Guideline Value for ESIC Nagar

ESIC Nagar guideline value

The current guideline value of ESIC Nagar, located in Thiruvancheri village under the Pallavaram SRO, is Rs 2,530 per sq.ft, effective from 1 July 2024. This area falls under the Residential Class I Type - III land classification.

How the guideline value of ESIC Nagar has changed

The guideline value for ESIC Nagar has seen several revisions over the years. In 2003, the value was Rs 82 per sq.ft. This increased to Rs 200 per sq.ft in 2007, marking a significant rise of 144%. The value then jumped dramatically to Rs 1,800 per sq.ft in 2012, an increase of 800%. However, it decreased to Rs 1,206 per sq.ft in 2017, reflecting a decline of 33%. The guideline value rose again to Rs 2,300 per sq.ft in 2023, a substantial increase of 91%, and finally reached Rs 2,530 per sq.ft in the 2024 revision, which is a 10% increase from the previous year. The register has no figure for this street in 2002.

Overall, from 2003 to 2024, the guideline value has increased by 2,985%. This significant change reflects the evolving landscape of property values in the area.

Guideline values in Thiruvancheri

In Thiruvancheri, there are 70 streets under the Pallavaram SRO that carry a 2024 guideline value ranging from Rs 1,100 to Rs 5,000 per sq.ft, with a median value of Rs 1,980 per sq.ft. The guideline value for ESIC Nagar is above this median, indicating a higher valuation compared to many other streets in the village.

• E.V.R.Street: Rs 1,980 per sq.ft (2024)
• Gandhi Street: Rs 1,100 per sq.ft (2024)
• Gopalakrishnan Street: Rs 1,980 per sq.ft (2024)
• Govindaraj Street: Rs 1,100 per sq.ft (2024)
• Chelliamman Koil Street: Rs 1,980 per sq.ft (2024)
• Bhavani Nagar: Rs 1,980 per sq.ft (2024)

Stamp duty and registration fee for property in ESIC Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 2,530 per sq.ft, the total guideline value would be Rs 25,30,000. The stamp duty at 7% would amount to Rs 1,77,100, and the registration fee at 2% would be Rs 50,600. Together, the total cost for these fees would be Rs 2,27,700. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers ESIC Nagar?

The Sub Registrar Office that covers ESIC Nagar is the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, within the Chengalpattu registration zone. To locate your SRO, you can visit find your SRO.

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

The guideline value is a critical factor during property transactions in Thiruvancheri. It serves as a benchmark for determining the minimum price at which a property can be registered. When buying or selling property, the guideline value helps in calculating the applicable stamp duty and registration fees, ensuring compliance with local regulations.

At the time of registration, the buyer must pay stamp duty based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions and helps maintain transparency in the real estate market.

Frequently asked questions

What is the current guideline value of ESIC Nagar?

The current guideline value of ESIC Nagar is Rs 2,530 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

The guideline value has changed significantly over the years, increasing from Rs 82 per sq.ft in 2003 to Rs 2,530 per sq.ft in 2024, which is an overall increase of 2,985%.

What are the other streets in Thiruvancheri and their guideline values?

Other streets in Thiruvancheri include E.V.R.Street at Rs 1,980 per sq.ft, Gandhi Street at Rs 1,100 per sq.ft, and Gopalakrishnan Street at Rs 1,980 per sq.ft, among others.

What are the stamp duty and registration fees for property in ESIC Nagar?

For a property valued at Rs 25,30,000, the stamp duty would be Rs 1,77,100, and the registration fee would be Rs 50,600, totaling Rs 2,27,700.

Which office handles property registrations for ESIC Nagar?

The Pallavaram Sub Registrar Office handles property registrations for ESIC Nagar, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044.