Guideline Value for ERIKARAI SALAI

Erikarai Salai guideline value

The current guideline value of Erikarai Salai 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, and is classified as Residential Class IV Type - II.

How the guideline value of Erikarai Salai has changed

The guideline value for Erikarai Salai has undergone 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. Following this, the value increased significantly to Rs 1,200 per sq.ft in 2023, and then to Rs 1,320 per sq.ft in 2024.

From 2012 to 2017, there was a decrease of 33%. However, from 2017 to 2023, the value rose by 49%. The most recent change from 2023 to 2024 reflects a 10% increase. Overall, from 2012 to 2024, the guideline value has increased by 10%.

Guideline values in Pallikaranai

Pallikaranai village has a total of 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 guideline value for these streets is Rs 1,650 per sq.ft, making Erikarai Salai's 2024 figure below that median.

• Erikarai Cross Street: 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)
• Ganapathi Nagar (Extn.): Rs 1,650 per sq.ft (2024)
• Ezhil Nagar: Rs 1,320 per sq.ft (2024)

Stamp duty and registration fee for property in Erikarai Salai

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

You can use the stamp duty and registration fee calculator for more information.

Which Sub Registrar Office covers Erikarai Salai?

The Sub Registrar Office that covers Erikarai Salai is 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 further assistance.

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

The guideline value is a critical factor during the registration of property transactions in Pallikaranai. It serves as a reference point for determining the stamp duty and registration fees that need to be paid when a property is bought or sold.

When a buyer or seller engages in a property transaction, the guideline value is used to assess the official value of the property, ensuring that the correct fees are calculated based on either the guideline value or the sale price, whichever is higher.

Frequently asked questions

What is the current guideline value of Erikarai Salai?

The current guideline value of Erikarai Salai 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 land classification for Erikarai Salai?

Erikarai Salai is classified as Residential Class IV Type - II under the Chennai South Joint I SRO.

What are the stamp duty and registration fees for properties in Erikarai Salai?

The stamp duty is 7% of the guideline value, and the registration fee is 2%. For example, for a property valued at Rs 13,20,000, the total fees would amount to Rs 1,18,800.

Where can I find the Sub Registrar Office for Erikarai Salai?

The Sub Registrar Office for Erikarai Salai is located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035.