Guideline Value for ERIKARAI STREET

Erikarai Street guideline value

The current guideline value of Erikarai Street is Rs 2,750 per sq.ft, effective from 1 July 2024. This street is located in Zaminpallavaram village, under the Pallavaram SRO, and is classified as Residential Class II Type - I.

How the guideline value of Erikarai Street has changed

In the 2012 revision, the guideline value was set at Rs 2,500 per sq.ft. This figure remained unchanged in the 2017 revision, which saw a decrease to Rs 1,675 per sq.ft. However, from 2017 to 2023, the value increased significantly to Rs 2,500 per sq.ft, marking a 49% rise. The latest revision in 2024 has further increased the guideline value to Rs 2,750 per sq.ft, reflecting a 10% increase from the previous year.

It is important to note that there are no figures available for the revisions in 2002, 2003, and 2007 for this street. Overall, from the 2012 revision to the 2024 revision, the guideline value has increased by 10%.

Guideline values in Zaminpallavaram

In Zaminpallavaram, there are 638 streets under the Pallavaram SRO, with guideline values ranging from Rs 2,100 to Rs 11,000 per sq.ft. The median guideline value is Rs 3,300 per sq.ft, placing Erikarai Street's 2024 figure below this median.

• Erikarai Ora Street: Rs 3,300 per sq.ft (2024)
• Erattai Malai Srinivasan Street: Rs 2,750 per sq.ft (2024)
• E.S.I Colony: Rs 3,520 per sq.ft (2024)
• English Electricl Nagar: Rs 3,300 per sq.ft (2024)
• Emanuvel Street: Rs 3,520 per sq.ft (2024)
• Elumalai Street: Rs 3,520 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 2,750 per sq.ft, the total guideline value would be Rs 27,50,000. The stamp duty at 7% would amount to Rs 1,92,500, and the registration fee at 2% would be Rs 55,000, bringing the total to Rs 2,47,500. It is important to note that duty is charged on the higher of the guideline value or the sale price.

For more details, you can use the stamp duty and registration fee calculator.

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 Zaminpallavaram

The guideline value is a crucial factor in the registration process when buying or selling property in Zaminpallavaram. It determines the minimum value at which a property can be registered, ensuring that the transaction is documented at a fair price.

When a property is sold, the guideline value is used to calculate the applicable stamp duty and registration fees. Buyers must be aware that these fees are based on the guideline value or the sale price, whichever is higher.

Frequently asked questions

What is the current guideline value of Erikarai Street?

The current guideline value of Erikarai Street is Rs 2,750 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,500 per sq.ft in 2012 to Rs 2,750 per sq.ft in 2024, with notable increases in 2023 and 2024. The value saw a decrease in 2017 but has increased overall by 10% since 2012.

What are the other streets in Zaminpallavaram?

Other streets in Zaminpallavaram include Erikarai Ora Street, Erattai Malai Srinivasan Street, E.S.I Colony, English Electricl Nagar, Emanuvel Street, and Elumalai Street, with varying guideline values.

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 are stamp duty and registration fees calculated?

Stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. For example, a 1,000 sq.ft plot at the current guideline value incurs a total cost of Rs 2,47,500 in fees.