Guideline Value for ERIKARAI STREET

Erikarai Street guideline value

The current guideline value of Erikarai Street in Kilkattalai village, under the Pallavaram SRO, is Rs 2,530 per sq.ft, effective from 1 July 2024. This street falls under the Residential Class I Type - II land classification.

How the guideline value of Erikarai Street has changed

Over the years, the guideline value of Erikarai Street has seen several revisions. The most recent revision in 2024 set the value at Rs 2,530 per sq.ft, which is an increase from Rs 2,300 per sq.ft in the 2023 revision, reflecting a change of +10%. Prior to that, the 2017 revision recorded a guideline value of Rs 1,541 per sq.ft, marking a significant increase of +49% from the 2017 figure to 2023. The 2012 revision had a guideline value of Rs 2,300 per sq.ft, which was a decrease of -33% from the 2017 figure.

There are no figures available for the revisions in 2002, 2003, and 2007 for Erikarai Street. Overall, comparing the 2012 revision to the current 2024 figure, there has been a total increase of +10%.

Guideline values in Kilkattalai

Kilkattalai village has a total of 194 streets under the Pallavaram SRO that carry a 2024 guideline value, ranging from Rs 1,080 to Rs 5,500 per sq.ft. The median guideline value is Rs 2,530 per sq.ft, which is equal to the current value of Erikarai Street.

• Easwaran Nagar (B): Rs 4,125 per sq.ft (2024)
• Easwaran Nagar 1 To 6 Streets: Rs 4,125 per sq.ft (2024)
• Easwaran Nagar: Rs 4,125 per sq.ft (2024)
• Easwaran Koil Street: Rs 2,530 per sq.ft (2024)
• Duraiswamy Nagar: Rs 3,300 per sq.ft (2024)
• Duraisamy Nagar Ext, Darmaraja Street: Rs 3,300 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 2,530 per sq.ft, the total guideline value would be Rs 25,30,000. The stamp duty at 7% would amount to Rs 1,77,100, while the registration fee at 2% would be Rs 50,600, bringing the total fees to Rs 2,27,700. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can use our stamp duty and registration fee calculator to estimate your costs.

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, in the Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor in property transactions in Kilkattalai, as it determines the minimum value at which a property can be registered. This value is used to calculate the stamp duty and registration fees payable during the sale or purchase of a property.

When buying or selling property, it is essential to be aware of the current guideline value, as it can affect the overall cost of the transaction. Buyers should ensure that they are informed about the guideline value to avoid any discrepancies during registration.

Frequently asked questions

What is the current guideline value of Erikarai Street?

The current guideline value of Erikarai Street is Rs 2,530 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,541 per sq.ft in 2017 to Rs 2,300 per sq.ft in 2023, and then to Rs 2,530 per sq.ft in 2024. This reflects an increase of +49% from 2017 to 2023 and +10% from 2023 to 2024.

What is the land classification of Erikarai Street?

Erikarai Street is classified as Residential Class I Type - II. This classification indicates the type of development permissible in the area.

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

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

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

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. For a property valued at Rs 25,30,000, the stamp duty would be Rs 1,77,100.