Guideline Value for ERIKARAI STREET

Erikarai Street guideline value

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

How the guideline value of Erikarai Street has changed

Starting from the 2012 revision, the guideline value for Erikarai Street was Rs 1,200 per sq.ft. In the 2017 revision, it decreased to Rs 804 per sq.ft, marking a decline of 33%. The value then rose significantly in the 2023 revision to Rs 1,200 per sq.ft, and further increased to Rs 1,320 per sq.ft in the 2024 revision, reflecting a growth of 10% from the previous year. The register has no figures for the revisions in 2002, 2003, and 2007.

From 2017 to 2023, there was a substantial increase of 49%, bringing the value back to Rs 1,200 per sq.ft. Overall, from 2012 to 2024, the guideline value increased by 10%, culminating in the current figure of Rs 1,320 per sq.ft.

Guideline values in Jelandianpettai

In Jelandianpettai, there are 248 streets under the Chennai South Joint I SRO with guideline values ranging from Rs 1,320 to Rs 7,500 per sq.ft. The median value is Rs 2,200 per sq.ft, placing Erikarai Street's 2024 figure below this median.

• Ex-Serviceman Colony 2nd Street: Rs 1,650 per sq.ft (2024)
• Ex-Serviceman Colony 3rd Street: Rs 1,650 per sq.ft (2024)
• Ex-Serviceman Colony 4th Street: Rs 1,650 per sq.ft (2024)
• Ex.Servicemen Colony 1st Street: Rs 1,650 per sq.ft (2024)
• Ex-Servicemen Colony Anna Salai: Rs 1,650 per sq.ft (2024)
• Ex.Servicemen Colony Cross Street: Rs 1,650 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 1,320 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, resulting in a total of 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 use the stamp duty and registration fee calculator for more details.

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. You can find your SRO for additional information.

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

The guideline value plays a crucial role when buying or selling properties in Jelandianpettai. It is used to determine the stamp duty and registration fees that need to be paid during the registration process. Buyers and sellers must be aware of the current guideline value to ensure compliance with local regulations.

When a property is registered, the guideline value is compared to the sale price, and the higher of the two is used to calculate the applicable duties. This ensures that the government receives the appropriate revenue based on the property's value as recognized in the local market.

Frequently asked questions

What is the current guideline value of Erikarai Street?

The current guideline value of Erikarai 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 seen various changes, starting from Rs 1,200 per sq.ft in 2012, dropping to Rs 804 per sq.ft in 2017, and then rising to Rs 1,200 per sq.ft in 2023, followed by an increase to Rs 1,320 per sq.ft in 2024.

What is the land classification for Erikarai Street?

Erikarai Street is classified as Residential Class IV Type - II, indicating its suitability for residential development.

Where can I find the registration office for Erikarai Street?

The registration office for Erikarai Street 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.

How is the stamp duty calculated for properties in Erikarai Street?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, for a 1,000 sq.ft plot at the guideline value of Rs 1,320 per sq.ft, the total guideline value would be Rs 13,20,000, leading to a stamp duty of Rs 92,400.