Guideline Value for Elango Street

Elango Street guideline value

The current guideline value of Elango Street, located in Madipakkam-1 village under the Velacheri SRO, is Rs 2,200 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 Elango Street has changed

The guideline value for Elango Street has seen several revisions over the years. The most recent revision in 2024 set the value at Rs 2,200 per sq.ft, an increase of 10% from the previous year's figure of Rs 2,000 per sq.ft established in 2023. Prior to that, the 2017 revision recorded a value of Rs 1,340 per sq.ft, marking a significant increase of 49% to reach the 2023 figure.

There are no figures available for the years 2002, 2003, 2007, and 2012 in the guideline value register for Elango Street. Overall, from the 2017 revision to the 2024 revision, the guideline value has increased by 64%.

Guideline values in Madipakkam-1

In Madipakkam-1, there are a total of 1823 streets under the Velacheri SRO, with guideline values ranging from Rs 1,650 to Rs 5,500 per sq.ft. The median guideline value for the village is Rs 2,750 per sq.ft, indicating that Elango Street's 2024 value is below this median.

• Elumalai Nagar: Rs 2,200 per sq.ft (2024)
• Emarald Street, S.P.R. Nagar: Rs 2,200 per sq.ft (2024)
• Emerald Street: Rs 2,200 per sq.ft (2024)
• Easwaran Koil Street/Annai Theresa Nagar: Rs 3,300 per sq.ft (2024)
• Easwaran Koil Street: Rs 3,300 per sq.ft (2024)
• Easwaran Koil Main Road: Rs 3,300 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 2,200 per sq.ft, the total guideline value amounts to Rs 22,00,000. The stamp duty, charged at 7%, would be Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, bringing the total fees together to Rs 1,98,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Elango Street?

Elango Street falls under the jurisdiction of the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. You can find your SRO for more details.

How the guideline value is used when you buy or sell in Madipakkam-1

The guideline value is a crucial factor in the registration process when buying or selling property in Madipakkam-1. It serves as a benchmark for determining the stamp duty and registration fees applicable to the transaction.

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

Frequently asked questions

What is the current guideline value of Elango Street?

The current guideline value of Elango Street is Rs 2,200 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

Since 2017, the guideline value has increased by 64%, from Rs 1,340 per sq.ft to Rs 2,200 per sq.ft in 2024. The most recent change was a 10% increase from Rs 2,000 per sq.ft in 2023.

What is the land classification for Elango Street?

Elango Street is classified as Residential Class II Type - I according to the guideline value register.

Where can I find the Velacheri Sub Registrar Office?

The Velacheri Sub Registrar Office is located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. This office handles the registration of properties in the area.

How are stamp duty and registration fees calculated?

Stamp duty is calculated at 7% of the higher value between the guideline value and the sale price, while the registration fee is calculated at 2% of the same. For example, for a property valued at Rs 22,00,000, the total fees would amount to Rs 1,98,000.