Guideline Value for Elangovan Street

Elangovan Street guideline value

The current guideline value of Elangovan Street in Peerklankaranai village is Rs 1,320 per sq.ft, effective from 1 July 2024. This street falls under the Tambaram Joint 1 SRO and is classified as Residential Class I Type - III.

How the guideline value of Elangovan Street has changed

The guideline value for Elangovan Street has undergone several revisions over the years. The most recent revision in 2024 set the value at Rs 1,320 per sq.ft, an increase from Rs 1,200 per sq.ft in 2023, marking a 10% rise. Prior to that, the 2017 revision recorded a value of Rs 804 per sq.ft, which was a significant increase of 49% from the previous figure of Rs 1,200 per sq.ft in 2012. The register has no figures for the years 2002, 2003, and 2007.

From 2012 to 2017, there was a decrease of 33% in the guideline value, but overall, from 2012 to 2024, the value has increased by 10%. The historical values reflect the changes in the real estate landscape in this area.

Guideline values in Peerklankaranai

In Peerklankaranai, there are 322 streets under the Tambaram Joint 1 SRO with a 2024 guideline value ranging from Rs 880 to Rs 4,400 per sq.ft. The median value for these streets is Rs 1,650 per sq.ft, placing Elangovan Street's 2024 figure below this median.

• Erikarai Street: Rs 1,320 per sq.ft (2024)
• Erikkarai Salai, Kumaran St to Mayanam: Rs 1,100 per sq.ft (2024)
• Erikkarai Salai, Sri Ram Nagar to Kumaran st: Rs 1,320 per sq.ft (2024)
• Erikkarai Salai to Sri Ram Nagar: Rs 1,100 per sq.ft (2024)
• Dravupathi Street: Rs 1,100 per sq.ft (2024)
• Gandhi Road: Rs 1,980 per sq.ft (2024)

Stamp duty and registration fee for property in Elangovan Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,320 per sq.ft, the total guideline value amounts to Rs 13,20,000. The stamp duty at 7% would be Rs 92,400, and the registration fee at 2% would be Rs 26,400, leading to a combined total of Rs 1,18,800. It is important to note that the duty is charged on the higher of the guideline value and the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Elangovan Street?

The Sub Registrar Office that covers Elangovan Street is the Tambaram Joint 1 Sub Registrar Office, located at No.26, Mes Road, East Tambaram, Chennai-600059, in the Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value plays a crucial role during property registration in Peerklankaranai. It is used to determine the stamp duty and registration fees that need to be paid when a property is bought or sold. Buyers and sellers should be aware of the guideline value to ensure compliance with legal requirements during the transaction.

When a property is registered, the guideline value is compared to the sale price, and the higher of the two is used to calculate the applicable duties and fees. 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 Elangovan Street?

The current guideline value of Elangovan Street is Rs 1,320 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 804 per sq.ft in 2017 to Rs 1,320 per sq.ft in 2024, with various revisions in between, including a 10% increase from 2023 to 2024.

What is the land classification of Elangovan Street?

Elangovan Street is classified as Residential Class I Type - III, indicating its suitability for residential development.

Where can I find the registration office for Elangovan Street?

The registration office for Elangovan Street is the Tambaram Joint 1 Sub Registrar Office, located at No.26, Mes Road, East Tambaram, Chennai-600059.

How is stamp duty calculated for properties in Peerklankaranai?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. It is typically charged at 7% of the guideline value, with additional registration fees applicable.