Guideline Value for Elango Street

Elango Street guideline value

The current guideline value of Elango Street in Grandlyon village is Rs 660 per sq.ft, effective from 1 July 2024. This street falls under the jurisdiction of the Redhills SRO and is classified as Residential Class II Type - I.

How the guideline value of Elango Street has changed

Since the 2003 revision, the guideline value of Elango Street has seen significant changes. In 2003, the value was Rs 48 per sq.ft, which increased to Rs 300 per sq.ft in 2007, marking a substantial rise of 525%. The 2012 revision saw the value remain at Rs 600 per sq.ft, before dropping to Rs 402 per sq.ft in 2017, a decrease of 33%. The value then increased by 49% to Rs 600 per sq.ft in 2023, and finally rose by 10% to the current value of Rs 660 per sq.ft in 2024.

It is important to note that there is no figure available for Elango Street in the 2002 revision. Overall, from 2003 to 2024, the guideline value has increased by 1275%.

Guideline values in Grandlyon

In Grandlyon village, there are 82 streets under the Redhills SRO that carry a 2024 guideline value, ranging from Rs 440 to Rs 1,500 per sq.ft. The median guideline value is Rs 660 per sq.ft, which is equal to the 2024 figure for Elango Street.

• E.V.R. Periyar Street: Rs 880 per sq.ft (2024)
• Dhanalakshmi Nagar: Rs 440 per sq.ft (2024)
• Gayathri Nagar: Rs 440 per sq.ft (2024)
• Chavadi Medu: Rs 440 per sq.ft (2024)
• Buela Street: Rs 660 per sq.ft (2024)
• Indra Nagar: Rs 660 per sq.ft (2024)

Stamp duty and registration fee for property in Elango Street

For a 1,000 sq.ft plot at the current guideline value of Rs 660 per sq.ft, the total guideline value amounts to Rs 6,60,000. The stamp duty is charged at 7%, which amounts to Rs 46,200, and the registration fee is 2%, totaling Rs 13,200. Together, the total cost for these fees is Rs 59,400. 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 Elango Street?

The Sub Registrar Office that covers Elango Street is the Redhills Sub Registrar Office, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052. To find your SRO, you can visit find your SRO.

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

The guideline value plays a crucial role in property transactions in Grandlyon. It is used to determine the stamp duty and registration fees that must be paid when a property is bought or sold. These fees are calculated based on the guideline value or the sale price, whichever is higher.

When registering a property, buyers should be aware that the guideline value is set by the government and can vary from street to street. It is essential to check the current guideline value before proceeding with any property transaction to ensure compliance with local regulations.

Frequently asked questions

What is the current guideline value of Elango Street?

The current guideline value of Elango 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 significantly from Rs 48 per sq.ft in 2003 to Rs 660 per sq.ft in 2024, reflecting an overall increase of 1275% over the years.

What is the land classification of Elango Street?

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

Where is the Redhills Sub Registrar Office located?

The Redhills Sub Registrar Office is located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052.

How are stamp duty and registration fees calculated?

Stamp duty and registration fees are calculated based on the guideline value or the sale price of the property, whichever is higher. For example, a 1,000 sq.ft plot at the current guideline value incurs a total fee of Rs 59,400.