Guideline Value for ERIKKARAI STREET

Erikkarai Street guideline value

The current guideline value of Erikkarai Street is Rs 3,630 per sq.ft, effective from 1 July 2024. This street is located in Mudichur village, under the Padappai SRO, and is classified as Commercial Class I Type - I.

How the guideline value of Erikkarai Street has changed

The guideline value for Erikkarai Street has seen significant changes over the years. The 2017 revision set the value at Rs 2,211 per sq.ft, which increased to Rs 3,300 per sq.ft in the 2023 revision, marking a rise of 49%. The most recent revision in 2024 raised the value further to Rs 3,630 per sq.ft, reflecting a 10% increase from the previous year.

Overall, from the 2017 revision to the 2024 revision, the guideline value has increased by 64%. It is important to note that there are no figures available for the revisions in 2002, 2003, 2007, and 2012 for this street.

Guideline values in Mudichur

In Mudichur, there are 135 streets under the Padappai SRO that carry a 2024 guideline value ranging from Rs 880 to Rs 4,000 per sq.ft, with a median value of Rs 2,200 per sq.ft. The guideline value of Erikkarai Street is above this median.

• Eswaran Nagar: Rs 1,210 per sq.ft (2024)
• Elumalai Nagar: Rs 2,200 per sq.ft (2024)
• Ellaiamman Koil Street: Rs 1,210 per sq.ft (2024)
• E.B.Colony: Rs 3,630 per sq.ft (2024)
• Gajalakshmi Street: Rs 1,210 per sq.ft (2024)
• Durga Avenue: Rs 1,210 per sq.ft (2024)

Stamp duty and registration fee for property in Erikkarai Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,630 per sq.ft, the total guideline value would be Rs 36,30,000. The stamp duty at 7% would amount to Rs 2,54,100, and the registration fee at 2% would be Rs 72,600, bringing the total cost for these fees to Rs 3,26,700. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

You can also use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Erikkarai Street?

The Sub Registrar Office that covers Erikkarai Street is the Padappai Sub Registrar Office, located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Mudichur. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the transaction.

When a property is sold, the guideline value is compared with the sale price, and the higher of the two is used to calculate the applicable duties and fees. This ensures that the government receives the appropriate revenue based on the property's value.

Frequently asked questions

What is the current guideline value of Erikkarai Street?

The current guideline value of Erikkarai Street is Rs 3,630 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

Since the 2017 revision, the guideline value has increased from Rs 2,211 per sq.ft to Rs 3,630 per sq.ft in 2024, representing a total increase of 64% over this period.

What is the land classification of Erikkarai Street?

Erikkarai Street is classified as Commercial Class I Type - I according to the registration records.

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

The Padappai Sub Registrar Office covers Erikkarai Street and is located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone.

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

The stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, a 1,000 sq.ft plot at the current guideline value incurs a total fee of Rs 3,26,700.