Guideline Value for Elephant Gate Road Slum Clearnace

Elephant Gate Road Slum Clearnace guideline value

The current guideline value for Elephant Gate Road Slum Clearnace is Rs 2,700 per sq.ft, effective from 1 July 2024. This area is located in Vepery village and falls under the Periamet SRO, classified as Residential Class IV Type - I.

How the guideline value of Elephant Gate Road Slum Clearnace has changed

The guideline value for Elephant Gate Road Slum Clearnace has undergone several revisions over the years. In 2007, the guideline value was Rs 800 per sq.ft, which increased significantly to Rs 2,500 per sq.ft in 2012. However, it then decreased to Rs 1,675 per sq.ft in 2017. The value rose again to Rs 2,500 per sq.ft in 2023 and has now reached Rs 2,700 per sq.ft in the 2024 revision.

From 2017 to 2023, the guideline value increased by 49%, while the jump from 2023 to 2024 is 8%. The largest increase occurred between 2007 and 2012, with a 213% rise. Overall, from 2007 to 2024, the guideline value has increased by 238%. The register has no figures for the years 2002 and 2003 for this street.

Guideline values in Vepery

In Vepery, there are 290 streets under the Periamet SRO that carry a 2024 guideline value ranging from Rs 2,200 to Rs 22,000 per sq.ft, with a median value of Rs 4,800 per sq.ft. The guideline value for Elephant Gate Road Slum Clearnace is below this median.

• Elephant Gate pada salai: Rs 4,800 per sq.ft (2024)
• Ellavaram Veerasamy Street: Rs 9,900 per sq.ft (2024)
• Ekambara Kumaragurusamy Street: Rs 13,000 per sq.ft (2024)
• E.V.K.Sampath Road (or) Rundalls Road: Rs 14,300 per sq.ft (2024)
• E.V.K.Sampth lane: Rs 14,300 per sq.ft (2024)
• Flower Mills Road: Rs 2,700 per sq.ft (2024)

Stamp duty and registration fee for property in Elephant Gate Road Slum Clearnace

For a 1,000 sq.ft plot at the current guideline value of Rs 2,700 per sq.ft, the total guideline value would be Rs 27,00,000. The stamp duty at 7% would amount to Rs 1,89,000, and the registration fee at 2% would be Rs 54,000, totaling Rs 2,43,000. The duty is charged on the higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Elephant Gate Road Slum Clearnace?

The Sub Registrar Office that covers Elephant Gate Road Slum Clearnace is the Periamet Sub Registrar Office, located at 1103, Poonamallee High Road, Chennai-600 003. You can find your SRO for more information.

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

The guideline value is a critical factor during property registration in Vepery. It determines the amount of stamp duty and registration fees that must be paid when buying or selling property in the area.

When a property is sold, the guideline value is used to assess the transaction's value for tax purposes. Buyers and sellers must be aware of these values to ensure compliance with local regulations during the registration process.

Frequently asked questions

What is the current guideline value for Elephant Gate Road Slum Clearnace?

The current guideline value for Elephant Gate Road Slum Clearnace is Rs 2,700 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 800 per sq.ft in 2007 to Rs 2,700 per sq.ft in 2024, reflecting an overall increase of 238% over these years.

What is the land classification for Elephant Gate Road Slum Clearnace?

Elephant Gate Road Slum Clearnace is classified as Residential Class IV Type - I.

Where can I find the registration office for this area?

The registration office for Elephant Gate Road Slum Clearnace is the Periamet Sub Registrar Office, located at 1103, Poonamallee High Road, Chennai-600 003.

How is the stamp duty calculated for properties in this area?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, a property valued at Rs 27,00,000 would incur a stamp duty of Rs 1,89,000 at 7%.