office for Eri Colony is the Madurandakam Sub Registrar Office, located at No.53, Old Taluk Office Road, Maduranthakam-603306, Chengalpattu registration zone.