Guideline Value for ERRON STREET

Erron Street guideline value

The current guideline value of Erron Street is Rs 5,500 per sq.ft, effective from 1 July 2024. This street is located in Purasaivakkam village, under the Purasaivakkam SRO, and is classified as Residential Class III Type - I.

How the guideline value of Erron Street has changed

Over the years, the guideline value of Erron Street has seen significant changes. In the 2007 revision, the value was Rs 1,100 per sq.ft, which increased dramatically to Rs 5,000 per sq.ft in 2012. However, it then decreased to Rs 3,350 per sq.ft in the 2017 revision. Following this, the value rose to Rs 5,000 per sq.ft in 2023 and finally reached Rs 5,500 per sq.ft in the 2024 revision, marking a 10% increase from the previous year.

Between the revisions, the guideline value saw a 355% increase from 2007 to 2012, a 33% decrease from 2012 to 2017, and a substantial 49% increase from 2017 to 2023. Overall, from 2007 to 2024, the guideline value has increased by 400%. The register does not have figures for Erron Street for the years 2002 and 2003.

Guideline values in Purasaivakkam

In Purasaivakkam, there are 519 streets under the Purasaivakkam SRO that carry a 2024 guideline value ranging from Rs 2,200 to Rs 18,100 per sq.ft. The median guideline value is Rs 5,500 per sq.ft, which is the same as that of Erron Street.

• E.S.I. Hospital Staff Quarters: Rs 2,200 per sq.ft (2024)
• Emi Street: Rs 4,900 per sq.ft (2024)
• Ethiraj Garden Lane: Rs 4,900 per sq.ft (2024)
• Ethiraj Garden Street: Rs 4,900 per sq.ft (2024)
• E.V.K Sampath Street (A) Rundalls Road Part: Rs 14,300 per sq.ft (2024)
• E.V.R. Periyar 1st Lane: Rs 13,200 per sq.ft (2024)

Stamp duty and registration fee for property in Erron Street

For a 1,000 sq.ft plot at the current guideline value of Rs 5,500 per sq.ft, the total guideline value would be Rs 55,00,000. The stamp duty at 7% would amount to Rs 3,85,000, and the registration fee at 2% would be Rs 1,10,000, totaling Rs 4,95,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Erron Street?

Erron Street falls under the jurisdiction of the Purasaivakkam Sub Registrar Office, located at 93/1, Bricklin Road, Otteri, Chennai- 600 012. To find your SRO, you can visit find your SRO.

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

The guideline value is an essential factor when registering property transactions in Purasaivakkam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is in accordance with government regulations.

When buying or selling property, the guideline value is used to calculate the stamp duty and registration fees. This ensures that both the buyer and seller are aware of the costs involved in the transaction, which are based on the guideline value or the sale price, whichever is higher.

Frequently asked questions

What is the current guideline value of Erron Street?

The current guideline value of Erron Street is Rs 5,500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly, from Rs 1,100 per sq.ft in 2007 to Rs 5,500 per sq.ft in 2024, marking an overall increase of 400% over the years.

What is the land classification of Erron Street?

Erron Street is classified as Residential Class III Type - I, which indicates its suitability for residential purposes.

Where can I find the Purasaivakkam Sub Registrar Office?

The Purasaivakkam Sub Registrar Office is located at 93/1, Bricklin Road, Otteri, Chennai- 600 012.

How is the stamp duty calculated for property in Erron Street?

The stamp duty for property in Erron Street is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 55,00,000, the stamp duty would be Rs 3,85,000.