Guideline Value for ERIKARAI STREET

Erikarai Street guideline value

The current guideline value of Erikarai Street is Rs 1,650 per sq.ft, effective from 1 July 2024. This street is located in Hastinapuram village under the Pallavaram SRO, classified as Residential Class III Type - I.

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. In 2017, the value decreased to Rs 1,005 per sq.ft, marking a decline of 33%. However, the value increased significantly in the following revisions, reaching Rs 1,500 per sq.ft in 2023, and then rising to Rs 1,650 per sq.ft in the 2024 revision, which is a 10% increase from the previous year.

There are no figures available for the revisions in 2002, 2003, and 2007 for Erikarai Street. The overall change from the 2012 revision to the 2024 revision reflects a modest increase of 10%.

Guideline values in Hastinapuram

In Hastinapuram village, there are 277 streets under the Pallavaram SRO with a 2024 guideline value ranging from Rs 1,650 to Rs 4,400 per sq.ft. The median guideline value for these streets is Rs 2,970 per sq.ft, placing Erikarai Street's 2024 value below this median.

• East Mosque Street: Rs 1,650 per sq.ft (2024)
• Gajalakshmi Nagar: Rs 3,850 per sq.ft (2024)
• Gandhi Street: Rs 2,970 per sq.ft (2024)
• Ganesh Nagar: Rs 3,850 per sq.ft (2024)
• Gangaiamman Koil Street: Rs 1,650 per sq.ft (2024)
• Dhamodharan Nagar: Rs 2,970 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 1,650 per sq.ft, the total guideline value would be Rs 16,50,000. The stamp duty at 7% would amount to Rs 1,15,500, and the registration fee at 2% would be Rs 33,000, making the total cost for these fees Rs 1,48,500. It is important to note that duty is charged on the higher of the guideline value or the sale price.

You can use our stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Erikarai Street?

The Sub Registrar Office that covers Erikarai Street is the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor when registering property transactions in Hastinapuram. It serves as a benchmark for determining the minimum value at which a property can be sold or purchased, ensuring that the transaction is recorded at a fair price.

When you buy or sell a property, the guideline value is used to calculate the applicable stamp duty and registration fees. This ensures that all transactions are compliant with the local regulations and that the government receives the appropriate revenue from property sales.

Frequently asked questions

What is the current guideline value of Erikarai Street?

The current guideline value of Erikarai Street is Rs 1,650 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 1,500 per sq.ft in 2023, and finally to Rs 1,650 per sq.ft in 2024.

What is the land classification of Erikarai Street?

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

How is stamp duty calculated for properties in Erikarai Street?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, for a 1,000 sq.ft plot at the guideline value of Rs 1,650 per sq.ft, the stamp duty would be Rs 1,15,500.

Where is the Sub Registrar Office for Erikarai Street located?

The Sub Registrar Office for Erikarai Street is located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, in the Chengalpattu registration zone.