Guideline Value for ERIKARAI STREET

Erikarai Street guideline value

The current guideline value of Erikarai Street in Chettiyaragaram village is Rs 1,210 per sq.ft, effective from 1 July 2024. This street falls under the Chennai South Joint I SRO and is classified as Residential Class III Type - I.

How the guideline value of Erikarai Street has changed

In the 2012 revision, the guideline value was Rs 1,100 per sq.ft. This figure remained the same in the 2012 and 2017 revisions, where it dropped to Rs 737 per sq.ft, representing a decrease of 33%. Moving to the 2023 revision, the value increased significantly to Rs 1,100 per sq.ft, and then further rose to Rs 1,210 per sq.ft in the 2024 revision, marking a 10% increase. Overall, from 2012 to 2024, the guideline value has increased by 10%.

Between the 2017 and 2023 revisions, the value saw a substantial increase of 49%. The register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Chettiyaragaram

In Chettiyaragaram village, there are 22 streets under the Chennai South Joint I SRO that carry a 2024 guideline value ranging from Rs 1,210 to Rs 4,400 per sq.ft. The median guideline value for these streets is Rs 2,200 per sq.ft, placing Erikarai Street's 2024 figure below this median.

• Fomra: Rs 4,400 per sq.ft (2024)
• Dhanalakshmi Nagar: Rs 1,650 per sq.ft (2024)
• Chettiyar Agaram Main Road: Rs 2,420 per sq.ft (2024)
• Chettiyar Agaram 1st Street: Rs 2,420 per sq.ft (2024)
• Iswarya Nagar: Rs 1,650 per sq.ft (2024)
• Murthy Nagar: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Erikarai Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,210 per sq.ft, the total guideline value amounts to Rs 12,10,000. The stamp duty at 7% would be Rs 84,700, and the registration fee at 2% would be Rs 24,200, bringing the total to Rs 1,08,900. 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 detailed calculations.

Which Sub Registrar Office covers Erikarai Street?

Erikarai 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. To find your specific SRO, you can visit find your SRO.

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

The guideline value is a crucial factor in property transactions, as it determines the minimum value at which a property can be registered. When you buy or sell property in Chettiyaragaram, the guideline value is used to calculate stamp duty and registration fees, which are mandatory for the registration process.

It is essential for buyers and sellers to be aware of the current guideline value, as it directly impacts the overall cost of the transaction. Ensuring compliance with the guideline value helps in avoiding legal issues during the property registration process.

Frequently asked questions

What is the current guideline value of Erikarai Street?

The current guideline value of Erikarai Street is Rs 1,210 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

Since 2012, the guideline value has seen fluctuations, starting at Rs 1,100 per sq.ft in 2012, dropping to Rs 737 per sq.ft in 2017, then increasing to Rs 1,100 per sq.ft in 2023, and finally reaching Rs 1,210 per sq.ft in 2024.

What is the land classification of Erikarai Street?

Erikarai Street is classified as Residential Class III Type - I, which indicates its designation for residential purposes.

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

The stamp duty is charged at 7%, and the registration fee is 2% of the guideline value or sale price, whichever is higher. For example, a 1,000 sq.ft plot would incur a total of Rs 1,08,900 in fees.

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

The Sub Registrar Office covering Erikarai Street is located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035. You can find more information by visiting the relevant link.