Guideline Value for Elanchezhian Street

Elanchezhian Street guideline value

The current guideline value of Elanchezhian Street in Padiyanallur village, under the Redhills SRO, is Rs 660 per sq.ft, effective from 1 July 2024. This street falls under the Residential Class II Type - I land classification.

How the guideline value of Elanchezhian Street has changed

The guideline value for Elanchezhian Street has seen several revisions over the years. Starting from the 2003 revision, the value was Rs 74 per sq.ft. It then increased significantly to Rs 300 per sq.ft in 2007, marking a growth of 305%. The value further rose to Rs 600 per sq.ft in 2012, which was a 100% increase from the previous revision. However, in 2017, the value decreased to Rs 402 per sq.ft, reflecting a decline of 33%.

In the subsequent revisions, the guideline value increased to Rs 600 per sq.ft in 2023, and then to Rs 660 per sq.ft in 2024, representing a 10% increase. Overall, from 2003 to 2024, the guideline value has increased by 792%. The register has no figure for this street in 2002.

Guideline values in Padiyanallur

In Padiyanallur, there are 132 streets under the Redhills SRO that carry a 2024 guideline value ranging from Rs 385 to Rs 2,750 per sq.ft, with a median value of Rs 770 per sq.ft. Elanchezhian Street's 2024 guideline value is below this median.

• Duraisamy Reddiyar Street: Rs 385 per sq.ft (2024)
• Eswaran Koil Street: Rs 660 per sq.ft (2024)
• Eswaran Koil Street Lane: Rs 660 per sq.ft (2024)
• Gajalakshmi Nagar: Rs 770 per sq.ft (2024)
• Dharmakartha Murugesan Street: Rs 770 per sq.ft (2024)
• Gandhi Street: Rs 770 per sq.ft (2024)

Stamp duty and registration fee for property in Elanchezhian Street

For a 1,000 sq.ft plot at the current rate of Rs 660 per sq.ft, the guideline value amounts to Rs 6,60,000. The stamp duty at 7% would be Rs 46,200, and the registration fee at 2% would be Rs 13,200, making the total Rs 59,400. Duty is charged on the guideline value or the sale price, whichever is higher. You can also use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Elanchezhian Street?

The Sub Registrar Office that covers Elanchezhian Street is the Redhills Sub Registrar Office, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052. You can find your SRO for further assistance.

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

The guideline value plays a crucial role during property registration in Padiyanallur. It is used to determine the stamp duty and registration fees that need to be paid when buying or selling property. Buyers and sellers must be aware of the current guideline value to ensure compliance with legal requirements.

When a property is sold, the higher amount between the guideline value and the sale price is considered for calculating the applicable duties and fees. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Elanchezhian Street?

The current guideline value of Elanchezhian Street is Rs 660 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 74 per sq.ft in 2003 to Rs 660 per sq.ft in 2024, reflecting an overall increase of 792% over the years.

What is the land classification of Elanchezhian Street?

Elanchezhian Street is classified as Residential Class II Type - I under the current guidelines.

Where can I find the registration office for Elanchezhian Street?

The registration office for Elanchezhian Street is the Redhills Sub Registrar Office, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052.

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

Stamp duty is calculated based on the higher of the guideline value or the sale price. For a property valued at Rs 6,60,000, the stamp duty would be Rs 46,200 at 7%, plus a registration fee of Rs 13,200 at 2%.