Guideline Value for ERIKARAI CROSS STREET

Erikarai Cross Street guideline value

The current guideline value of Erikarai Cross Street is Rs 1,320 per sq.ft, effective from 1 July 2024. This street is located in Pallikaranai village under the Chennai South Joint I SRO, with a land classification of Residential Class IV Type - II.

How the guideline value of Erikarai Cross Street has changed

The guideline value for Erikarai Cross Street has seen several revisions over the years. In 2012, the value was set at Rs 1,200 per sq.ft. This figure then decreased to Rs 804 per sq.ft in 2017, marking a decline of 33%. Subsequently, the value increased significantly to Rs 1,200 per sq.ft in 2023, and further rose to Rs 1,320 per sq.ft in 2024, reflecting a 10% increase from the previous year.

There are no figures available for the revisions in 2002, 2003, and 2007 for this street. Overall, from 2012 to 2024, the guideline value has increased by 10%.

Guideline values in Pallikaranai

In Pallikaranai, there are 749 streets under the Chennai South Joint I SRO, with the 2024 guideline values ranging from Rs 1,110 to Rs 8,580 per sq.ft. The median value for these streets is Rs 1,650 per sq.ft, placing Erikarai Cross Street's 2024 figure below that median.

• Erikarai Salai: Rs 1,320 per sq.ft (2024)
• Esudian Street: Rs 1,320 per sq.ft (2024)
• Elango Street: Rs 2,200 per sq.ft (2024)
• Ex-Servicemen Colony: Rs 1,650 per sq.ft (2024)
• Ezhil Nagar: Rs 1,320 per sq.ft (2024)
• Ganapathi Nagar (Extn.): Rs 1,650 per sq.ft (2024)

Stamp duty and registration fee for property in Erikarai Cross Street

For a 1,000 sq.ft plot at the current rate of Rs 1,320 per sq.ft, the guideline value amounts to Rs 13,20,000. The stamp duty at 7% would be Rs 92,400, while the registration fee at 2% would be Rs 26,400, totaling Rs 1,18,800. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can calculate your fees using the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Erikarai Cross Street?

Erikarai Cross Street is covered by the Chennai South Joint I 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 Pallikaranai

The guideline value is an important factor in the registration process when buying or selling property. It determines the minimum value on which stamp duty and registration fees are calculated, ensuring that the transaction is officially recorded at a fair value.

When a property is sold, the guideline value helps in assessing the applicable taxes, ensuring transparency in the transaction process. Buyers and sellers should be aware of the current guideline value to avoid any discrepancies during registration.

Frequently asked questions

What is the current guideline value of Erikarai Cross Street?

The current guideline value of Erikarai Cross Street is Rs 1,320 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,200 per sq.ft in 2012 to Rs 804 per sq.ft in 2017, then to Rs 1,200 per sq.ft in 2023, and finally to Rs 1,320 per sq.ft in 2024.

What is the median guideline value in Pallikaranai?

The median guideline value for streets in Pallikaranai is Rs 1,650 per sq.ft, while Erikarai Cross Street's 2024 value is below this median.

What are the stamp duty and registration fees for a property on Erikarai Cross Street?

For a 1,000 sq.ft plot, the guideline value is Rs 13,20,000, leading to a stamp duty of Rs 92,400 and a registration fee of Rs 26,400, totaling Rs 1,18,800.

Which office handles registrations for Erikarai Cross Street?

The Chennai South Joint I Sub Registrar Office handles registrations for Erikarai Cross Street, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, fanepet Nandanam, Chennai -600 035.