Guideline Value for ERIKKARAI STREET

Erikkarai Street guideline value

The current guideline value of Erikkarai Street is Rs 555 per sq.ft, effective from 1 July 2024. This street is located in Mathuranthagam village, under the Madurandakam SRO. The land classification for this area is Residential Class I Type - I.

How the guideline value of Erikkarai Street has changed

Over the years, the guideline value of Erikkarai Street has seen several revisions. The earliest recorded revision was in 2007, where the value was Rs 250 per sq.ft. This increased to Rs 500 per sq.ft in 2012, then decreased to Rs 335 per sq.ft in 2017. The value rose significantly to Rs 500 per sq.ft in the 2023 revision, and currently stands at Rs 555 per sq.ft in the 2024 revision. Notably, the register has no figures for the years 2002 and 2003.

In terms of percentage changes, the value increased by 100% from 2007 to 2012, decreased by 33% from 2012 to 2017, and then increased by 49% from 2017 to 2023. The latest revision from 2023 to 2024 reflects an increase of 11%. Overall, from 2007 to 2024, the guideline value has increased by 122%.

Guideline values in Mathuranthagam

In Mathuranthagam, there are 109 streets under the Madurandakam SRO that have a guideline value for 2024, ranging from Rs 440 to Rs 1,480 per sq.ft. The median guideline value for these streets is Rs 1,100 per sq.ft, placing Erikkarai Street's 2024 figure below that median.

• Gain Nagar: Rs 1,110 per sq.ft (2024)
• Gandhinagar Gangaiamman Koil Street: Rs 660 per sq.ft (2024)
• Dr.ABDULKALAM NAGAR EXTENSION: Rs 770 per sq.ft (2024)
• Gandhinagar Lourdupuram: Rs 555 per sq.ft (2024)
• Gandhinagar Periya Colony: Rs 660 per sq.ft (2024)
• Dharamaraja Koil Street: Rs 1,110 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 555 per sq.ft, the total guideline value amounts to Rs 5,55,000. The stamp duty at 7% would be Rs 38,850, and the registration fee at 2% would be Rs 11,100, bringing the total fees to Rs 49,950. It is important to note that the duty is charged on the higher of the guideline value or the sale price. You can use the 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 Madurandakam Sub Registrar Office, located at No.53, Old Taluk Office Road, Maduranthakam-603306, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor when registering property transactions in Mathuranthagam. It serves as a baseline for determining the stamp duty and registration fees that must be paid during the buying or selling process.

When a property is sold, the guideline value is used to calculate the applicable duties, ensuring that both the buyer and seller comply with the legal requirements. It is essential to be aware of the guideline value to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Erikkarai Street?

The current guideline value of Erikkarai Street is Rs 555 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 250 per sq.ft in 2007 to Rs 555 per sq.ft in 2024, reflecting a total increase of 122% over the years.

What are the stamp duty and registration fees for properties on Erikkarai Street?

For a property of 1,000 sq.ft at the current guideline value, the total stamp duty and registration fees would amount to Rs 49,950.

Which registration office covers Erikkarai Street?

The Madurandakam Sub Registrar Office covers Erikkarai Street, located at No.53, Old Taluk Office Road, Maduranthakam-603306, Chengalpattu registration zone.

What is the land classification for Erikkarai Street?

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