Guideline Value for ERRIKKARAI STREET (LAKE SALAI)

Errikkarai Street (Lake Salai) guideline value

The current guideline value of Errikkarai Street (Lake Salai) is Rs 3,300 per sq.ft, effective from 1 July 2024. This street is located in Perungudi village, under the Neelankarai SRO, and is classified as Residential Class II Type - II.

How the guideline value of Errikkarai Street (Lake Salai) has changed

The guideline value for Errikkarai Street (Lake Salai) has undergone several revisions over the years. The earliest recorded figure is from 2007, where it was Rs 800 per sq.ft. This increased significantly to Rs 3,000 per sq.ft in 2012, marking a rise of 275%. However, it then saw a decrease to Rs 2,010 per sq.ft in 2017, which was a decline of 33%. The value rose again to Rs 3,000 per sq.ft in 2023, and most recently, it has been set at Rs 3,300 per sq.ft in the 2024 revision, reflecting a 10% increase from the previous year.

There are no recorded figures for Errikkarai Street in the revisions of 2002 and 2003. Overall, from 2007 to 2024, the guideline value has increased by 313%.

Guideline values in Perungudi

In Perungudi, there are 249 streets under the Neelankarai SRO, with guideline values ranging from Rs 1,100 to Rs 8,800 per sq.ft. The median guideline value is Rs 3,300 per sq.ft, which is the same as the current value for Errikkarai Street (Lake Salai).

• Elim Nagar Park West Street: Rs 3,300 per sq.ft (2024)
• Elim Nagar Park South Street: Rs 3,300 per sq.ft (2024)
• Elim Nagar Park North Street: Rs 3,300 per sq.ft (2024)
• Elim Nagar Park East Street: Rs 3,300 per sq.ft (2024)
• Elim Nagar (Manthope 3rd Cross Street): Rs 3,300 per sq.ft (2024)
• Elim Nagar (Manthope 2nd Street): Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Errikkarai Street (Lake Salai)

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value would be Rs 33,00,000. The stamp duty, charged at 7%, would amount to Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, bringing the total fees to Rs 2,97,000. 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 for more detailed calculations.

Which Sub Registrar Office covers Errikkarai Street (Lake Salai)?

The Sub Registrar Office that covers Errikkarai Street (Lake Salai) is the Neelankarai Sub Registrar Office, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process of property transactions in Perungudi. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue from stamp duties and registration fees.

When buying or selling property, the guideline value helps in assessing the financial implications of the transaction. Buyers must consider this value as it directly influences the costs associated with registration and stamp duty.

Frequently asked questions

What is the current guideline value of Errikkarai Street (Lake Salai)?

The current guideline value of Errikkarai Street (Lake Salai) is Rs 3,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 800 per sq.ft in 2007 to Rs 3,300 per sq.ft in 2024, reflecting an overall increase of 313% over the years.

What is the median guideline value in Perungudi?

The median guideline value in Perungudi is Rs 3,300 per sq.ft, which is the same as the current value for Errikkarai Street (Lake Salai).

What are the stamp duty and registration fees for property in Errikkarai Street (Lake Salai)?

For a 1,000 sq.ft plot, the total guideline value is Rs 33,00,000. The stamp duty would be Rs 2,31,000 and the registration fee would be Rs 66,000, totaling Rs 2,97,000.

Which Sub Registrar Office covers Errikkarai Street (Lake Salai)?

Errikkarai Street (Lake Salai) is covered by the Neelankarai Sub Registrar Office, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone.