Guideline Value for Elango Salai

Elango Salai guideline value

The current guideline value of Elango Salai is Rs 11,000 per sq.ft, effective from 1 July 2024. This street is located in Mylapore Part 2 village under the Chennai Central Joint I SRO, with a land classification of Commercial Special Type - IV.

How the guideline value of Elango Salai has changed

The guideline value for Elango Salai has undergone several revisions over the years. The register does not contain figures for the years 2002, 2003, 2007, 2012, and 2017. The 2023 revision set the value at Rs 10,000 per sq.ft, which increased to Rs 11,000 per sq.ft in the 2024 revision, marking a change of +10%.

Prior to the 2023 revision, there were no recorded figures for the specified years. The current guideline value reflects the latest adjustments made to align with market conditions.

Guideline values in Mylapore Part 2

In Mylapore Part 2, there are a total of 332 streets under the Chennai Central Joint I SRO, with guideline values ranging from Rs 4,400 to Rs 25,300 per sq.ft. The median value for this area is Rs 8,800 per sq.ft, placing Elango Salai's 2024 figure above this median.

• Eldams Road: Rs 13,200 per sq.ft (2024)
• Ellaiamman Colony 1st Cross Street: Rs 8,700 per sq.ft (2024)
• Ellaiamman Colony 2nd Cross Street: Rs 8,700 per sq.ft (2024)
• Ellaiamman Colony 3rd Cross Street: Rs 8,700 per sq.ft (2024)
• Ellaiamman Colony 4th Cross Street: Rs 8,700 per sq.ft (2024)
• Ellaiamman Colony 5th Cross Street: Rs 8,700 per sq.ft (2024)

Stamp duty and registration fee for property in Elango Salai

For a 1,000 sq.ft plot at the current rate of Rs 11,000 per sq.ft, the guideline value amounts to Rs 1,10,00,000. The stamp duty at 7% would be Rs 7,70,000, and the registration fee at 2% would be Rs 2,20,000, totaling Rs 9,90,000. It is important to note that duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Elango Salai?

The Sub Registrar Office covering Elango Salai is the Chennai Central Joint I Sub Registrar Office, located at No.182 Bharati Salai (Pycrafts Road), Royapettah, Chennai-600014. You can find your SRO for more information.

How the guideline value is used when you buy or sell in Mylapore Part 2

The guideline value plays a crucial role during property transactions in Mylapore Part 2. It is used to determine the stamp duty and registration fees applicable when registering a property. Buyers and sellers must be aware of the current guideline value to ensure compliance with legal requirements.

When a property is sold, the guideline value is compared to the sale price, and the higher of the two is used to calculate the applicable duties. This ensures that the government receives the correct revenue based on the property’s value.

Frequently asked questions

What is the current guideline value of Elango Salai?

The current guideline value of Elango Salai is Rs 11,000 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 10,000 per sq.ft in 2023 to Rs 11,000 per sq.ft in 2024, reflecting a 10% increase. There are no figures available for the years 2002, 2003, 2007, 2012, and 2017.

What is the land classification for Elango Salai?

Elango Salai is classified as Commercial Special Type - IV, which indicates its suitability for commercial activities.

What are the registration fees for properties in Elango Salai?

The registration fees are calculated based on the guideline value or the sale price, whichever is higher. For example, a property valued at Rs 1,10,00,000 would incur a stamp duty of Rs 7,70,000 and a registration fee of Rs 2,20,000.

Where can I find the Sub Registrar Office for Elango Salai?

The Sub Registrar Office for Elango Salai is located at No.182 Bharati Salai (Pycrafts Road), Royapettah, Chennai-600014. This office handles all registration activities for the area.