Guideline Value for ERIKARAI STREET

Erikarai Street guideline value

The current guideline value of Erikarai Street is Rs 1,600 per sq.ft, effective from 1 July 2024. This street is located in Korattur village, under the Villivakkam SRO, and is classified as Residential Class III Type - III.

How the guideline value of Erikarai Street has changed

The guideline value for Erikarai Street has undergone several revisions over the years. The 2012 revision set the value at Rs 1,500 per sq.ft, which was then reduced to Rs 1,005 per sq.ft in the 2017 revision, marking a decrease of 33%. However, from 2017 to 2024, the value increased significantly by 59%, bringing it to the current rate of Rs 1,600 per sq.ft.

Overall, from the 2012 revision to the 2024 revision, the guideline value has seen a slight increase of 7%. It is important to note that there are no figures available for the revisions in 2002, 2003, 2007, and 2023 for this street.

Guideline values in Korattur

In Korattur, there are a total of 617 streets under the Villivakkam SRO that carry a 2024 guideline value, ranging from Rs 1,100 to Rs 8,200 per sq.ft. The median guideline value in this area is Rs 2,500 per sq.ft, indicating that Erikarai Street's 2024 figure is below the median.

• Ellaiamman Nagar 6th Street: Rs 1,600 per sq.ft (2024)
• Ellaiamman Nagar 5th Street: Rs 1,600 per sq.ft (2024)
• Ellaiamman Nagar 4th Street: Rs 1,600 per sq.ft (2024)
• Ellaiamman Nagar 3rd Street: Rs 1,600 per sq.ft (2024)
• Ellaiamman Nagar 3rd Cross Street: Rs 1,600 per sq.ft (2024)
• Ellaiamman Nagar 2nd Street: Rs 1,600 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 1,600 per sq.ft, the total guideline value would be Rs 16,00,000. The stamp duty at 7% would amount to Rs 1,12,000, and the registration fee at 2% would be Rs 32,000, making the total fees Rs 1,44,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. You can also use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Erikarai Street?

The Sub Registrar Office that covers Erikarai Street is the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office. To find your SRO, you can visit find your SRO.

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

The guideline value is a crucial factor when buying or selling property in Korattur. It serves as a benchmark for determining the minimum price at which a property can be registered. Buyers and sellers must consider this value to ensure compliance with legal requirements during the registration process.

When a property is sold, the guideline value is used to calculate the applicable stamp duty and registration fees. This ensures that the government receives the correct revenue from property transactions, reflecting the value of the property being transferred.

Frequently asked questions

What is the current guideline value of Erikarai Street?

The current guideline value of Erikarai Street is Rs 1,600 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,500 per sq.ft in 2012 to Rs 1,005 per sq.ft in 2017, then increased to Rs 1,600 per sq.ft in 2024. Overall, from 2012 to 2024, there has been a 7% increase.

What is the land classification of Erikarai Street?

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

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

The Sub Registrar Office for Erikarai Street is located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office.

How is stamp duty calculated for properties in Korattur?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 16,00,000, the stamp duty at 7% would be Rs 1,12,000.